Construction & Business Bank (CBB), an Ethiopian state hold Bank has officially launched its CORE banking system at a ceremony held on November 14, 2015, at Capital Hotel.

Temenos, a Swiss banking software maker has provided the CORE banking solution known as T24. The Bank selected Temenos on the third bid it announced following the cancellation of the previous two.

The CORE Banking Solution includes retail banking, credit, and trade finance. It will also interface with the national payment system at the central bank, called Ethiopian Automated Transfer Switch (ET-SWITCH), the project manager Kidus Lelisa stated.

CBB has spent five years for processing and six years for implementation of the project. According to Kidus, the long process was due to lack of skilled manpower, work overload and problems with the CORE banking solution system in the implementation phase.

CBB was founded in 1975 as the Hosing & Saving Bank. It mainly focuses on lending for construction and farming expansion. It was re-established in 1994 to provide import financing, export financing, nonresident accounts, loans, mortgages, saving deposits, investment and money transfer services.

Source: Addis Fortune