Addis International Bank has reached an agreement worth 600,000 US dollars with Intrasoft Technologies Ltd. for the 
Installation of its CORE Banking Solution.
The Indian based technology supplier IntraSoft will provide centralized, online, real time, electronic banking solutions as per the mandatory requirement set by the National Bank of Ethiopia.
Addis is the last of the 17 operational banks in Ethiopia to reach such an agreement with a software company.
Seven suppliers expressed interest in the bid tendered by the bank and five of them, IntraSoft, Temenos Group AG, Misys Ltd, Polaris Software Labs Ltd, nad Oracle Financial Services Software Ltd made offers according to Hailu Alemu President of AdIB.The banked opened the bid in March of 2011 and the bank chose to make the deal with IntraSoft for its Omni Enterprise Software he said.
There will be five experts working on the installation and it is expected to be complete in six months although it could be as short as three months as the bank has few branches and significantly lower data migration needs according to Hailu.
It is to be remembered that the NBE has set July 2011 as the deadline for then existing banks to interface with the National Payment System.
AdIB officially launched operations on the 30th of June 2011 with a paid up capital of 153.7 million birr and five branches.
The bank currently has subscribed capital of 800 million birr and 5000 shareholders which include 647 cooperatives and 157 local community help associations (Idir).
Source: Addis Fortune
