The Commercial Bank of Ethiopia is to begin operating the core banking system by the end of January. Commercial Bank signed an agreement with the Temenos Group AG, a Swiss firm, to procure the IT software for an estimated 70 million birr.
The National Bank of Ethiopia instructed all commercial to adopt core banking solutions in July of last year. 
The use of core banking solutions is expected to achieve a nationwide electronic payment system according to the central bank’s targets.
The new system procured by the Commercial Bank of Ethiopia is more comprehensive and technologically advanced than what is currently being used by other banks according to Bekalu Zeleke President of the Commercial Bank.The new technology will allow the bank to enhance relationships with credit card providers including Visa and MasterCard and to introduce new internet and mobile banking services.
It is expected that automated services will be implemented in all branches within one year.
Temenos secured the multi million dollar Commercial Bank contract after defeating other firms including an Indian firm, Infosys, who made the short list for final evaluation. Three local companies, Global Computing Solutions, Transnational Computer Technology and Oratech took part in the bid to provide technology for the banking system.
Source: Capital
