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Commercial Bank of Ethiopia Inaugurates CORE Banking Solutions

The Commercial Bank of Ethiopia installed CORE launching solutions introducing the upgraded, centralized, online, real time service as of last week.

In accordance with the mandate put out by the National Bank, 34 branches of CBE have managed to interface with the National Payment System with the effective migration of information on more than 1 million accounts.

The bank expects to finalize work on all of its 92 branches in Addis Ababa in the next two months and to integrate the main regional towns by the end of the current financial year according to an anonymous official at the Bank.

CBE has invested nearly 6 million US dollars in the project which was originally launched two years ago explained Daniel Hailu, Director of the Program Management Office at the Bank. The deal was arranged with Swiss IT firm, Temenos Group AG in June 2010.

The CORE banking system is part of the integrated banking solutions which aim to modernize the banking system to international standards, according to Yishak Mengesha, Chief Business Development Officer with the CBE.

New services that are expected to be implemented after the CORE banking solutions include online banking services he said.
There are currently 13 banks who have acquired CORE banking solutions which are required to interface with the National Bank. The banking solutions are integrated for the settlement and clearing if inter-bank electronic payments installed for 2.2 million US dollars by Motran and Ernst and Young.  

Source: Addis Fortune