Buna International Bank, Ethiopia signed an agreement to implement CORE Banking Solutions with Infosys. BIB signed a Memorandum of Understanding with Indian based Infosys for the installation of the system which will allow the bank to launch electronic banking, last week.
Infosys will commence with deploying the project in three weeks after negotiations are concluded between the two sides said Gezahegn Dugassa, Project Manager for ICT with BIB. It is expected that part of the new system will be implemented by the Ethiopian New Year, the deadline imposed by the National Bank of Ethiopia on all banks to automate their banking services, he noted.
Infosys will complete the project in seven months according to the arrangement made with Buna.Buna selected Infosys after evaluating ten vendors that took part in the bid process. Companies who took part included Oracle, Temenos, Infra Soft and Neptune all active in the banking sector in Ethiopia as IT vendors said Gezahgen.
Buna International Bank was founded two years ago with 312 million birr subscribed capital and 11,200 shareholders. The bank is currently operating 20 branches and its paid up capital is at 232 million birr.
Buna has plans to open 15 more branches in the next budget year and is preparing to invite bids for the design of a Headquarter building said Eshetu Fantaye, President of BIB.
Source: Capital
