Abay Bank, Ethiopia announced finalizing the interconnection of its 22 branches to launch CORE banking solutions. The software technology was installed by the US firm Oracle Financial Service Software.
The software connects the branches with the Head Office through a Wide Area Network which will serve as a base to implement the CORE banking system. The system is designed to adapt to the fast growth in the financial sector allowing easy connectivity and third part networking.
Additional branches will be automatically connected to the network as Abay proceeds to open new branches it was learned.The new technology will automate banking services allowing the bank to evaluate the IT based banking services offered by other banks and stay abreast of the competition according to Molla Mengistu, Manager of Business Development with Abay.
Another advantage of the new technology is that it allows the bank’s management to review its financial position at any time from their desk as well as enabling them to analyze the performance of specific branches informing the decision making process he said.
In related news Abay Bank has finalized arrangements with international money transfer agents including MoneyGram, and Western Union as well as being able to organize a credit payment system with Visa and MasterCard.
The bank announced total deposits of 817 million birr at the end of April and a total of 16500 depositors. The bank also stated that its paid capital was 204 million birr.
Source: Capital
