2merkato

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 Commercial Bank of Ethiopia (CBE) is to provide over 1.6 billion Ethiopian birr in loans to Hiber Sugar Factory S.C., Capital reported citing the announcement made by the management of Hiber.

The Bank will provide 70 percent of the 2.3 billion birr project.

The Commercial Bank of Ethiopia is to purchase about 420 Automatic Teller Machines and 600,000 electronic payment cards at an estimated cost of 100 million birr.

Suppliers from China, India and the United states were among those that tendered technical offers to deliver the ATM’s required by the CBE.

The Commercial Bank of Ethiopia is to purchase more than 1,400 units of note counting machines at an estimated cost of 30 million birr.

The order has been placed with the Ethiopian Trade Contacts plc which won the bid to supply the machines for 19,085 birr a machine.

The machines will be supplied by ScanCoin, a Swedish manufacturer of cash processing solutions. The SC-1500 model of machine to be supplied to the Ethiopian bank will possess accuracy enhancing features such as chain fed notes and automatic detection of double bank notes.

The Commercial Bank of Ethiopia (CBE), the country’s largest state-owned bank, is set to receive its first major loan from the World Bank.