United Bank awarded SevenSeas Technologies Group, a Kenyan based Technology firm,
a contract to upgrade the bank’s datacenter at a ceremony held at the head office of the bank Thursday, March 15th.
“The signing ceremony today is the beginning of a partnership between United Bank and SevenSeas Technologies Group. It will enable us to showcase our quality work in Ethiopia and work to build a better bank in the future. We will provide them with a high tech datacenter that will help the automation of the bank. And we will provide the best technology at a low cost. That is because we are looking at doing more business with United Bank in the future,” said Mohamed Ahmed, Chief Commercial Officer of SevenSeas Technologies Group.
The award which is estimated to cost the bank close to nine million birr will be completed within four months.
According to experts in the banking automation, the datacenter provides a room for a proper functioning of the core banking system they have implemented.
The National Bank of Ethiopia has instructed all financial institutions operating in the nation to centralize their operations so that a client can have real time banking service throughout the country.
SevenSeas had previously provided similar service to Awash and Dashen banks. Last year, it has built the datacenter and networking of the Bank of Abyssinia at a cost of close to one million dollars. It won the bids in collaboration with its local partner, Net and Com Plc.
Based on the information obtained from United Bank’s annual report, import, domestic trade and services secured the biggest loans and advances from the bank in the past fiscal year. Imports attracted 704.5 million birr while domestic trade and services shared 645.6 million birr loan and advance disbursement of the bank while manufacturing, export and building construction have followed with 554.1 million birr, 529.9 million birr and 419 million birr respectively.
The report indicated United’s balance of loans and advances reached 3.3 billion birr, which is 25.4 percent higher than the past (2009/10) fiscal year.
United’s asset as of June 30, 2011 has reached 7.7 billion birr which is an increase of 1.8 billion birr over the past fiscal year, while its paid up capital has reached 523.3 million birr as of June 30, 2011.
In the past fiscal year United has recorded 231.8 million birr as net profit grossing 322.5 million birr, 74.8 million birr up as compared to the 2009/10 budget year performance.
To erect the head office, the bank has secured 3,300sqm of land in the heart of the country’s financial centre around the National Bank of Ethiopia.