The Commercial Bank of Ethiopia (CBE) announced that it has finished the pilot project for the introduction of Internet banking and has launched services to be applicable for the 74 branches of CBE that have been connected with the Integrated banking solutions called Core Banking.
The banking service can be given to an individual or to a company.
Solomon Mengesha Assistant Vice President of Information Systems at CBE said the new system works on any gadget that can support an Internet browser and has been emulating experiences from European and Asian banks that have an anti-hacking and anti E-theft system, a rigorous authentication method for customers as well as building a formidable Information Technology Architecture.
He was however adamant that the core banking solution system which has been repeatedly failing recently in which Internet banking is part of it is experiencing because a newly introduced system can have service interruptions and malfunctions.
The 24 hour Internet banking services CBE has availed are such as regarding sending money to individuals or companies, keeping track of their account, knowing your loan status, transferring money from one of your numerous accounts to another of your account and transferring money from your account to another bank customer account.
Customers can also pay their social services bills such as electricity, water and telephone bills through the Internet banking.
Solomon said the Internet banking project which took 18 months to complete starting with technology selection to development and deployment in addition to working in the 74 branches of CBE where core banking is currently working there has been pre-implementation preparations on about half of CBE’s total branches.
Ayele Cherinet Team Leader Internet and Mobile Banking Services at CBE said the introduction of Internet banking which he says is perhaps preceded only by the privately owned Zemen Bank makes the bank at the forefront of introducing to the public innovative banking service solutions to the Ethiopian public.
CBE expects the introduction of Internet banking to benefit about 100,000 individuals and organizations initially.