Abay Bank has finished interconnecting all 22 of its branches with a state of the art Core Banking System.
The US firm Oracle Financial Services Software (OFSS) was awarded the bid to install the software banking technology.
Abay had laid down a network infrastructure with branches connected with the Head Office through Wide Area Network (WAN) to serve as a base to implement the Core Banking System, designed to be scalable to the banking sector’s fast growth with easy connectivity and third party networking.
Dr. Molla Mengistu, Manager of Business Development at Abay Bank said this new software has helped the banking service to become automated with a strategy of having excellent Information Technology (IT).
“The new technology will help us to evaluate competition with other local banks on IT based banking services and to look at which areas we excel and lag behind in order to fulfil our aim of eventually competing with foreign banks,” Molla told Capital.
The new technology will be automatically introduced in the coming new branches Abay plans to open in addition to the 22 branches it already has.
The 23rd branch will be inaugurated today in Mekelle city, Tigray regional state located 783Km north of Addis Ababa. Before the closing of the current Ethiopian fiscal year on July 7, 2012, an additional five branches are expected to be opened; one in Dire Dawa 515Km east of Addis Ababa and four others in Addis Ababa, respectively.
The new technology also enables the bank’s management to get the bank’s financial position at any time right from their desk, as well as analyze the performance of each branch which is essential in making informed decisions.
Abay bank has also finalized agreements with international Money Transfer Agents such as Western Union and MoneyGram, in addition to organizing a credit payment system with Mastercard and Visa.
The bank has stated that as of the end of April it had total deposits of 817 million birr, a paid up capital of 204 million birr and 16,500 depositors.