Infrasoft wins Addis Bank automation project

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Addis International Bank (AdIB), formed by a group of cooperative unions, savings and credit associations, microfinance institutions and Iddirs, has awarded its core banking system development to Infrasoft Technologies Ltd; an Indian IT company. The Bank short listed 12 companies.  Out of the total, only five bidders submitted their proposals.
“The performance of the Bank in its first year of operation is encouraging. It has registered positive results. The use of this modern technology will help the Bank to deliver modern, effective and efficient financial services to its customers,” said Dagnew Gessesse, Business Development Manager of the Bank.
Though both parties were not willing to disclose the cost of implementing the core banking system, IT experts in the banking industry estimated its cost around half a million dollars.
Infrasoft Technologies Ltd, Misys Banking Software Ltd, Oracle Financial Software Services, Polaris Software Lab and Temenos took part in the bid and following technical and financial evaluations the Bank awarded the bid to Infrasoft Technologies Ltd. The project is expected to be completed within six months.
AdIB signed on Monday July 9, the agreement with Infrasoft Technologies Ltd to launch its Core Banking Solution.  The bid to automate the bank was opened on March 12, 2011.
Meanwhile, in just its first year of operation, the bank has already collected its subscribed capital which was 152.7 million birr as of June 2012. Encouraged by its achievement, it has raised its subscribed capital to 800 million birr. The bank will float shares to the public beginning this month.
The Bank is increasing its physical presence both in and outside the metropolis. It is providing banking services through five branches while planning to open four more branch offices in the near future; one in Adama and three more in Addis.
AdIB started its operations in June 2011 after securing the license from the National Bank of Ethiopia. The owners of the bank are estimated to be above 200,000 individuals making it a broad based bank in terms of ownership.
Infrasoft is an Indian company that has implemented Core Banking Solutions for Wegagen Bank, Oromia International Bank, Cooperative Bank of Oromia and two micro finance institutions, working in Ethiopia in partnership with Fairfax; a local company.