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The business community who promised to buy one billion birr worth of bonds from the Development Bank of Ethiopia (DBE) in the beginning of the past budget year had been instructed by relevant government bodies to conclude its promise within a limited period.
The Development Bank of Ethiopia (DBE) has signed an agreement delegating the power to sell bonds to seven Micro Finance Institutions (MFIs). Meanwhile, DBE surpassed its target of selling bonds by 44 percent to reach 1.3 billion birr in the first nine months of the 2011/12 Ethiopian fiscal year, spanning from July 8, 2011- April 9, 2012 despite disappointing sales figures in the third quarter.
The long awaited core banking project of the Ethiopian financial giant, Commercial Bank of Ethiopia (CBE), has finally began operating in the past fiscal year connecting 35 of its branches.
The long overdue IT procurement by the largest bank in the country was signed and sealed by an international technology vendor based in Switzerland, Temenos Group AG. The bank paid nearly 70 million birr for the software.
Nib International Bank has also signed a contract for an undisclosed amount with a Swiss based software development company, TEMENOS Group AG. It called on them to provide centralized online, real-time, electronic (CORE) banking solutions.
Premium Switch Solution Share Company (PSS), a consortium formed by three private banks, Nib International Bank, Awash International Bank and United Bank, has finalised conditions to introduce its electronic banking (e-banking) operations with the introduction of 60 Automatic Teller Machines (ATM) and 300 Point of Sale Machines (PoS).
Buna International Bank (BIB), one of the youngest banks, has signed a core banking implementation contract with Infosys to meet the National Bank of Ethiopia’s (NBE) deadline imposed on all banks to automate their banking services by the coming Ethiopian New Year, September 2012.
Abay Bank had 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.
Addis International Bank (AdIB), formed by a group of cooperative unions, savings and credit associations, microfinance institutions and Iddirs, awarded its core banking system development to Infrasoft Technologies Ltd; an Indian IT company.
Zemen Bank, an innovative financial firm, is becoming the first bank to provide functional mobile banking service in Ethiopia.
The International Finance Corporation, a member of the World Bank Group (WBG), announced that its portfolio in Ethiopia has reached USD 74 million in a quite wide range of sectors.
ZamZam, the under formation Islamic bank, failed to realise its interest free banking service following the introduction of the National Bank of Ethiopia’s (NBE) directive that prohibits a formation of a bank to provide such a service alone. The Board of Directors informed shareholders that the Islamic Bank will not be operational