Lion International Bank S.C (LIB) has officially launched its HelloCash mobile and agent banking services expected to reach millions.
During a launching ceremony held on Tuesday, September 22 at Capital Hotel, the bank stated over 13,000 customers have already registered for the service and over 200 agent outlets and bank branches are now providing the service.
HelloCash is a mobile and agent banking service which allows customers to access banking services using their mobile phone by operating through local shops which provide banking services on behalf of LIB. The service allows customers to transfer money, make digital payments and gain access to other financial services. This service platform is provided by BelCash Technology Solutions PLC.
“We have seen huge desire from people to be able to send money in-real time via mobile accounts. Our agent banking service has gained popularity due to its convenience, competitive pricing and instant delivery time,” says Abreham Tilahun, Head of Alternative Channel Banking Division of LIB.
It was stated at the event that the developments in ICT in general and mobile communications technology in particular have opened up new ways of providing banking services. The enormous growth of mobile phone subscriptions is a good example to illustrate developments in the expansion of banking services and it has become an enormous opportunity for Lion International Bank.
Putting into consideration network interruptions that have become a challenge to the banking sector, Abrham Gulilat, Chef Operating Officer at BelCash stated that the company has put in place different solutions, so that services will not have to be affected by network interruptions.
“People often go to their bank to get different kinds of services but they are told that the network is disconnected. We have put in place back up solutions that are set to take over if a network problem emerges. We have invested a lot on these solutions; we want customers to be satisfied,” Abrham said.
The National Bank of Ethiopia gave LIB the green light to lunch its new service as of July 28, 2015. HelloCash system provides its services in five languages; Amharic, Oromiffia, Tigrigna, Somali and English. The bank stated that it has plans to increase the number of agent outlets and banking branches to provide services to over 2,000 locations with in the next 12 months.
Currently, Lion International Bank (LIB) has 90 branches with11 additional branches on the way. LIB has assets of 6.2 billion and the bank’s paid up capital reached 510 million birr as of June 30, 2015. The profitable bank, recording276 million birr gross profit during the 2014 /15 fiscal year, also launched SMS banking services recently and is working on launching ATM services.