Ethiopia’s Bunna International Bank Thursday selected Infosys‘ FinacleTM core banking solution to help integrate the bank’s front and back office operations and start a modern loan origination system for its customers.
Bunna International Bank will also automate its credit check and loan approval processes to make the process risk-free and efficient.
Speaking about the patnership, Ato Eshetu Fantaye, President of Buna International Bank said,“We have always believed that technology delivers a competitive edge in banking.
According to Fantaye the solution will give the bank the flexibility it needs to grow and will help position the best bank in Ethiopia.
Amit Dua, Associate Vice President and Head – Client Services EMEA, Finacle, Infosys was excited at the opportunity. He said “As a forward-looking bank, Bunna has rightly chosen to leverage technology to power business transformation and growth. Finacle is the technology platform that can serve as an effective foundation for Bunna and other banks in Ethiopia as they find ways to engage more consumers.”
Bunna’s decision to deploy Finacle comes at a time when the National Bank of Ethiopia is mandating its member banks to automate their services. Part of the mandate calls for a National Payment System to facilitate automated settlements and inter-bank money transfers. With Finacle, Bunna is not only well positioned to meet the regulatory demands but also has the added benefits of automating its loans and deposit operations and help it double its branches to 35.
Finacle will allow Bunna to facilitate real-time processing of transactions and settlements of payments, which sets the stage for future innovations like mobile wallets and agency banking.
Infosys partners with global enterprises to drive their innovation-led growth through consulting, technology and outsourcing solutions Infosys has clients in over 30 countries across the world.
Bunna International Bank S.C. officially commenced its operations on October 10, 2009 with subscribed & paid up capital of Birr 308 million and Birr 156 million, respectively and has more than 11,200 shareholders, making it one of the strongest public-based private banks in Ethiopia.