Ethiopian National Bank Pushes Launch of New Banking System



The National Bank of Ethiopia (NBE) had delayed the installation of a new system that will see the bank improve its processes.

The delay is said to be because of Polaris, the technical company that is to install the new system, took a long while to come and assess the current systems.

Indian firm Polaris Financial Technology Ltd landed the US$3.4 million project which was expected to be completed by July 2013 but now will be done by the end of September 2013.

The new system is set to be more efficient and integrate well with the National Payment System. According the bank, the old system had issues in managing the currency reserves, government accounts and processing the new bank reporting system

Once completed, the old system, Bank Master, and the new one, Intellect, will run side-by-side for about two weeks, the bank said.