Ecobank has launched its operations Ethiopia with a new branch in Yerer Ber district in Addis Ababa, in a pan-African move that will see it cover 35 countries on the continent.
Apart from its Ethiopia launch, Ecobank has also deployed Global CASHplus, an integrated, real-time cross-border payment and cash management system for use in 30 African countries, the project began as a pilot in 2011.
According to Albert Essien, Deputy Group CEO for Corporate & Investment Banking at Ecobank the bank set out to develop a cash management system flexible for varying local business practices but powerful to support a high volume of transactions across the bank’s entire network.
Essien said, “We moved quickly to implement a robust solution that will facilitate cross-border and multi-currency business for our customers, removing many of the traditional bottlenecks in the cash management process.”
The new platform, Ecobank OMNI, enables Ecobank’s corporate customers to link their enterprise resource planning (ERP) systems for integrated origination and reconciliation of transactions. The bank believes the platform will help it accommodate varying business practices across its network across the countries it operates.
OMNI is an implementation of Fundtech’s Global CASHplus®.
Ecobank believes that by 2015, Ethiopia will be the world’s third-fastest-growing economy.
