Hibret Bank upgrades its mobile banking system by launching an application and USSD dubbed "Hibir Mobile". Other than the usual services of mobile banking, the new application comprises new features of requesting a replacement for stolen payment cards, blocking the previous service. The application was built in-house by a team led by Nebyat Assefa, chief technology officer. Incorporated in 1998 with 21.3 million Br paid-up capital raised from 352 shareholders, Hibret Bank has now reached 5,500 shareholders with 4.3 billion Br paid-up capital. The Bank launched its first mobile banking 15 years ago and has mobilised more than 900,000 customers. The Bank President, Melaku Kebede said despite deployment, financial technology in general lags behind in penetrating the market. He disclosed Hibret will soon launch its micro-loan system. Private commercial banks have been eyeing the micro-loan system lately, with Abyssinia, Dashen, Lion and COOP launching their personalised system over the months.