Abyssinia Bank Launches Virtual Banking Terminals

Sep 24 , 2020

Bank of Abyssinia (BOA) has launched five virtual machines that enable customers to open accounts, deposit and withdraw cash, and perform local money transfers. Dubbed Interactive Teller Machine (ITM) aka "branch in a box," the terminals use touch screens and video technology to offer virtual banking services.

Procured from NCR, a global provider of hardware, software and services for banks, six months ago, three of the terminals are deployed in the Tele Medhanialem area, Getu Commercial Centre and Century Mall. The terminals will be the first for the local banking industry.

The terminal deployed at Tele Medhanialem was inaugurated today in the presence of Yinager Dessie (PhD), governor of the National Bank of Ethiopia, and Bekalu Zeleke, president of Bank of Abyssinia, and Meseret Taye, board chairperson of Bank of Abyssinia, which operated 91 automated teller machines (ATM) by the end of June 2019.

The launching of the virtual terminals is part of the five-year strategy of the Bank that mainly focuses on digitising its operations, according to Bekalu.

"In the future these machines will enable customers to receive cash sent through international money transfer agents," he said.

Since starting operations a quarter of a century ago with paid-up capital of 17.8 million Br, BOA currently has over 2.8 million customers, 2,400 shareholders and is operating with 532 branches across the country.

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