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Abyssinia Bank Moves Forward with Digital Loan Automation

Feb 1 , 2023

The Bank of Abyssinia (BoA) has hired an Indian-based tech vendor to provide banking solutions facilitating microloans. The Bank is to acquire the banking solution from Newgen Software Company, which won an international bid on December 22, 2022. Over 10 companies have shown interest in the bid, which opened four months ago.

Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Abyssinia Bank, signed an agreement today, February 1, at the Bank's headquarters, on Churchill Avenue. The solution provider has committed to completing the project in six months.

Newgen has previous experience building digital loan automation for Kenyan banks such as KCB and Equity. It partnered with MKTY IT Services Plc, under Markos Tilahun, to handle the pre and post-sales.

Markos applauded the Bank for being competitive, creating a loan system, and making finance more accessible. The solution is expected to reach 100,000 small and medium enterprises, according to Markos.

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