FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

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.

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.



Related Posts

Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

The Hidden Costs of "Slowbalisation"

The emergence of an open multilateral trading system that separated trade from geopol...

Supreme Court Rattles the Foundations of Corporate Law

In a landmark shift that could define the evolving dynamics of the legal system, the...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Policy Espresso Demands a Strong Brew to Transform Negative Dynamic

Apr 13 , 2024

In the hushed corridors of the legislative house on Lorenzo Te'azaz Road (Arat Kilo)...

Blundered CBE Plunders Privacy Naming, Blaming and Shaming for a Glitch's Recovery

Apr 6 , 2024

In a rather unsettling turn of events, the state-owned Commercial Bank of Ethiopia (C...

Central Bank Tries Monetary Gymnastic Dodging Pitfalls, with the IMF as Its Reluctant Coach

Mar 30 , 2024

Ethiopian authorities find themselves at a crossroads in the shadow of a global econo...

Is Addis Abeba "Renewing" While Forsaking Its Soul ?

Mar 23 , 2024

Addis Abeba has been experiencing rapid expansion over the past two decades. While se...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Silencing Inner Critic: One Size Does Not Fit All

A couple who had refrained from social interactions paid a visit to my house last we...

Housing Control Law: Balancing Act or Quick Fix?

Last week's decision by lawmakers to regulate rental properties has sent shockwaves t...

Life Matters

Modern Kids Call for Matching Parents

A recent television program focusing on children's interactions with adults sparked...

The Silent Money Drain

Offering help without expecting something in return is a genuine act. However, while well-meaning, these kind souls can unintentionally lead...

Back
WhatsApp
Telegram
Email