May 20 , 2023
An alliance that aims to transfer knowledge and enhance domestic capacity in fintech was made between Hibret and ZamZam banks. According to Melaku Kebede, president of Hibret Bank, such kind of partnerships among financial institutions are not common in the country with an obscure understanding of strategic partnership and market competition. The banks have penned the memorandum of understanding at the headquarters of Hibert Bank located on Ras Abebe Aregay Street. Incorporated in 1998 with 352 shareholders raising 21.3 million Br, the paid-up capital of Hibret Bank has now reached over 4.3 billion Br. The Bank has developed in-house development of mobile banking applications. Melaku Kebede, the president of Hibret Bank, said his institution amassed experience in developing and administering fintech following the Oracle Flexicube core banking system in 2007. Melika Bedri, president of ZamZam Bank, stresses the need to build technical capacity to remain competitive in the financial industry. She said the partnership agreement will enhance the Bank's customer service provision. Hibret Bank envisions establishing a strong strategic partnership with actors in the financial sector by 2030. ZamZam was incorporated in 2021 with 872 million Br paid-up capital from 11,200 shareholders and hopes to establish its own core banking system through its IT department.
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