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Indian tech firm Polaris inks Ethiopian banking deal

By , ITWeb
Ethiopia , 09 Oct 2012

Indian tech firm Polaris inks Ethiopian banking deal

Indian financial technology company Polaris has announced that it is to replace legacy banking systems at the National Bank of Ethiopia with a more hi-tech offering.

Polaris is to implement its ‘Intellect Quantum Core Banking Solution’ (CBS) at the National Bank of Ethiopia. This system comprises features such as core banking, general ledger, trade finance, treasury and enterprise reconciliation.

The tech could eradicate the legacy system’s insufficiencies “inhibiting modernisation, innovation and effective on-time service delivery,” according to press statement from Polaris.

The Indian firm, however, has not unveiled the value of the deal.

"We are certain that the bank will benefit out of this new core banking system, to further improve the soundness of the financial system,” said Yemane Yosief, vice governor, corporate service, National Bank of Ethiopia.

“We found the precedence set by Polaris in its CBS implementation for Central Banks in the Reserve Bank of India and Central Bank of Seychelles highly commendable," Yosief added.

Commenting on the deal, K Srinivasan, geography head, Indian Subcontinent, Middle East, and Africa (IMEA), Polaris Financial Technology Ltd said, "This win is indeed prestigious as it formalises Polaris' foray into Ethiopia."

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