Morocco’s M2M group has partnered with Commercial Bank of Ethiopia in a US$ 8 million e-banking deal. This will be the bank’s second phase in a project aimed at using electronic money.
M2M BU Payment Solutions Director Habli Mustapha said, “This contract at the heart of East Africa represents a considerable strengthening of the presence of M2M Group in Africa.”
The e-banking project intends to reinforce the infrastructure of electronic banking in the nation to help the bank to expand its set of connections coverage to 526 branches.
It will also pave way for self-service banking consisting of ATM, POS, prepaid accounts, cellphone sales, money transfer, cash deposit and cheque payment.
E-banking activities in the country is on a high note, last week Awash International Bank,Nib International Bank and United Bank (Ethiopia) officially unveiled Premier Switch Solutions to run electronic banking system to offer 60 ATM’s and 160 point of sale terminals.
According to 2011 financial year, Commercial Bank of Ethiopia (CBE) had 86.5 percent assets with 63.5 percent deposits and 38 percent bank loans.
It is ranked as the largest commercial bank in Ethiopiaa> with an estimate of 8,000 employees and 516 branches.
