Ethiopia’s Oromia International Bank (OIB) has gone live with ICS Financial Systems’ (ICSFS) core banking software, reports Jane Connolly.
The bank implemented ICSFS’s flagship offering, ICS Banks, for its Islamic (interest free) and conventional banking operations. OIB also took on some of the vendor’s digital banking products to provide customers with a “true omni-channel experience”, according to ICSFS.
The bank has already seen performance gain
OIB has rolled out the new technology across its network of 264 domestic branches. The bank’s end-of-day processing has since been reduced to less than 30 minutes, the vendor states.
“ICSFS’ products and services work hand-in-hand with our philosophy and approach: to work on full-speed to offer our variety of customers a successful journey, especially as we are diving into a frictionless future,” says Abie Sano, OBI president. “Thanks to ICSFS’ true comprehensive offering, we are now capable of servicing each customer with their specific needs and demands.”
Robert Hazboun, managing director at ICSFS, says it has been one of the most seamless implementations in Ethiopia’s banking history.
He adds: “The implementation revealed vital performance gain that substantially enhanced the bank’s customer experience compared to the former legacy system.” It is understood that on the conventional banking side, ICS Banks replaced the OmniEnterprise core banking system from India-based Infrasoft.
It was announced in 2017 that ICSFS would supply its core banking system to underpin OIB’s Islamic banking operations. The solution is designed and developed following the principles of Shari’ah in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).