Ethiopia’s Oromia International Bank goes live with ICSFS’ banking services solutions

Oromia International Bank S.C (OIB), an Ethiopia-based private bank, has successfully implemented and gone live with ICS Financial Systems Limited’s (ICSFS) interest-free banking (IFB) and conventional banking services (CBS) solutions.

OIB replaced its legacy system with full-fledged IFB and conventional services from ICS BANKS, including part of its Digital Banking products to indulge their customers with a true omnichannel experience. OIB went live during July 2019, showcasing record breaking of less than 30 minutes end-of-day processing (EOD) duration in Ethiopia.

ICS BANKS Universal Banking and IFB software suites will aid OIB customers with tailored services at all 264 physical branches across the country offering IFB and conventional banking services.

In a statement, Abie Sano, OIB President, commented on the nation’s banking industry, “The Ethiopian banking industry is flourishing, especially in the interest-free banking sector. OIB is one of the most influential banks in Ethiopia, as we have around 2 million customers from corporate to individual, and from baby boomers to millennials.

He further added his views on the new association, “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. Thanks to ICSFS’ true comprehensive offering, we are now capable on servicing each customer with their specific needs and demands..”

On the occasion, Robert Hazboun, Managing Director at ICSFS, commented “…the successful go-live of ICS BANKS at OIB is considered one of the most seamless implementations in the Ethiopian banking industry. The success demonstrates ICS BANKS solid and agile architecture and ICSFS’s futuristic approach in utilising the latest innovative technologies to surpass the demands of any bank, of any size.”

ICSFS is a part of the International Computer Systems (London) Ltd. group, and is a global provider of modular, core banking systems. ICS BANKS is a fully integrated universal banking application that deploys a solution and a range of professional services to automate and streamline banking services.

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