A new Ethiopian Bank chooses Intellect Global Consumer Banking to power its banking
By Edlyn Cardoza
Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announced that a new Ethiopian bank has chosen its product, Intellect Digital Core (IDC), to power its banking. IDC has been recognised as the number 1 platform in Retail banking as per IBS Intelligence in 2022.
iGCB, which serves over 21 banks in Africa, has partnered to offer their Intellect Digital Core solution, a microservices-based, fully composable, and cloud-native solution for the upcoming Bank. Intellect Digital Core, the comprehensive core banking platform, would implement core products like Savings and Deposits, Loans, Payments, Trade Finance, Treasury, Branch & Agent Banking, and Digital Channels, and Wallet for the Bank.
The Bank aims to service 15 Million+ citizens of Ethiopia through a Mobile banking app, 450+ branches, 5000+ ATM and Self-service terminals, and 14,000 plus POS terminals, in the next 5 years. The Bank aims to offer unique banking products and features and an unparalleled intuitive experience. The Bank would serve its customers through more than 12,500 Agents across the country that provide access, last-mile cash-in-cash-out operations (CICO), and other rich out-of-branch services like Remittance, Loan origination, Micro-saving, and Micro-credit.
Rajesh Saxena, CEO of Global Consumer Banking (iGCB), Intellect Design Arena, said, “We are excited to offer a truly composable solution, to Ethiopia through the Bank. By leveraging our agile implementation, the Bank would be able to go-to-market in the coming few months and scale fast. This partnership, in essence, is a testament of co-creating best in class solutions, empower people and economies, starting from the grass root level.”
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