Oromia International Bank in Ethiopia Goes Live with ICSFS’ IFB and Conventional CBS

August, 2019

Addis Ababa, Ethiopia: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, and Oromia International Bank S.C (OIB), one of the most profitable banks in Ethiopia, announce the successful implementation and go-live of ICS BANKS Universal Banking and ICS BANKS Interest Free Banking (IFB) Software suites, to provide OIB customers with conventional and interest free banking services at 264 physical branches having IFB and Conventional banking services in each branch  across the country.

OIB is one of the most influential and popular private banks in Ethiopia and also known for pioneering Interest free banking window services. OIB replaced its legacy system with full-fledged IFB & Conventional services from ICS BANKS Universal Banking and ICS BANKS IFB software suites, including part of ICS BANKS Digital Banking products to indulge their customers with a true omnichannel experience. The implementation project took the Big Bang approach for 264 branches; where each physical branch consists of IFB and Conventional window services. OIB went live during July 2019, showcasing record breaking of less than 30 minutes end-of-day processing (EOD) duration in Ethiopia.

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. 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. We are very excited to start our own journey with ICSFS.

– Abie Sano, OIB President

We are happy with the outcome of this project, as with no room of doubt, the successful go-live of ICS BANKS at OIB is considered one of the most seamless implementations in the Ethiopian banking industry. This milestone proved again ICS BANKS efficiency, resiliency and high tolerance to infrastructure challenges of all kinds, while still providing the highest levels of performance with minimal infrastructure requirements. The implementation revealed vital performance gain that substantially enhanced the bank’s customer experience compared to the former legacy system. 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.

– Robert Hazboun, Managing Director, ICS Financial Systems.

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS ISLAMIC is a modular fully integrated solution designed and developed following the principles of Shari’a in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on premises or on cloud.

Source 1: https://addisbiz.com/blog/1079-ethiopian-private-banks-profit-for-2018-2017-fiscal-year/

Source 2: https://en.wikipedia.org/wiki/Oromia_International_Bank

About Oromia International Bank S.C (OIB)

OIB began operation on October 25, 2008 with a starting capital of 110 million birr (Br), surpassing the minimum capital requirement by 35 million Br. With its first branch on Dembel City Centre, Africa Avenue (Bole Road).
Established with the commercial banking business objectives, OIB is undertaking a universal commercial banking services such as deposit mobilization, lending of money, remittance service, and international banking services and interest free banking. The Bank has now launched Electronic banking outputs such as Card banking known as Oro-Card (ATM and POS), Mobile Banking named as Oro-Cash, Agent Banking-Oro Agent and Internet banking namely Oro-Click. The number of OIB branches are now reached 264throughout Ethiopia all connected by core banking system. Oromia Int’l Bank owns a 13 storey building Headquarters in Addis Ababa City on Bole road next to Getu Commercial Center. The Bank is now one of the most influential and popular private banks in Ethiopia and also known for pioneering Interest free banking services. www.orointbank.com

About ICS Financial Systems Ltd. – (ICSFS)

(ICSFS) is a leading provider of modular, universal banking systems with offices in United Kingdom, Jordan, United Arab Emirates, Iraq, Saudi Arabia, Palestine, Sudan, Nigeria and Lebanon. ICSFS is a leading provider of a universal modular, core banking systems, whose success can be attributed to its turnkey offerings; ICS BANKS and ICS BANKS ISLAMIC, which serves and supports customers across the globe. ICSFS provides fully integrated universal banking applications that deploy solutions and a range of professional services to automate and streamline banking services on premises or in the cloud. www.icsfs.com

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