Bunna Advances with New, Upgraded Electronic Services


The bank invests 100 million Br for the services of three companies




Bunna Bank, one of the late entrants to the private commercial bank industry, is set to introduce three new services, upgrade its servers and install new switches for a total investment of 100 million Br.

Mobile, internet and agent banking will be new additions to the bank’s service offerings beginning in October of this year. The bank also upgraded its servers and card-banking switches. Undertaken by three global companies, the upgrade and launch of the new services took almost a year.

Oracle, an American software company, upgraded the bank’s servers. M2M, the Morocco-based company that specialises in secured electronic transactions processing solutions, installed the switches. Virmati Software and Telecommunication, a mobile and telecommunications contractor for the banking & finance industries, is currently working on developing three new services.

“The new services will boost our efficiency and accessibility,” said Wolelaw Berhane, chief IT officer of the bank, “since our customers have a growing demand that needs a multi-accessible format from our side.”

With the new expansion, Bunna plans to open an additional 50 branches, install 50 ATMs and boost its number of point of sale terminals to 450, according to Wolelaw.

The bank now operates with 174 branches, 45 teller machines and 50 point of sale terminals.

With the new upgrade and technological innovation, Bunna will navigate all its electronic transactions from ET-Switches located on its own premises, rather than operating from rental ET-Switch locations.

The Bank, which is operating with 1,700 permanent employees, is also planning to create a personalised card issuance system.

“We have finalised an instant card issuance where we can be able to address the demand of our customers,” Wolelaw added.

A banking expert with over a decade of experience in the industry, points out the bank’s delayed launch of the new services, since the National Bank of Ethiopia legalised digital banking back in 2013.

“Considering the dynamism in the industry, the bank is late,” Habib Mohammed said.

The management of the bank, established a decade ago, seems to understand the expert’s concern.

“Better late than never,” Wolelaw said. “Yet it is a necessary step to take if we want to survive in the market.”

Habib wishes to see Bunna invent new banking services rather than stick by services that are already exploited by other banks.

“If the bank invested this amount of money, it could have come up with new banking services that is untapped,” he said.

Bunna Bank is also working on constructing a new 30-storey head office at the Central Business District, on Ras Abebe Aregay Street. The headquarters will sit on a 1,043sqm plot the bank leased from the city administration after winning a land lease auction for 66 million Br.  



By BEHAILU AYELE
FORTUNE STAFF WRITER

Published on Sep 01,2018 [ Vol 19 ,No 957]


SHARE :
               


Editorial

Political transformation is unavoidably rocky, if not delicate. It invo...


Agenda

Ethiopia’s vulnerable children face a murky future. According to a 20...


Fineline

Yet again, last week saw another season where feder...


Commentary

Lack of proper medication and diagnosis by doctors has eroded the trust...


Viewpoint

The dilemma of policing lies in the fact that both vigilance and approa...


Opinion

The Addis Abeba Transport Authority and Ride, a popular and an up-and-c...


View From Arada

The private sector is more efficient and customer-oriented than governm...


ADVERTISEMENT



Editors Pick















//