Misys has implemented a core banking system for Ethiopia’s second largest private bank, Awash International Bank, which has enabled it to reduce its IT costs while introducing new services.

Ethiopia is Sub-Saharan Africa’s fifth biggest economy and is expected to record GDP growth of approximately 10.6% this year according to CNBC Africa. Awash International Bank is keen to tap into growing demand for financial services as the country moves towards middle-income status over the next decade.

The new system uses Misys’s FusionBanking Essence product, which includes componentised solutions for retail and small business banking and was named a ‘leader’ in the 2014 Gartner Magic Quadrant for international retail core banking. It will enable Awash International Bank to offer new services to its customers in internet banking, mobile banking, agent banking, portal transaction and point of sale.

“Misys has been our strategic technology partner for almost two decades,” said Ato Tsehay Shiferaw, president of Awash International Bank. “Core banking replacement is a high risk activity, but Misys took full responsibility for risk around implementation, ensuring absolutely no disruption to our customer service - most vendors would not take such measures.”

Awash International Bank has also deployed FusionBanking Essence Teller, Misys’s browser-based teller application, across 97 branches in Ethiopia. “Awash International Bank has a strong history of pioneering new technologies to maintain its competitive edge and market leadership,” added Nadeem Syed, CEO Misys.