Aiming at familiarizing banking professionals with the latest industry trends and technology solutions for emerging challenges in the banking industry, Cyber Security Africa organized Ethiopia Banking and Information Communications Technology Summit in Addis Ababa.
The summit held on Friday attracted heads of ICT sections in different banks in Ethiopia and professionals in related businesses, according to the organizers, according to the Nairobi headquartered information security consulting firm headquartered in Nairobi, Kenya.
One of the technology solutions presented was by Fintech, which is the main banking solution provider in Africa operating on over 20 countries across the continent.
How to resolve the disputes arising from errors or fraudulent transactions while using Automated Teller Machine (ATM) was the focus of the paper presented by Polycup Osero, Head of Sales & Marketing at Fintech Kenya.
Resolving such issues manually using the normal paper-based processes can be tiring and time consuming, according to Mr. Osero. He indicated that his company has come up with an online dispute resolution technology that can be used for reconciliation of such transaction errors transparently by involving all parties who have taken part in the transactions within a financial system.
The step by step reconciliation technology of Fintech goes first through pre-arbitration process to the last arbitration. “If the pre-arbitration steps have been followed and have all failed, the process goes to an arbitration process where a jury arbitrates,” he said.
Some of the advantages of using Fintech’s online dispute reconciliation technology include:
- Allows pro-active pick up of unmatched transactions round the clock
- Reduces manual reconciliation errors and their impact on the business
- Manages automatic variance adjustments intelligently
- Manages large volumes quickly
The other presenter was Mr. Bizuneh Bekele, CEO of EthSitch Share Company introduced EthioPay under a title, “EthioPay – the uplifting e-payment platform for Ethiopia”.
Mr. Edwin Otieno, Head of Agent Banking at KCB Kenya, has also presented a case study on the retail approach of Agency banking with case study on Kenya Commercial Bank.
The Ethiopia Banking & Information Communications Technology Summit 2018 was held for the firth times with the purpose of enhancing digital operational excellence and overcoming the challenges surrounding banking and ICT transformation and the impact of technological development.