Kenyan IT company tells Ethiopian banks to relax

Fintech, the Pan-African information technology solution provider based in Kenya, vows to finalize installation of cheque authentication and verification technology to its client banks before the December 31, 2016 deadline set by the National Bank of Ethiopia (NBE).

“We have finalized the changes suggested by NBE for the seven Ethiopian banks, who are currently using our cheque truncation system and all will be ready before the deadline,” said Polycup Osero, Head
of Sales and Marketing at Fintech Kenya.

“Since we are installing the well-tested technology, which we have used for over 50 banks in Africa, we have approached in fact other Ethiopian banks to provide them the same technology before NBE’s
deadline. By doubling our effort we have the experience and technology to deploy our check authentication system for all the remaining Ethiopian banks within less than a month,” he said over the weekend in an interview with reporter at the sideline of the 4th Ethiopian Banks and ICT Summit opened today.

The financial sector in Ethiopia is one of the highly regulated sectors and reserved only for Ethiopian investors forbidding foreign nationals from engaging in the routine banking service provision.

NBE’s regulation, which sets deadline to install modern cheque verification and authentication technology, aims to help the banks in the country from becoming victims of fraud and improve payment and settlement cycle, among others.

Organized annually by Cyber Security Africa, the 4th Ethiopia Banking & ICT Summit is being attended by officials of major IT companies including Microsoft, C2R, VeriFone, Eclectics, IE Networks and

Payment system and cards, fraud and risk management solutions, mobile and Internet banking, Core Banking, ATMs Security Solutions, are among the discussion topics on of the summit, according to the organizers.

The participants will be exploring how they can utilize the newest technologies to further increase mobility, enhance security, support new products and services, and improve customers’ experience to secure their competitive edge.