A Moroccan Company S2M has won the bid to form a joint
electronic payment system for three Ethiopian banks. Awash International Bank,
NIB International Bank and United Bank formed Premier Switch Solutions SC which
will use S2M to integrate their ATM services.
Fourteen international firms took part in the bid according
to Berhanu Getaneh President if United Bank.
S2M is expected to form a system that will enable ATM
holders at the three banks to withdraw money at all ATM machines operated by
members of the Premier Switch. The banks hope to begin joint ATM services to
their customers within the next months, while debit card services will be
operational in six months.
Joint services are expected to include POS, e-commerce, call
centre services as well as credit card and debit card services. The structure
of the new system will allow other banks to join in the future.
The new system is part of the integrated banking system that
the three banks agreed to create when they formed Premier Switch Solutions in
2009.
Premier Switch Solutions will be based at the Awash Bank and
Insurance headquarters. It was established with a capital of 30 million birr
and has a current capital of 165 million birr.
The costs of the new project have not been disclosed due to
confidentiality elements in the deal.
S2M is a pioneer in credit card applications in Morocco and
has international operations in over 40 countries. An estimated 120 public and private banks
depend on S2M solutions.
Source: Capital
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