Ethiopia: International Bunna automates the processing of credit applications
Bunna International Bank entered a partnership with Infosys to set up a new system to process credit applications.Bunna International Bank entered a partnership with Infosys to set up a new system to process credit applications. The Finacle system will enable the bank to integrate its front and back office operations and automate the credit check and loan approval processes, speeding up the processing of requests.
This transformation should also improve the overall banking experience for the bank's customers and facilitate real-time processing of transactions and payments, which should pave the way for future innovations such as mobile wallets and bank branches, according to an Infosys press release.
Finacle will also complement the bank's growth plans, which involves doubling its network to 35 branches within the financial year.
"We have always believed that technology delivers a competitive edge in banking," said the President of Bunna, Ato Eshetu Fantaye, in the press release. "Finacle gives us the flexibility we need to grow. This new solution, which will be implemented in a relatively short period, is the key to helping us become far and away the best bank in Ethiopia."
This partnership between Bunna and Infosys coincides with the establishment of a new regulation by the National Bank of Ethiopia, mandating its member banks to automate their services and to implement a national payment system to facilitate automated settlements and inter-bank money transfers.
According to the report of the World Bank's Doing Business 2013, Ethiopia improved access to credit information by establishing an online platform for sharing such information and by guaranteeing borrowers' right to inspect their personal data.