A new Ethiopian Bank to revolutionize banking by partnering with Intellect Global Consumer Banking

Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena Limited, announced that a new Ethiopian bank has chosen its product Intellect Digital Core (IDC) to power its banking. IDC has been recognized as the number 1 platform in Retail banking as per IBS Intelligence in 2022.

iGCB which serves more than 21 banks in Africa has partnered to offer their Intellect Digital Core solution that is Microservices based, fully Composable and Cloud-Native solution for the upcoming Bank. Intellect Digital Core, the comprehensive core banking platform would implement core products like Savings and Deposits, Loans, Payments, Trade Finance, Treasury, Branch & Agent Banking, as well as Digital Channels and Wallet for the bank.

The bank aims to service 15 Million+ citizens of Ethiopia through a state-of-art Mobile banking app, 450+ branches, 5000+ ATM and Self-service terminals, and 14,000 plus POS terminals, in the next 5 years. The bank aims to offer unique banking products and features and an unparalleled intuitive experience. The bank would service its customers through more than 12,500 Agents across the country, that provide access and last-mile cash-in-cash-out operations (CICO), and other rich out-of-branch services like Remittance, Loan origination, Micro-saving, and Micro-credit.

Rajesh Saxena, CEO, Global Consumer Banking (iGCB), Intellect Design Arena, says "We are excited to offer a truly composable solution, to Ethiopia through the Bank. By leveraging our agile implementation, the bank would be able to go-to-market in the coming few months and scale fast. This partnership, in essence, is a testament of co-creating best in class solutions, empower people and economies, starting from the grass root level."

Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 425.25 as compared to the previous close of Rs. 420.70. The total number of shares traded during the day was 9284 in over 559 trades.

The stock hit an intraday high of Rs. 427.60 and intraday low of 415.70. The net turnover during the day was Rs. 3916341.00.

Source : Equity Bulls

Keywords

IntellectDesignArena INE306R01017 iGCB EthiopianBank IntellectDigitalCore