The National Bank of Ethiopia (NBE) has implemented Polaris Financial Technology's Intellect Quantum Core Banking Solution for a range of operations.
Covering trade finance, reconciliation, ledger, treasury and core banking functions, the new system will replace NBE's legacy technology. The Bank's previous infrastructure, according to a release from the company, was incapable of meeting adequate levels of efficiency for money and securities management, along with regulatory reporting obligations.
"After multiple assessments of different international core banking vendors, we found Polaris eminently suitable as Polaris was the only vendor that had a solution specifically designed to cater to central banks," says Yemane Yosief, vice governor for corporate service at the NBE. "We are certain that the bank will benefit out of this new core banking system, to further improve the soundness of the financial system. We found the precedents set by Polaris in its core banking solution implementation for central banks in the Reserve Bank of India and Central Bank of Seychelles highly commendable."
The client announcement is a much-needed boost for Polaris after the recent news that its founder and chairman, Arun Jain, was barred from participating in securities markets for two years by the Indian regulator for insider trading. Polaris's share value dropped by six percent yesterday.
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