Oromia International Bank Launches ICS Banks Core Banking System

Ethiopia’s Oromia International Bank (OIB) has commissioned ICS Financial Systems (ICSFS) core banking software, reports Jane Connolly.

The bank has implemented ICSFS’ flagship offering, ICS Banks, for its Islamic (interest-free) and conventional banking operations. The OIB has also taken over some of the provider’s digital banking products to provide customers with a “true omnichannel experience”, according to the ICSFS.

The bank has already seen its performance win

The OIB has deployed the new technology in its network of 264 national agencies. The bank’s end-of-day processing has since been reduced to less than 30 minutes, the provider says.

“ICSFS products and services go hand-in-hand with our philosophy and approach: working full throttle to provide our variety of customers with a successful journey, especially as we dive into a frictionless future,” says Abie Sano. , OBI President. “With ICSFS’ true comprehensive offering, we are now able to respond to each customer with their specific needs and requests.”

Robert Hazboun, managing director of ICSFS, said it was one of the most transparent implementations in Ethiopian banking history.

He adds, “The implementation revealed a vital performance boost that significantly improved the bank’s customer experience compared to the old legacy system.” It is understood that on the conventional banking side, ICS Banks has replaced India-based Infrasoft’s OmniEnterprise core banking system.

It was announced in 2017 that ICSFS would provide its core banking system to support OIB’s Islamic banking operations. The solution is designed and developed according to Sharia principles in compliance with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

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