(News you may have missed )
NewBusinessEthiopia.com August 27, 2010
Two Indian Information Communication Technology (ICT) companies signed a partnership agreement here in Addis Ababa this morning (August 27, 2010) to provide financial technologies to the Ethiopian banking and insurance companies.
Polaris Software Lab, one of the biggest Indian IT companies whose clients include major financial institutions in the world such as the United States Citi Bank, AIG insurance company, has now partners with the Nairobi based MFI Enterprise Solutions.
Over the last two decades, Polaris has implemented its solutions and services among 200 of the world's largest financial institutions.
MFI, which has been in African market since 1984, is now negotiating with five Ethiopian banks to provide them with modern banking solutions of Polaris. Speaking to newbusinessethiopia.com at the signing ceremony, “We hope that we will soon conclude the deal with the banks,” said P K Das, General Manager of MFI.
“We have been in Ethiopian market for the past three years especially providing networking service for major five star hotels the Sheraton, the Hilton and institutions like the African Union. Our new partnership with Polaris will now enable us to focus in serving the fast growing financial sector in Ethiopia and African countries,” he said.
According to Mr. Das, MFI will establish a data center in Ethiopia in the coming six months with an investment of around one million USD. MFI, whose vision is said to become the leading ICT Company, is currently operating in 14 African countries with two database centers in Kenya and Nigeria.
Over the past few weeks Polaris has signed five partnership agreements with MFI appointing the later to become sole provider of its Intellect trademarked financial solutions to five African countries including Ethiopia and Kenya.
Since the National Bank of Ethiopia recently ordered all banks in the country to modernize their banking services using core banking system, both local and international ICT companies are rushing to provide the services to the banks.
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