Financial technology company Polaris said on Saturday that the company’s quantum core banking solution has been implemented in the National Bank of Ethiopia, the Central bank in Africa.
The core banking system would support the bank with a comprehensive range of banking operations and services to meet the requirements of commercial banks, governments and financial institutions, Chennai-based Polaris said in a statement.
Apart from core banking solution, the solution would provide general ledger, trade finance, treasury and enterprise reconciliation to the bank, it said.
“After multiple assessment 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”, National Bank of Ethiopia, Corporate Service, Vice-Governor Yemane Yosief said.
The core banking solutions from Polaris were already implemented in the Reserve Bank of India and the Central Bank of Seychelles.
“With our primary focus on financial technology and innovation, Polaris will enable the bank to become one of the strongest and most reputable Central Banks in Africa. This win is indeed prestigious as it formalises Polaris’ foray into Ethiopia”, Polaris Financial Technology, EVP and Geography (Head), Indian subcontinent, Middle East and Africa, K Srinivasan said.
Polaris currently has presence in over 30 major cities across the globe, it said.