Polaris Software Lab Limited (Polaris), an India-based banking and insurance software company, and MFI Enterprise Solutions (MFIES), an information technology solutions provider and subsidiary of the MFI Group, recently signed a strategic agreement to “modernize” Ethiopian finance through software and software training. Polaris agreed to provide licensed use of its enterprise platform, Intellect, to MFIES so that MFIES could in turn customize and train Ethiopian microfinance institutions (MFIs) in the program’s use [1].

The National Bank of Ethiopia (NBE) recently announced its forthcoming installation of a national payment system by June 30, 2011, and also mandated that banks must install centralized, online, real-time, electronic (CORE) banking solutions in order to do business with NBE. MFIES has already approached several banks with offers to tailor Polaris’ software to already installed CORE banking software, and is offering others a full suite of Polaris banking software [1].

By Lindsey Shaughnessy, Research Associate

About MFI Enterprise Solutions: MFI Enterprise Solutions, a subsidiary of the MFI Group, is an information technology services and solutions provider that operates in eight countries. MFI Enterprise Solutions offers services and solutions for enterprise content management and workflow, information and communications technology infrastructure, enterprise resource planning and telecommunications.

About Polaris Software Lab Limited: Polaris Software Lab Limited (Polaris), founded in 1993, is an India-based banking, financial services and insurance software company. Polaris software is specialized for investment banking, retail banking, credit cards, corporate banking and insurance. Polaris employees approximately 10,500 associates in 23 countries.

Sources and Additional Resources:

[1] Addis Fortune, “Polaris, MFI Team up to Modernise Ethiopian Finance” by Aderajew Asfaw, August 29, 2010. http://addisfortune.com/Polaris,%20MFI%20Team%20up%20to%20Modernise%20Ethiopian%20Finance.htm

MicroCapital’s Microfinance Universe profile: MFI Enterprise Solutions

MicroCapital’s Microfinance Universe profile: Polaris Software Lab Limited

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/.