MICROCAPITAL BRIEF: Bank of Abyssinia Launches 5 “Interactive” Teller Machines in Ethiopia, Allowing for Remote Account Opening, Access to Tellers via Video

Bank of Abyssinia, a financial services provider in Ethiopia, recently introduced terminals called “Interactive Teller Machines” (ITMs) that allow customers to open or close accounts, apply for loans, access tellers via video, transfer funds within Ethiopia, and withdraw and deposit cash. “In the future, these machines will enable customers to receive cash sent through international money transfer agents,” said Bekalu Zeleke, President of Bank of Abyssinia.

The bank has stationed five of the machines in Addis Ababa, supplementing 91 automated teller machines (ATMs) that the bank has been operating in the city. The ITMs were manufactured by NCR Corporation, a US-based company producing hardware and software for banks.

Founded in 1884, NCR Corporation is headquartered in the city of Atlanta, employing 34,000 employees in 160 nations. As of the quarter ending July 2020, NCR reported total revenue of USD 1.48 billion.

Bank of Abyssinia was founded in 1996 and serves 2.8 million customers via 532 branches and 114 ATMs nationwide as of September 2020. The bank reported total assets of ETB 39 billion (USD 1.1 billion) as of June 2020.

By Kate Finster, Research Associate

Sources and Additional Resources

Bank of Abyssinia press release
https://www.bankofabyssinia.com/index.php/component/content/article/2-uncategorised/

Addis Fortune article on Bank of Abyssinia ITMs
https://addisfortune.news/news-alert/abyssinia-bank-launches-virtual-banking-terminals/

Bank of Abyssinia financial information
https://www.bankofabyssinia.com/index.php/profile/financial-highlight.html

NCR homepage
https://www.ncr.com

NCR 2020 second quarter report
https://investor.ncr.com/financial-information/quarterly-results

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