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Abay International Bank has launched a specialized bill generating system for service providers, joining Ethiopian banks’ latest move in digitizing their services.
Dubbed Unicash and built by Atlas Technologies System, a decade-old It firm, the system is made for schools, colleges, universities, utility companies, travel, hotels, and health care service providers.
To utilize the bank’s new system, enterprises will first have to register their bills on the Bank system and make payment requests. The clients then receive SMS, notifying them about the request.
As the requested customer makes the payment via the bank or through its multiple channels, the enterprise that requested the payment gets a report.
“The existing payment mechanism employed by institutions is tiring and time-consuming work,” said Merid Tilahun Managing Technical Director at Atlas, during the new service launching event at Intercontinental Addis Hotel on September 17, 2020.
“Clients have to withdraw money from the bank, take their money to the service provider in person, and make payment. Then the institution takes the collected money back to the bank again with the existing culture creating unnecessary money channels and back and forths,” added Merid.
Merid argues that the Unicash payment system launched by the bank is meant to solve this and save time and money for both institutions.
According to the bank officials, the bank already has two clients using the system, Alpha University, and CPU College Abay, and it is in talks with other institutions to join its service.
Last week Berhan Bank, another private commercial bank, launched a new electronic payment solution for schools. The payment system integrates the school’s account with the identification number of students, enabling parents to pay school fees digitally.
Abay, one of the young private banks in Ethiopia, was established back in 2009 with a subscribed capital of 174.5 million Br and a paid-up capital of 125.8 million Br,
After 11 years, the bank has reached a total capital of 3.4 billion birr with 17.6 billion birr of total deposits.
Abay is also currently building its headquarters with an investment of 827 million birr. To be completed in the next three years, Abay’s headquarters will rest on a 1,600 sqm plot in Lideta District.
