Bank of Abyssinia Introduces Virtual Banking Machine to Ethiopia

ADDIS ABEBA – Bank of Abyssinia has installed first virtual banking machine in Ethiopia, its officials said on Thursday.

The machine provides cash deposit, cheque cashing, account payment, account transfer, forexe exchange, online bank inquiry and card applications services.

It also delivers online account opening, cheque deposit, payment through fund transfer, subscription for digital banking and others services, according to the bank.

Governor of National Bank of Ethiopia (NBE), Yinager Dessie has helped AoB officials launch the service in Bole area of Addis Abeba on Thursday.

The bank has so far installed four virtual machines.

But, in short time, the number of virtual banking machines will increase to 15 and they will be installed both in the capital and regional cities, its officials said.

Central bank governor Yinager has commended the Bank’s latest move to avail its services for customers digitally.

“Beginning such services has a big role in transforming the banking sector and increase efficiency and accessibility,” the Governor said.

When businesses are thinking to come up with establishing new bank, technology must be their first priority in a bid to provide better service to customers, the governor added.

Bank of Abyssinia will celebrate its 25th year establishment in the current Ethiopian fiscal year.

By Sisay Sahlu

Featured Image: Central Bank Governor Dr. Yinager together with officials of BoA