Zemen banks Start internet banking

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Zemen banks Start internet banking

Unread post by ኦሽንoc » 27 Oct 2009 13:09

Zemen banks Start internet banking

By Yohannes Anberbir

Zemen Bank successfully introduced its pioneering one branch Multi-Channel Banking services this week.
The event marks a shift away from the traditional approach of a branch-based banking service.
Even though some of the branch-based banks are offering electronic banking as well, Zemen's introduction of automated teller machines (ATM), internet banking, telephone banking and SMS banking at one time is exceptional.


"Customers are not required to come physically to our bank; we will go to our customers," Ermias Amelga chairman of the bank said on Thursday.
The bank has already installed three ATMs in its headquarters, which offer services in both English and Amharic. The bank received over 600 million in deposits within a one year period of being in business. Soon, all of its customers will be able to manage their accounts using an ATM card.
Zemen's internet banking
, which is currently at an early stage of implementation, can support fund transfers from various types of customer accounts, for instance, from a savings account to a checking account.
"Though we are at an early stage of implementation, the system will support fund transfers from one account to another account holder in the bank and will also support paying customers various bills," Yemiru Chanyalew, managing partner of the bank responsible for its IT-related functions, said.
Though Zemen introduced its multi channel banking at one time, it is not the only bank that has started ATM, internet and phone banking.
For instance, Dashen Bank and the state-owned Commercial Bank of Ethiopia were the pioneers in introducing ATM machines, and United Bank became a pioneer a year ago in introducing internet banking that enabled its customers to access their accounts and to print their balances.
"I came up with this idea not to compete with other banks that just introduced similar electronic banking; our bank has already identified its market segment, which is mostly corporate customers," Ermias said.
An individual can open various types of accounts, for instance he can open a checking account with 5,000 birr initial minimum deposit requirement. But this customer will be required to have an average daily balance of 100,000 birr with a grace period of ten days; if they fail the bank will charge the client 500 birr monthly.
Its saving account also require an initial minimum deposit of 5,000 birr and a similar daily balance, grace period and monthly fee as its checking account.
Customers of the bank will get the bank's service 24 hours a day, 365 days a year and if they deposit more than 500,000 birr the bank will assign its own personal banker to the valued customer.


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