The Ethiopia-based bank aims to transform its retail and SME loan processes
Newgen Software, a global provider of low code-based digital transformation platform, NewgenONE, announced that Bank of Abyssinia, one of the fastest growing banks in Ethiopia has onboarded Newgen for end-to-end automation of retail and small and micro enterprise (SME) loan types.
With the loan origination solution, built on NewgenONE, the bank will streamline the origination, processing, tracking, and disbursement of loans. The solution will be used in 750+ branches spread across Ethiopia.
The Bank will leverage Newgen’s platform with capabilities such as business rule engine, workflow management, and document management and ensure 360-degree process visibility in the business activity monitoring and reporting. The robust system will equip the bank to meet the growing business demands and allow them to transform digitally and scale operations to handle high-volume transactions.
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“Newgen’s loan origination solution will enable us to respond faster to customer queries and requests. It is vital for us to offer a premium user experience to our valuable customers. Newgen’s solution will help us achieve operational excellence and business innovation, enabling us to stay ahead of the competition. We look forward to our partnership with Newgen,” said Andinet Fekade, Director of Program Management, Bank of Abyssinia.
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“We are delighted that the Bank of Abyssinia chose us as their digital transformation partner. Our solution will help the bank digitize retail and SME loan processing. This will help the bank to reduce the turnaround time, offer seamless services to customers, enhance business growth, and improve service quality, thereby enhancing the overall customer experience,” said Tarun Nandwani, COO, Newgen Software.
The contract inking was done by Mr. Yonas Daniel, Newgen’s Regional Manager for Ethiopia and Mrs. Menbereselassie, Procurement Director of Bank of Abyssinia at the Bank’s Head Office on February 1st, 2023. The ceremony was also accompanied by a team from Top management of Bank of Abyssinia and Top management of MKTY IT Services PLC, one of Newgen’s partner in Ethiopia.
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