RegionsAfricaEcobank Rolls out Cash Management System to 30 African Countries

Ecobank Rolls out Cash Management System to 30 African Countries

Banking transaction software group Fundtech said that pan-African bank Ecobank has deployed its Global CASHplus integrated, real-time cross-border payment and cash management system across 30 African countries in just two years.

Ecobank, which has a presence in 34 countries across the African continent, began implementation of the system with a single-country pilot implementation in June 2011. Following a fast and efficient implementation schedule, the bank was able to roll out a unified solution across 30 countries within 24 months.

In the 18 months following the launch, the bank saw a 22% increase in customers on the electronic platform and the number of electronic payment and cash management transactions increased by nearly 200 times.

“Ecobank set out to develop a cash management system that was flexible enough to accommodate varying local business practices, yet powerful enough to support a high volume of transactions across our entire network,” said Albert Essien, deputy group chief executive (CEO) for corporate and investment Banking at Ecobank.

“We moved quickly to implement a robust solution that will facilitate cross-border and multi-currency business for our customers, removing many of the traditional bottlenecks in the cash management process.”

Sanjay Dalmia, executive vice president (EVP) of global cash management at Fundtech, added: “The platform is customised to each of the countries it serves in terms of language, currency and regulatory requirements, yet provides a consistent, standardized interface and service. This is something no local or international institution has been able to achieve, nor, in such a remarkably short period of time, which is thanks to our close collaboration with Ecobank.”

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