Oromia Bank Begins Digital Transformation with Fintech Veteran Moneta

The homegrown fintech firm, Moneta Technologies, which had been the technology partner of Dashen Bank, is expanding its reach and has partnered with Oromia Bank.

The new partnership, which was announced today, will see Moneta work together with CR2, a global firm that provides digital banking solutions, to build an Omnichannel digital technology platform for Oromia Bank.

The omnichannel technology will make Oromia’s financial services available to customers across all the channels. Oromia Bank clients will be able to perform the same banking operations, whether they use a website, a mobile app, a bank branch, or any other available channels.

The omnichannel, which the bank says is the first step in its digital transformation, is said to be completed in a five months.

The 14-year-old Bank has 405 branches and went through rebranding last year as the Bank’s leadership called for a new brand identity that aims to deliver better banking experiences for its customers and to get on with the Bank’s current growth stage.

Moneta is the tech firm that developed Amole, the digital wallet solution of Dashen Bank, which was launched four years ago.

The tech firm has been a major player in Dashen Bank’s venture into the digital area and has developed several digital financial services and products through Amole, such as facilitating payments for utilities, airtime top-up, and payments for retail services.

By November 2021, over 3.5 million customers have been registered on Amole, representing a significant boost to Dashen’s digital customer base.

It’s to be recalled that Ymiru Chanyalew, founder of Moneta Technologies, passed away in February 2022. Yemiru was a leading light in Ethiopia’s fintech sector that introduced many innovative banking solutions. Since his passing, Moneta has been led by Samson Getu, who is the chief operating officer.

CR2 is an Irish-owned banking software company that provides mobile, internet, and ATM financial service technology to more than 100 retail banks across the globe, with a large presence in Africa.