Fettan Electronic Payment System adopts CR2’s BankWorld Suite in Ethiopia

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  • CR2 Limited (CR2)

Dublin, Ireland, and Addis Ababa, Ethiopia, 25 October 2010. CR2, a global provider of self-service banking software solutions and Offshoring 2.0 Technology Services, PLC, operator of Fettan(tm), the first mobile electronic payment system in Ethiopia, have announced that Fettan has selected BankWorld, CR2’s industry-leading integrated payment switch and multichannel self-service platform as the foundation for online payments processing across Ethiopia.

Fettan is the first mobile electronic payment platform enabling person-to-person and person-to-business payments as well as money transfers in Ethiopia using mobile phones, internet and smart cards. By implementing the BankWorld suite, Fettan is making history and becomes the first independent third party payment processor focused on the Ethiopian market.

Fettan is already slated to perform debit and prepaid card payment services, mobile commerce, mobile phone airtime top-up and other value added services for several major Ethiopian banks. The Ethiopian Postal Service has also adopted the Fettan platform to enable domestic money transfers. Fettan's mobile infrastructure will greatly enhance the convenience and speed of the transfers.

“Fettan is poised to revolutionize Ethiopian commerce as we know it today,” says Yemiru Chanyalew, CEO of Offshoring 2.0 Technology Services, PLC. “With the addition of BankWorld, Fettan becomes a comprehensive and open payment solution that will usher a new era of electronic and mobile commerce in Ethiopia.” Mr. Chanyalew further comments, “BankWorld’s clear leadership in the multichannel space makes CR2 the perfect partner for Fettan by increasing its reach through state-of-the-art technology.”

BankWorld’s integrated payment switch will allow Fettan to securely process, authenticate, authorize and route electronic payments from any source to the right recipients. Electronic payment processing and routing through a switch enables open electronic commerce. Brick and mortar merchants will also benefit from Fettan services as Fettan is allowing them to accept credit and debit card payments while ensuring accuracy, safety and timely settlement.

Mr Martin Dolan, CEO, CR2 comments: “'We are glad to partner with Fettan and be part of the P2P revolution in Ethiopia. BankWorld will greatly assist Fettan in providing the best transaction processing to their members banks and merchants alike. By selecting BankWorld, Fettan will be able to quickly and efficiently process electronic transactions in volume while improving customer satisfaction considerably. CR2 is delivering a future proof system that will open up opportunities for Fettan to launch new products and services easily. This agreement reinforces CR2’s market recognition and presence across Africa.’’

BankWorld will be presented to banks in Addis Ababa on Tuesday 30th November during a seminar entitled ‘Next Generation Self Service Channel Banking’.

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