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M2M Morocco signs USD8m deal with Ethiopian bank

Morocco’s M2M Group has signed a USD8 million e-banking contract with the Commercial Bank of Ethiopia.

The Moroccan group will implement the second phase of the bank’s new electronic money strategy.

The e-banking plan aims to strengthen the infrastructure of electronic banking and help the bank to open its network to self-service banking including ATM, POS, mobile and internet.

The partnership between CBE and M2M Group was initiated in 2009 with a contract for the supply, integration and deployment of a comprehensive solution for electronic payment based maps.

The second phase of the plan will strengthen the bank’s electronic banking infrastructure and open its network to 526 branches in self-service banking, including ATM, POS, mobile and internet payment bills, recharge prepaid accounts and telephone sales, money transfer, cash deposits and cheques.

"This contract at the heart of East Africa represents a considerable strengthening of the presence of M2M Group in Africa," said Habli Mustapha, director of BU Payment Solutions at M2M Group.

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