Nib International Bank signed a contract for an undisclosed amount with a Swiss based software development company,
TEMENOS Group AG. It called on them to provide centralized online, real-time, electronic (CORE) banking solutions. NIB president Amerga Kassa and TEMENOS Group AG, Board member Keith Stonell signed the agreement on January 24. The system is expected to take between nine and twelve months to be fully installed at all of NIB’s branches.
The bank is counting on TEMENOS’ vast experience to complete the job efficiently, said the president.
TEMENOS is a company solely engaged in providing core banking systems with its services being used by over 500 clients in over 100 countries. It won the contract over major companies like Delta Informatics, Infrasoft Technologies, MISYS, Neptune software PLC and the renowned US firm Oracle Financial Service Software.
TEMENOS has also worked with the state owned Construction and Business Bank (CBB) and Commercial Bank of Ethiopia (CBE) as well as the privately owned Bank of Abyssinia.
Yoseph Kibret, Manager Information System department at NIB said Core Banking Solutions `work by interfacing with the National Bank of Ethiopia (NBE), and bank cards.
He said the Bank plans to use the system for Internet banking, mobile banking, E-commerce services and centrally managing banking services.
Nib bank previously made use of an IT solution named Starbank solution, since 2006. All of its Addis Abba branches and half of its outer branches are connected to it. The company which installed the previous system was called ETA-Infotech, based in Dubai, United Arab Emirates (U.A.E).
NIB was established in 1999. It has 50 branches stretched across the country with assets of 9.4 billion birr and over 205 thousand clients.
TEMENOS was founded in 1993 and listed on the Swiss Stock Exchange (SIX:TEMN). It is a global provider of banking software systems in the Retail, Corporate and Correspondent, Universal, Private, Islamic and Microfinance and community banking markets. Headquartered in Geneva, Switzerland with 56 offices worldwide, TEMENOS serves over a thousand customers in more than 120 countries.