Nib Replaces Core Banking System


Nib Replaces Core Banking System

Nib Bank has changed its core banking system to one dubbed "T24 Version 2020" supplied by Temenos Transact, a banking solutions provider based in Switzerland. The Bank is replacing an older version of the system procured from the same supplier. Nib is undergoing a major revamp of its operations, including the installation of new digital banking systems and a data centre. The whole project is estimated to cost about 350 million Br. The Bank of Abyssinia, the Commercial Bank of Ethiopia (CBE), Cooperative Bank of Oromia and the Development Bank of Ethiopia (DBE) have also upgraded their core banking to Temenos' T24 system. Core systems from Oracle and Temenos dominate the market in Ethiopia. With the proliferation of new banks, industry entrants have also begun procuring systems. Hijra bank, which began operations in September this year, has sourced its system from an interest-free solution provider, Path Solutions. Siinqee Bank has also inked an agreement two weeks ago to procure a core system from Oracle.

[ssba-buttons]

Radar

AMG Holdings Breaks Ground on Industrial Rail Link to Ethio-Djibouti Railway

AMG Holdings has launched construction on a 2.5-kilometer railway connecting its Sheger Industrial Park to the Ethio-Djibouti Railway's Endode Station. The Ethiopian-led project comprises 1.7 Kms of main track and 800 meters of side rail. Chief Project Manager Engineer Nigist Hailu said the line is expected to be completed within six months, facilitating the transport of raw materials and finished goods to Djibouti's port. More than 100 local workers have already joined the project, with addi...


Radar

Ethiopian Deposit Insurance Fund Achieves Full Q1 Collection Target

The Ethiopian Deposit Insurance Fund collected 2.08 billion Br in the first quarter of 2025. This meets 100 percent of the target and represents a 26.83 percent increase compared with the same period last year. The rise in premiums was attributed to higher deposits from member financial institutions. To date, the fund has collected a total of 15.93 billion Br in premiums from member institutions, with 14.51 billion Br coming from regular deposits and 1.42 billion Br from interest-free depo...


Radar

Oromia Bank, Ethiopian Airlines Introduce Fly Now, Pay Later via Milkii Digital App

Oromia Bank's Milkii Digital App, launched on May 3, 2025, has introduced a “Fly Now, Pay Later” service that lets customers book Ethiopian Airlines tickets using digital loans, with payments spread over six months after travel with 16.5 interest rate and allows customers to book flights upto 300,000 Br. Developed in collaboration with Ethiopian Airlines, the platform is part of a broader effort to expand digital finance and simplify access to services. The initiative seeks to enhance conven...