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.
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