Nib Upgrades Core Systems

Apr 6 , 2019


[ssba-buttons]

Nib Insurance Company integrated its head office and 42 branches with a core insurance solution system called GENISYS Configurator on March 29, 2019. The company invested 28 million Br in the hardware, software and network installation. The system improves efficiency, reduces claims settlement turnaround time, provides uniform service delivery, and ensures data accuracy and availability, according to Zufan Abebe, CEO of Nib Insurance. The 17-year-old insurance company started the project in June 2015, and selected Tata Consultancy Services and Technobrain FZE after launching an international bid to administer the software, while a local company, United System Integrators, installed the hardware. The core system uses IT equipment such as high-end servers, optical storage, tape libraries and high-speed network connecting devices. Nib’s gross written premium has grown to 478 million Br in the last fiscal year. Its profit was 67.3 million Br.


Radar

Nib international Bank Faces Heavy Hit from Forex Revaluation, Pays 348 Million Br in Penalties

Nib International Bank S.C. (NIB) has reported a significant loss of 2.9 billion Br, primarily due to extraordinary foreign exchange revaluation losses, this past Saturday, during its annual shareholders meeting at the Millennium Hall on Africa avenue, Airport Road. The bank faced substantial penalties amounting to 348.4 million Br. These penalties included a 251 million Br fine for liquidity shortages and a 97.4 million Br charge for violations related to Real-Time Gross Settlement (RTGS) payme...


Radar

Railway Network Upgrade Positioned as Engine of Economic Transformation

The National Railway Business Summit took place at Skylight Hotel on October 21, 2025, signalling a historic step in modernising its railway network as a foundation for national development and regional connectivity. Government officials, industry leaders, investors, and experts from around the world convened to discuss infrastructure expansion, financing models, and technology adoption. Asma Redi, chief portfolio director at Ethiopian Investment Holdings, noted that the Ethiopian Railways Co...


Radar

Gold Prices Ease After Recent Surge

The price of gold, which surged sharply in recent weeks, has started to decline in the current selling market. Over the past 15 days, 21-carat gold has traded between 24,000 and 25,000 Br per gram for imported products and around 21,000 Br for local gold. Imported 18-carat gold sold for 21,000 Br, while local 18-carat pieces were priced at 19,000 Br. Traders note that the recent increase was twice as high as typical fluctuations, attributing the spike to export patterns from Arab countries. ...