Nib International Bank, Ethiopia signed an agreement with TEMENOS Group for the development of Centralized Online, Real-time Electronic (CORE) banking solutions. 
The contract was signed by the Amerga Kassa, President of NIB and Keith Stonell, Member of the TEMENOS board last week. The monetary value of the agreement was undisclosed at the time.
It is expected that the system will be installed at all NIB branches in nine to twelve months.
NIB is relying on the extensive experience the Swiss based TEMENOS has to complete the project effectively according to Amerga.CORE banking solutions will work by interfacing with the National Bank if Ethiopian and through bank cards said Yoseph Kibret, Information Systems Department Manager with NIB.
Nib expects to utilize the new system to facilitate various services including e-commerce, mobile banking, internet banking as well as central managing of banking services according to Yoseph.
NIB bank has been making use of an IT solution known as Starbank solution for the past six years.
It is to be remembered that The Commercial Bank of Ethiopia is to begin operating the core banking system by the end of January. The Commercial Bank also signed an agreement with the Temenos Group to procure the IT software for an estimated 70 million birr.
The National Bank of Ethiopia instructed all commercial to adopt core banking solutions in July of last year.
The use of core banking solutions is expected to achieve a nationwide electronic payment system according to the central bank’s targets.
Source: Capital
