2merkato

One of the private banks in Ethiopia, Nib International S.C., had launched Visa Card service starting from August 24, 2015, Capital reported.

Nib International Bank S.C, Ethiopia announced that it had made a net profit of 286.2 million birr in the last financial year.
The bank noted that this revenue showed an increase of 16% from the revenue the bank had earned in the previous financial year.

The profits earned by the bank in the last fiscal year are due to the successful efforts it has exerted in its service according to Amerga Kassa, President of the Bank. The bank still has areas that are in need of improvement to maintain this performance or even to surpass it he noted.

The profit earned by the bank ,which is an all time high, in spite of the foreign exchange shortage and the National Bank directive establishing that private banks invest 27% of their loan disbursement in National Bank bills.

Nib International Bank, Ethiopia auctioned of 80,000 shares within a few hours at a 40% premium over the original share price offered to the public.  

The 80,000 shares on offer were all sold within half a day for cash remarked a businessman who purchased shares worth 40,000 birr. The bank was not accepting checks because there were many willing to pay cash for the shares he noted. 

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 International Bank (NIB) and Nib Insurance Company (NIC) are to construct three additional buildings in Addis Ababa, Hawassa and Dire Dawa for their joint use, according to Addis Fortune.