Nib International Bank (NIB) has become the latest bank in Ethiopia to sign for Temenos' T24 core banking system. According to the bank's announcement, Temenos won over Oracle FSS, Delta Informatique, Misys, Neptune Software and Infrasoft Technologies. The latter vendor, however, is believed to have recently bagged a core banking system modernisation contract with NIB's rival, Bunna International Bank.

The selection process took NIB a year and a half. The contract was signed on 24th January 2012 by Temenos' regional director, Keith Stonell and the bank's president, Amerga Kassa.

The T24 implementation at the head office and the roll-out to 50 domestic branches is scheduled for completion within one year.

NIB has around 200,000 account holders and $540 million of assets. It offers universal banking services.

This is Temenos' fifth core banking client in Ethiopia. In 2010, Commercial Bank of Ethiopia opted for T24 (IBS, July 2010, Ethiopian banking market prime for core system projects), as did Bank of Abyssinia (IBS, September 2010, Temenos' T24 gains new taker in Ethiopia) and Construction & Business Bank. Development Bank of Ethiopia is a long-standing user of the Temenos core software.

Meanwhile, Ethiopia's central bank is currently looking for a new core banking system, to replace Misys' legacy system, Bankmaster (IBS, December 2011, NBE issues core banking system RFP).