All About NIB Bank
Nib International Bank (NIB) was established on 26 May 1999 under license no. LBB/007/99 in accordance with the Commercial Code of Ethiopia and the Proclamation for Licensing and Supervision of Banking Business Proclamation no. 84/1994 with the paid up Capital of birr 27.6 million and authorized capital of Birr 150 million by 717 Shareholders. The Bank commenced its operation in 28 October 1999 by 27 employees. It joined the banking industry as the sixth private bank licensed in the country.
Other than rendering fulfilled Domestic and International Banking services the Bank implemented Mobile and Internet Banking through which it is issues NIB cards and has placed its ATM’s at various locations throughout the Country to provide its diversified products in convenient ways to our esteemed customers. Moreover, to enhance the application of modern banking technologies and provide competitive service via a wide range of card banking services, the Bank has established a strategic partnership with MasterCard, VISA andUnion Pay branded cards which is one of the breakthroughs to provide international payment service.A full-scale preparation to upgrade the Bank’s T24 application to the latest and robust release is completed.
With a view to introduce new types of products, other than the previous innovative products and services Gojo-Guzo Foreign Exchange (FX)linked deposit and loan products, credit products to employment agencies and employees working abroad to enhance FX generation and Murabaha interest free financing products were developed.
The development of the 3rd strategic plan is now at implementation phase and putting a new structure formulating policy manuals and cascading the various targets of the strategic plan to the implementing units.
The Billion Birr construction projects of NIB’s Headquarter and Hawassa buildings are enhanced as per the schedule and the construction of AratKillo and Hosahna buildings would be fully completed in 2018/19 budget year.
Among others, the Bank has registered a steady growth and achievement in all aspects of its operations since its establishment. At the end of March 2018/19, its total deposits and loans and advances stood at about Birr 25.1 billion and Birr 17.5 billion respectively. Total assets also grew to about Birr 31.1 billion and paid up capital to Birr 2.5 billion. The level of net profit before tax reached Birr 673.1 million in March 2018/19. The Bank’s shareholders are close to 4,585 and the total number of customers exceeds 812,627. The Bank’s employees reached more than 4,797 as at March 2019.