Nib Bank Bets on In-House Super App to Lead Five-Year Strategic Rebound

Nib International Bank S. C, a 26-year-old private commercial bank, has launched a new mobile “super app” that provides unified digital financial services across personal, business, and merchant banking services. The Bank, which has undergone a significant management reshuffle in recent years, debuted its Nibtera Online service on Saturday at its headquarters in the Sengatera financial district. The launch coincided with the unveiling of Nib’s five-year road map and a three-year strategic plan. Both documents position technology as the cornerstone of the bank’s near-term transformation strategy, according to executives.

“This platform will be the primary engine driving our five-year plan,” said Henok Kebede, Nib’s CEO, who assumed the role last year. Unlike many of its peers, the bank developed 95% of its super app entirely in-house, marking a strategic shift from the common industry practice of outsourcing such platforms

Nibtera integrates mobile banking, internet banking, and merchant services into a single platform. It promises real-time money transfers, allowing users to instantly send funds to NIB accounts, other local banks, and digital wallets such as Telebirr, Kacha, KAAFI, and M-Pesa. The platform, developed over three months, supports multi-channel payments through QR codes and voucher-based systems. Users can also manage card settings, request money, track budgets, and handle school fee payments, from a single platform.

Super apps are becoming more common in Ethiopia’s digital financial landscape following Ethio Telecom’s telebirr super app last year, while Dashen Bank has joined the fray more recently. Yet market feedback remains mixed. Some customers have voiced concerns over bloated platforms crowded with unreliable mini-apps, arguing that simplicity and performance should take precedence over feature volume.

Biruk Zegiju, Nib’s Director of Technical Programs, says they have opted for a one-stop rollout encompassing all the features instead of a phased approach.

“All features are scheduled to roll out on Monday,” he told Shega of the pending upload of the platform on app stores.

Nib Bank’s focus on technology could contribute to expanding its customer base following a 2023/24 financial year, which saw its deposit base contract by 24.1% to 45.1 billion Birr.

Fiseha Tesfaye, who heads Nib’s Project Office, said the new platform aligns closely with the bank’s strategic ambition to become a key player in Ethiopia’s nascent fintech sector.

“We are innovating to keep up with evolving customer needs,” he said, adding that backend infrastructure upgrades are also ongoing to strengthen performance and security.