Nib International Bank Crafts Rebound with a Pair of Digital Payment Tools

Nib International Bank is forging its digital footprint through two new payment solutions launched over the past week.  The Bank debuted Nib Amber Pay, a merchant App that enables businesses to receive digital payments, and Nib Paystream, an online payment gateway. 

Neb Amber Pay supports multiple payment methods such as QR code-based and voucher-enabled payments, and is particularly beneficial for businesses with multiple sales personnel, as it allows them to process transactions from a single account using a mobile application. Meanwhile, the second product is designed for those who sell their products and services online. 

Nib’s recently appointed CEO Henok Kebede heralded the initiatives as instrumental in helping the Bank establish itself as a key player in accelerating the Digital Ethiopia project.

“The platforms allow our merchant customers to easily and securely process payments,” he stated during the launch ceremony held at the Bank’s headquarters.  The CEO expects the pair of new tools to grant customers a simple alternative to keep track of their business operations.

“They can supervise all through their phones,” Henok said.

Nib experienced a marked drop in its financial performance in the last financial year as its net profitability dropped by 49.6% to reach 957.9 million birr. The quarter-century-old bank was also subject to a 12% slash in its total asset portfolio as it looks to rebound in a fresh chapter. Under a new board of directors and CEO, the Bank is reforming its corporate governance while focusing on the digital banking frontier.

Brook Zegeju, Nib’s Technology Program Director, explained that Amber Pay offers merchants four mechanisms to process payments from customers. 

“Seamless payment is the objective,” the director told Shega.

Brook pointed out that customers will need to visit bank branches to integrate the platforms with their existing bank accounts. A confirmation message attached to a link will grant customers access to their bank accounts.

“A Nib Paystream link enables payment capabilities from all banks,” Brook says.

Ethiopia’s digital financial service ecosystem has experienced a marked increase in the number of players with nearly all 31 banks offering digital alternatives. While the rapid rise of services like telebirr signals promising prospects, limited infrastructure, unaffordability of smartphones, and low levels of digital literacy remain enduring challenges.