NIB Catches Up with Banks Accepting Visa


Visa card holders welcome the widening convenience of non-cash transactions




Nib International Bank (NIB) S.C. has added Visa Card services to the MasterCard accommodation it already has, making the service accessible from 70 automated teller machines (ATMs) and 100 point of sales (PoS) terminals last week.

It is the third bank under the umbrella of Premier Switch Solution (PSS), S.C. to introduce the service, following United and Awash International banks. Outside the PSS, Dashen Bank pionered which have been avelable to its costomers Visa card services for several years.

The service, which will be available to people already in possession of Visa cards, will target tourists, Ethiopians from the Diaspora as well as local people who have access to the card.

Granting Visa card access began after PSS became available to serve joint operations and integration of electronic transactions of member banks using ATMs and PoS. The bank became certified with Payment Card Industry Data Security Standard (PCI-DSS) following the inspection of PSS’s systems network and safety. NIB also had to become a principal member of the Visa before receiving authorisation to offer the service.

PSS was established by Awash International Bank S.C., United Bank S.C. and NIB three years ago with capital of 30 million Br to supervise and integrate electronic payment systems of member banks; other banks, Birhan, Addis and Cooperative Bank of Oromia have lately joined PSS as shareholders. PSS now has 230 ATMs and 300 PoS machines and has issued 250,000 cards to the clients of the member banks.

PCI-DSS is an information security standard set by PCI to deal with credit card fraud and theft on the internet. These standards were set by PCI Security Council.

For both MasterCard and Visa the bank will use its account in Citibank, New York, giving money to users in local currency. The maximum amount of money to be withdrawn will depend on the limits of the issuing bank.

NIB, which has already launched mobile and internet services, is preparing to begin interest free banking and to install an additional 100 ATMs and 600 PoS terminals.

Established in 1999 with 717 shareholders and paid up capital of 27.6m Br, the bank now has NIB has 105 branches. Its shareholders have increased to 3,925 and paid up capital to 1.3 billion Br. The bank is expected to hold its annual shareholder meeting by the end of October 2015.



By DAWIT ENDESHAW
FORTUNE STAFF WRITER

Published on Oct 05,2015 [ Vol 16 ,No 805]


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