The software for the system is produced by CMC ltd, an India-based company, with whom TECHNO BRAIN is partnered with in Africa. Hailemariam Aseffa, general manager of Nib, and Mekonen Tesfaye, country director of TECHNO BRAIN, signed the agreement.

Out of the 18 companies who competed for the tender Nib floated two years ago, PREMA, another India-based company, offered ETB22 million to do the job. But CMC Ltd and TECHNO BRAIN offered the least among the companies who participated in the tender.

‘‘The reason why it took as almost two years to reach to this agreement is because we have to see companies that installed the system to approve the deal,” Hailemariam said. ‘‘The technical committee of Nib visited companies operating in India and Tanzania.’’

According to the agreement TECNO BRAIN will start installing the system within the next one month. The project, which is expected to be finalisedwithin 14 months, will automate the underwriting, clams, reinsurance, intermediaries, finance and management information system of Nib.

Nib, which is established in 2002 by 818 shareholders, currently has a paid up capital of ETB186 million and 27 branches. The shareholders base also grew to 935.