Romanian IT integrator Trencadis won a contract to develop the settlement system for the Nigerian Inter-Bank Settlement System (NIBSS), an organization owned by all Nigerian banking institutions, together with the Central Bank of Nigeria (CBN).

NIBSS processed 1.1 billion electronic transactions in 2019, totaling over EUR 235 billion.

There were 11 competitors interested in the contract, Ziarul Financiar daily reported - while not mentioning the deal's value.

Local tech entrepreneur Radu Negulescu controls Trencadis. Another significant shareholder is Romanian-Australian businessman Frank Timis - known for his businesses in Africa, some of them ending in bribery scandals. In Romania, Timis has been involved in the controversial gold mining project at Rosia Montana.

Trencadis already has operations and projects in Europe and Africa, in Switzerland, Croatia, Albania, Nigeria, Ghana, and Senegal.

(Photo: Pixabay)

andrei@romania-insider.com