Photoinduced electron transfer from the valence band of nanocryst. NiO, a p-type semiconductor, to an excited bound dye, Coumarin 343, and the subsequent recombination have been measured by femtosecond transient absorbance spectroscopy probing with white light. It was found that both processes are nonexponential. The photoinduced electron transfer from the semiconductor to the excited bound dye has an ultrafast component (∼200 fs), which is comparable to the time consts. measured for photoinduced electron injection in C343-TiO2 colloid solns. The process is very efficient and constitutes the main path of deactivation of the excited dye. Back electron transfer is also remarkably fast, with the main part of the recombination process happening with a time const. of ∼20 ps. Dye-sensitized nanostructured p-type semiconductors are attractive materials due to their potential use as photocathodes in dye-sensitized solar cells and solid electrolytes in solid-state dye-sensitized solar cells. To the authors knowledge, this is the first time that the photoinduced electron-transfer kinetics of a sensitized p-type semiconductor has been studied.