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Faisal Islamic Bank Signs up for iMAL

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Faisal Islamic Bank, Sudan has announced that it has signed up with Path Solutions to deploy iMAL Islamic core banking system to replace the bank’s decentralized legacy system Pentabank from Financial & Banking Systems, across its 100 branches.

The bank will also deploy Mobile and Internet Banking solutions as well as BI and Risk Management. The strategic technology deal will support Faisal Islamic Bank’s business across multiple verticals. It will also support its channel strategy, enabling the bank to reach new customers and offer diversified Islamic banking products.

iMAL Islamic core banking system is the most widely used across Africa with an installed base of more than ten clients in Sudan, including many of the largest and most successful Islamic banks.

In his speech at the signing ceremony on 30 March 2017, El Bagir Ahmed Al Noury Adlan, General Manager of Faisal Islamic Bank said, “We are focusing on revamping our IT infrastructure by deploying the new generation iMAL Islamic core banking platform when many other core banking system providers failed to achieve the bank’s transformation objectives, thus we had to face significant overruns of cost and time estimates over the past few years. As we all know, core banking systems form the backbone of any financial institution, hence a replacement should be a very well-thought-out process. This time we believe that we have selected the right platform that meets the bank’s business requirements. We are confident that our customers will enjoy among other services efficient digital services and greater customer-focused products in line with the Sharia”.

According to Mohammed Kateeb, Path Solutions’ Group Chairman & CEO, this strategic win further reinforces iMAL’s position as the preferred choice for Islamic core banking system replacements in Africa.

 “We are excited about this opportunity to provide Faisal Islamic Bank, one of the largest banks in Sudan, the competitive edge of new generation technology.

This initiative will empower their expansion plans and ensure full compliance with local laws and industry regulations”, he stated. “We are confident that iMAL’s unmatched comprehensiveness, flexibility, and scalability will enable the bank to launch new and differentiated Sharia-based products and services with significant time-to-market advantage”.

Faisal Islamic Bank ran a detailed selection process in which major IT vendors took part. Path Solutions was shortlisted along with ICS Financial Systems.

Both companies were invited onsite for nine full days of workshop to demonstrate the systems’ capabilities and features.

The broad functional reach of iMAL solution was the key reason for it being selected ahead of ICS BANKS ISLAMIC. It is worth mentioning that Faisal Islamic Bank proceeded with due diligence few years back which witnessed the toughest ups and downs ever faced in a sales cycle.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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