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National Bank Implements iMAL Islamic Core Banking System

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Path Solutions, the global Islamic banking software group announced that Kenya-based National Bank successfully went live on April 27th 2015 with iMAL Islamic core banking system for its Islamic window named National Amanah.

The iMAL implementation was the smoothest in the history of National Bank which considered the project duration a record-breaker in comparison to previous core banking system implementations.

National Bank went live with the Branch Automation module, the Retail and Corporate Islamic Financing applications, the Islamic Profit Calculation, the Electronic Check Clearing system with interfaces to ATM/POS.

Announcing this, Mr. Musa A. Adan, director Islamic Banking at National Bank said, “Over the past few years, we have been gearing up to drive an alternative form of banking that is based on the principles of Sharia. Thus, we had no choice but to take advantage of new-age Sharia-compliant technologies which would help in launching new Islamic banking products and services with reduced time-to-market and costs. Having made this decision, we are confident that the knowledge Path Solutions has gained through numerous successful projects not only in this region but across the globe, will help us achieve our ambitious growth plans”.

According to Jacob Zachariah Karuvelil, executive vice president – Global Professional Services & Global Support at Path Solutions, “Africa is a very strategic market for us, and over the past two years Path Solutions’ iMAL has emerged as the preferred solution for forward-looking Islamic banks and Islamic subsidiaries across the region. I am confident that National Bank will be able to leverage the benefits of iMAL solution, launch innovative Islamic banking products and services quickly and gain business agility in its banking operations. We are optimistic that our partnership will go a long way to give National Bank derived substantial business benefits”. Jacob also thanked both partners’ project teams and management for their tireless efforts and dedication throughout the project implementation.

Path Solutions’ continued investment in innovation underscores its long-term promise and sharp focus on bringing effective Islamic banking software solutions to financial institutions worldwide.

Today, more than 100 Islamic financial institutions use iMAL as their preferred technology solution in accordance with the Sharia. iMAL is well calibrated to clients’ needs in terms of Sharia compliance and transparency, and provides a very strong base for future growth.

iMAL Islamic Banking & Investment System is undoubtedly a flagship solution having topped the IBS Islamic Sales League Table for an impressive six years running.


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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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E-Financial

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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