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Path Solutions Achieves GoodAccredited Standard for 7th Year in a Row

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Path Solutions, an international core banking system provider for Islamic banks and financial institutions, has announced it has received the GoodAccredited Standard for the seventh consecutive year.

The GoodAccredited Standard is awarded each year to solutions and services that meet a high quality standard. Commenting on the accreditation, Mohammed Kateeb, Group Chairman & CEO of Path Solutions, said, “We are thrilled to have achieved the GoodAcredited Standard for the seventh year in a row, as the only Arab company to feature on this prestigious list since 2011. With 100% focus on the Islamic finance sector, particularly retail and investment banks and microfinance institutions, we have invested deeply in the iMAL suite spanning digital and Omnichannel solutions, portfolio and fund management, and trade finance solutions. iMAL plays a large part in the bank’s future growth, enabling it to improve its operational efficiency and, together with an integrated architecture and cutting-edge technology, demonstrates its value as a trusted core banking system to support the strategic alignment of goals as well as innovation and increasing market share”.

The world’s leading Islamic banking system designed for the new banking landscape – iMAL supports various Islamic instruments while offering the following features:
• Compliance with Sharia and IAS
• 360-degree customer view
• Complete transaction lifecycle support
• Innovation and development of new Islamic products
• Fully parameterized and flexible profit calculation to manage multiple pools and products
• Enterprise-wide information relating to regulatory reporting and risk management
• Multi-currency, multi-branch enabled accounting backbone
• Support for Islamic accounting and complete traceability for audit
• Single-layer integration for all data-sources and service repositories
• Platform flexibility, unmatched scalability and cost efficiency.

This announcement follows Path Solutions’ double-award win at ACQ5 Global Awards 2017 for ‘Core Banking System Provider of the Year – Islamic Finance’, while its cutting-edge iSHRAQ*Microfinance was selected as ‘Sharia-Compliant Microfinance Solution of the Year’ for the third year running.

The GoodAccredited Standard is organized by Systems in the City, a single source of reference for UK-based regulated companies researching computer services, data feeds and third party clearing. Systems in the City is maintained by Goodacre, the leading specialist consultancy firm operating within the financial services sector.

Path Solutions is now nominated for the Systems in the City Awards which will be announced during a Recognition & Celebration Luncheon at the Merchant Taylors Hall on Thursday 13th July.


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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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