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Path Solutions Bags Global Award for Quality & Ideal Performance

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Mohammed Kateeb, Group Chairman & CEO of Path Solutions received ‘The Global Award for Perfection, Quality & Ideal Performance in 2017’ by the France-based Otherways Management & Consulting Association Club at an award-giving ceremony on July 24 in Rome, Italy.

This award recognized Path Solutions’ firm commitment to quality and performance excellence, and for leading the Islamic financial technology space while fostering technology-led innovations and initiatives to deepen financial inclusion.

On receiving the award, Kateeb commented, “We are honored to receive this recognition from Otherways. It speaks about the successful execution of our strategy as we continue to build on our strengths where our industry know-how and technology expertise differentiate us. It also recognizes our commitment to improving financial inclusion, especially as it relates to linking the unbanked to financial services in the global economy. We are proud of our record serving both our clients and our community and look forward to continuing to do both”.

“There are some remarkably successful initiatives taking place across the world in financial inclusion”, said Charbel S. Tabet, President of Otherways Management & Consulting Association Club, one of the most prominent voices of quality culture.

“But offering real solutions to the world’s unbanked population will take investment, determination and innovation, and an ability to bring together key players in fintech and microfinance. Path Solutions combines its vision for economic empowerment and financial inclusion with the latest technology innovations and services”.

The judges were impressed by the combination of Path Solutions’ commitment to social responsible investment and impact investing, and the innovative software solutions it proposes to achieving the goals of global sustainable development.

As part of this innovation, Path Solutions offers iSHRAQ*Microfinance solution to help microfinance companies better serve their customers and expand banking access, thereby empowering market entrants to quickly address the needs of the underserved.

Path Solutions has won this prestigious award, which is a public acknowledgement of its longstanding commitment to the Islamic financial services industry and in recognition of its achievements in spreading quality culture and excellence.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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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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