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Path Solutions Selected Best Selling Islamic Banking Software Provider in 2017

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Path Solutions, a global provider of Sharia-compliant software solutions and services to the financial services industry has announced that it was selected Number One Best Selling Islamic Banking Software Provider Worldwide in IBS Islamic Banking Sales League Table 2017.

This ranking marks Path Solutions’ leading position in the annual table for the 8th consecutive year, where it has continuously maintained the top position.

IBS has also ranked the leading software firm as the World’s 5th Best Selling Primary Universal Banking System Provider for the period 1st January 2016 – 31st December 2016 in IBS Sales League Table 2017.

Path Solutions beat major international IT vendors from around the world and solidified its position among global winners at the top of the pile.

These two accolades cement the company’s leadership in the financial software business and confirm the strength of its pioneering solution portfolio.

The 2017 Islamic Banking Sales League Table which ranks niche system suppliers in the Islamic financial services segment, was released in the August issue of IBS Journal.

This year’s table – the result of an extensive analytical research conducted both by IBS Intelligence and Cedar Management Consulting – revealed upward momentum in the fintech industry over past year.

According to the IBS Islamic Banking Sales League Table, Path Solutions achieved a total market share of 30% of the Islamic core banking deals in 2016, demonstrating that the market is in need of pure play vendors with Sharia-compliant capabilities, able to meet industry compliance requirements and adapt to the digital revolution.

As quoted by IBS; Path Solutions’ Islamic core banking system – iMAL maintained its leadership position in the Islamic Sales League Table notching 9 deals in 2016, more than double its number of deals in 2015.

The Islamic banking industry has become a complex battlefield for software providers. The table shows that the market for Islamic core banking systems is characterized by the presence of a growing number of IT vendors offering tweaked software systems in line with the guiding principles of Sharia. Path Solutions is the only Islamic core banking system provider dominating a market expanding at an exceptional rate.

“We are glad that we are one of the few banking software vendors in the world, who have been able to maintain our growth and sustain our position as the leading Islamic banking software vendor. We have indeed performed well this year, witnessing a strong growth compared to the prior year as we continue to benefit from increasing client demand and favorable market drivers. Given the challenging and complex environment in which we operate, Path Solutions’ industry know-how and trusted expertise is proving to be highly sought after. Looking forward, we continue to see a number of favorable drivers for our business which, when combined with our ambitious growth plans, give us the confidence in our prospects for the current year and beyond. I take this opportunity to thank all our clients, new and old, for placing their faith and confidence in us. We are also grateful to IBS and Cedar Management Consulting for their continued efforts and for giving us the opportunity to continue to highlight our capabilities”, commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions.

In 2017, Path Solutions continues to outperform the competition. The company has reported successful performance and a strong momentum winning several significant deals in new countries mainly in Morocco, Tunisia and Suriname.

Path Solutions has been chosen by over 120 forward-thinking Islamic financial institutions spread over more than 37 countries around the world.

The company’s next-generation core banking system is technologically advanced, flexible and extremely robust, providing Islamic financial institutions with a distinct business advantage at a crucial time for the industry.


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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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