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Mohammed Kateeb, Path Solutions’ CEO Emerges Finance Monthly CEO Award 2018

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Path Solutions, the world’s most trusted software provider for the Islamic financial services industry yesterday announced that its Group Chairman & Chief Executive Officer, Mohammed Kateeb has been selected as winner of Finance Monthly CEO Award for 2018.

This accolade recognises Kateeb’s forward-thinking, innovative and strategic vision that has resulted in the thriving success of Path Solutions.

The Finance Monthly CEO Awards celebrate most successful, progressive and ambitious company leaders in business today, following a rigorous selection and judging process.

The awards have been launched by Finance Monthly, a global publication providing news, analysis and features on the latest headlines within the financial sector, and distinguish the most highly respected organisations and their C-level executives, who are global pioneers and possess the qualities required to be amongst the best leaders in the industry.

Kateeb has been Vice Chairman of Path Solutions since 2004, elected Chairman of the Board in 2008, and was appointed Group Chairman & CEO in 2010. Under his leadership, Path Solutions has become the leader in Sharia-based financial software solutions and services, servicing over 130 clients in over 39 countries.

He spearheaded the group’s external growth strategy, successfully building market share, and developing a unique platform and services portfolio. Before joining Path Solutions, Kateeb has spent 11 years as an executive with Microsoft. He is also known as a key contributor to the region telecommunication, media and information technology industry.

“I am honored to receive the Finance Monthly’s CEO Award for 2018, and I contribute this important recognition to the hard work and dedication of each member of Path Solutions who is committed to empower our clients to achieve competitive edge and grow their business”, commented Kateeb.

“This award not only illustrates our successes to date, but further encourages us to continue to lead and shape tomorrow’s Islamic finance sector”.

Talking about the awards program, Navdeep Poonia, Awards Manager at Finance Monthly said: “Disruptive change requires the CEO’s active leadership and involvement on a daily basis.

It is imperative for every business striving for success to have a leader whose diligence, innovative thinking and ingenuity inspire his team and guide them to achieve excellence.

Mohammed Kateeb is a leader whose enthusiasm, passion and hard work have helped the company accelerate and successfully accomplish its goals”.

In the first quarter of 2018 Finance Monthly asked its subscribers to cast their votes. Between January and March 2018, a total number of 22,639 votes were registered with the research team.

The polls methodology provides the ability to validate nominations and allows insights into the nominees’ critical success factors.

The process allows the readers of Finance Monthly to nominate and for Finance Monthly to validate the nominations based on internal research, public endorsements, media coverage, and number of votes.


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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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