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Path Solutions Selected as a 2017 Red Herring Top 100 Global Winner

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Red Herring announced last week that it has named Path Solutions, the international specialist provider of Sharia-based financial software and services, to its Top 100 Global Winners list. This honor follows Path Solutions’ selection as a Red Herring’s Top 100 Asia Award Winner in 2017.

Red Herring’s Top 100 Global Winners list has become a mark of distinction for identifying promising companies across their respective industries. Red Herring was among the first to recognize that companies such as Facebook, Twitter, Google, Yahoo, Skype, Salesforce.com, YouTube, and eBay would change the way we live and work. Path Solutions’ inclusion in the Top 100 Global Winners of Red Herring secured its place as the first Arab IT company to appear on this prestigious list.

“The Islamic banking world has gone a long way in the past ten years, embracing technologies which add security, compliance and other features to its offering. The leading institution in that space, Path Solutions has managed to recruit high level talents from the best tech companies to serve the cause of one billion people customer base.

The results are so compelling that Red Herring included Path Solutions within the Red Herring Top 100 Global Winners and granted it the award. They will make the world a better place,” said Alex Vieux, Publisher and CEO of Red Herring.

iMAL, the advanced and functionally-rich core banking platform designed and developed by Path Solutions is based on Service Orientated Architecture (SOA), and supports open banking through open APIs and web services.

The platform can be deployed on a scalable, multi-server open architecture. It is a complete front-to-back single platform of services encompassing an omni-channel that supports electronic delivery channels such as mobile, internet, kiosk, and branchless banking right through to settlement, general ledger and other back-office services. This is delivered in a fully open but integrated, reliable and cost-effective environment.

Path Solutions’ total commitment to open standards enables its clients to benefit from the latest technology advances ensuring business agility, continuity, data integrity and availability, and low downtime delivering a significant and immediate ROI.

“Let me express how honored and appreciative we are at Path Solutions to be selected by Red Herring for this distinction”, commented Mohammed Kateeb, the company’s Group Chairman & CEO. “We could not have reached this monumental milestone without the support of all of our team members, and our incredible client partners. Thank you for being a part of our success, we couldn’t ask for a better community to work with”.

Red Herring’s independent panel of experts evaluated the companies on both quantitative and qualitative criteria, such as innovation capabilities, corporate strategy, and market penetration.

This assessment of potential is complemented by a review of their track record and positioning relative to their peers, allowing Red Herring to see past the “buzz” and make the list a valuable instrument of advocacy for the most promising business models from around the world.

The trophies were presented to global winners during a ceremony held in Pasadena, California, USA.

Path Solutions provides cutting-edge software solutions and services to the burgeoning Islamic economy, in addition to a wide range of IT consulting and advisory services to world-class financial institutions including financial regulatory authorities, central banks, investment banks, financing companies, asset managers and microfinance institutions.

Path Solutions engages with key industry stakeholders as well as regulatory authorities to help enhance the role of Islamic finance with the utilization of modern Sharia-compliant technologies, so that Islamic financial institutions could operate successfully in a dynamic environment while fully adhering to Islamic principles.

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E-Financial

SEC’s eDividend Campaign Moves to South South

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Securities and Exchange Commission (SEC), Nigeria through its Port Harcourt Zonal Office will be holding a Town Hall meeting with stakeholders and the general public.

 

This is in a move to enlighten investors and the general public on the process and benefits of eDividend and to discuss other contemporary issues in the Nigerian Capital Market.

 

This will also provide an opportunity to throw more highlights on investment opportunities available in Nigerian Capital market and how retail investors can benefit therein.

 

The meeting is scheduled for Wednesday, July 18, 2018 at Hall ‘C’, Landmark Hotel, 4, No. 4, Worlu Street, off Olu-Obasanjo Road, Port Harcourt, Rivers State. Registration of participants starts by 9:00amwhile the main event starts at 10:00am.

 

The event will create an arena for the Apex capital market regulator to educate and enlighten the public on the above subject and also for operators, stakeholders and various investors to interact and discuss other issues surrounding the activities of the capital market.

 

Recall that the SEC in January 2015 commenced the e-dividend registration campaign in Abuja with a Road Show culminating in a Town Hall Meeting.

 

The Commission had announced that the e-dividend registration would continue seamlessly in spite of the expiration of free registration deadline which and also enjoined investors yet to enroll, to continue with the registration at a cost of N150 only.

 

“Investors should continue to approach their banks or registrars, as usual, to seamlessly mandate their bank accounts for the collection of their dividends electronically, including unclaimed dividends, not exceeding 12 years of issue; as the N150 would not be demanded from them at the point of registration.

 

“The N150 fee would not be demanded from the investors at the point of registration or submission of completed e-dividend mandate forms, divergent views have begun to trail the Commission’s stance that investors yet to register are to bankroll the exercise at a marginal cost of N150” the SEC added.

 

 

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E-Financial

Broadband, Mobile Phones, Others Expanding Business Frontiers – Okere

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Austin Okere, founder, CWG, has said that the ubiquity of broadband and the pervasiveness of mobile phones, along with breakthrough technology such as Artificial intelligence, Big Data and Blockchain are expanding the frontiers for business models in ways that were hitherto not possible, and leveling the playing field in the process.

He stated this in his presentation delivered at the 2018 Lagos Bankers & Stakeholders’ Nite held in Lagos over the weekend.

According to him, ‘any bank that does not read the signs and join the innovation train will definitely be disrupted and left behind. Remember that there was a time when the Post Office was at the center of our lives. When was the last time you visited a post office?’.

“Even though cryptocurrencies such as bitcoin tend to steal the limelight, it is their underlying blockchain technology that is proving to be of practical benefit. This technology, which goes beyond financial application, is expected to disrupt global supply chains by boosting transaction speed across borders and improving transparency.

“Essentially, the blockchain is a shared virtual public ledger where encrypted transactions are confirmed by outside parties. Confirmed transactions are placed in a “block” and added to the chain, hence the name blockchain. It is this technology that the FinTechs are leveraging to disrupt the traditional banks.

“Here in Nigeria, blockchain can help immensely unlock the immense capital locked in land assets that are not enumerated because of an antiquated system of land administrated that is very ripe for disruption.

“The most disruptive application of the blockchain technology however, is in the Financial Sector; and this will form the focus of my discourse. The consistent complain about banks have reached a crescendo in recent years. Is this justified?” he said.

 Okere added that Fintech companies in emerging markets have shown that with blockchain technology, it is possible to leapfrog to new forms of banking.

“Truth be told, Banks are best placed to continue to influence the future of Financial Services because of their huge branch network, solid reputations, and risk controls, as well as years of customer cultivation and loyalty. They however, have to radically change the mindset of we win when you lose’.

He noted that regulators are now helping Fintechs. “Fintechs are getting a lot of support from Regulators, believing that Fintech firms are small enough for any problems to be manageable, and on the other hand, might produce useful innovation (the sandbox approach).

“The intention is to lower market entry barriers for Fintech companies. For instance, France’s Central Bank has announced opening up a new innovation lab, aiming to collaborate with blockchain startups.

“In December 2015, Nasdaq executed its first trade on a blockchain, through its Linq ledger. The exchange said the blockchain promises to expedite trade clearing and settlement – all the steps needed to transfer the asset from seller to buyer including recording the transaction — from three days to as little as 10 minutes. That’s because the trades remove many manual processes and bypass third parties.

“As such, settlement risk exposure can be reduced by over 99%, dramatically lowering capital costs and systemic risk. Other stock exchanges tinkering with the blockchain include Australia, Germany, Japan, Korea, London,Toronto and  Myanmar.”

Okere explained that the future of Fintech seems bright. “Accenture recently released a report which found that investment in Fintech around the world has increased dramatically from $930 million in 2008 to more than $12 billion by early 2015.

“The Fintechs employ Artificial Intelligence, Big Data and Machine Learning to glean the credit habits of customers from their mobile usage, and so have mitigated against the risk of default.

“The homepage of LendingClub advertises personal loans of up to $40,000. You can “apply online in minutes” and “get funded in as little as a few days,”. Another prominent Fintech lender Funding Circle claims that small businesses can get loans from between $25,000 and $500,000 in as little as 10 days.

“These are innovative services that seek to fill important niches in the credit markets. They enable people who have historically been shunned by banks to get loans in order to expand their businesses,” he said.

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Farmcrowdy Wins Digital Business of the Year Award in Africa

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Farmcrowdy, Nigeria’s first and leading digital agriculture platform has won the Digital Business of the Year (2018) award in Africa. The award was granted at the annual Global African Business Awards (GABA) ceremony in Addis Ababa, Ethiopia.

Jimoh Maiyegun, Farmcrowdy’s Chief Technology Officer at the Global African Business Awards ceremony in Addis Ababa.

Launched in 2017, GABA, the world’s premier annual business award was created to celebrate, honour and generate public recognition of the achievements and positive contributions of organizations and working professionals in the continent of Africa.

Other nominees of the Digital Business of the Year award include e-commerce platforms – Konga, Jumia, Zando, Dressmeoutlet, Mall for Africa and Dealdey; WeFarm, the world’s largest farmer-to-farmer digital network; Interswitch payment gateway; and Delvv.io, South Africa’s branding and refinement partners.

Onyeka Akumah, Founder and CEO of Farmcrowdy says, “we are honoured to have our hard work aimed at impacting on the lives of rural farmers recognised.

We are delighted about the great opportunities ahead of us as we continually strive to remain at the forefront of technological innovation in Agriculture across Nigeria and eventually the continent of Africa.”

With a team of 35, Farmcrowdy has, in the last 20 months, empowered over 7,000 direct and indirect rural farmers and given thousands of farm sponsors a platform to participate in Agriculture from their computers or mobile phones in order to make profit at harvest.

This impact has seen the platform plant Maize, Rice and Cassava on over 8,000 Acres of farmland in less than 2 years and raised close to 600,000 chickens to boost food production in the country.

The leading digital agriculture platform has also raised $1.4 million dollars in seed funding from local and international investors including Cox Enterprises, Social Capital, Techstars Ventures and most recently, won a grant from the GSMA Ecosystem Accelerator Innovator Fund.

So far, the funds have given the leading startup the potency to scale its operations to 10 states of operation in Nigeria with plans for more expansion across more states and regions.

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