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



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,, 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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NDIC Warns Nigerians of “Wonder Banks”



The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to be wary of “wonder banks” that give extra-ordinary interest rates and profits on investments.

Its Managing Director, Alhaji Umaru Ibrahim, gave the advice in an address at the NDIC Special Day at the ongoing 29th Enugu International Trade Fair in Enugu on Thursday.

Umaru, who was represented by Mr Festus Ekechi, NDIC Director of Strategy Development, said many Nigerians had continued to lose fortunes and even their life savings to Ponzi schemes and other illegal fund managers with disastrous consequences.

“The corporation’s activities, through the supervision of banks continuous monitoring and oversight, serve as consumer protection for depositors (in legal banks) which enhances confidence in the financial system.

“This acts as an incentive for the unbanked to access financial services of licensed banks.

“Poor and uninformed depositors need assurance that the services of licensed deposit taking institutions are safe and that they have access to their money whenever they need it,” he said.

The NDIC managing director said the NDIC was determined to ensure the safety and soundness of the nation’s financial system.

According to him, the key mandate of the corporation is to provide deposit guarantee to depositors of insured financial institutions, banks supervision, distress resolution, and bank liquidation.

He said that since inception, NDIC had grown from strength-to-strength in ensuring that the over-riding public policy objectives for establishing a deposit insurance system in the country were realised.

“With the protection of depositors in mind, the Maximum Deposit Insurance Coverage (MDIC) per depositor per bank progressively increased from N50, 000 in 1989 to its current N500, 000 per depositor per Deposit Money Banks (DMBs).

“Similarly, the insured limit for Micro-Finance Banks (MFBs) and Primary Mortgage Banks (PMBs) in 2009 was increased from N100, 000 to N200, 000 per depositor per MFB/PMB in 2010.

“However, on August 4, 2016, the Minister of Finance approved an upward review of the deposit insured limit for depositors of PMBs to N500, 000 in order to ensure coverage of over 90 per cent of depositors in the banking sub-sector.

“It is pertinent to point out that depositors who have funds in excess of the insured limit are entitled to liquidation dividend after recovery of debts and sales of physical assets of the closed banks,” he said.

Earlier, the President of Enugu Chamber of Commerce, Chief Emeka Udeze, had commended NDIC for always partnering with the chamber to educate the banking public on the safety of their bank deposits.

Udeze said that NDIC remained resolute in the protection of depositors’ funds within banks and other financial institutions in the country.

“The NDIC has helped to build confidence amongst bank depositors, thereby helping to stabilise the Nigerian financial system,” he said.

The fair, which has entered its 7th day, has its theme as “Engendering the Competiveness of Nigerian Products in the Global Market.”

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SIGMA Pensions Launches Mobile App To Redefine Customer Experience



Sigma Pensions Limited, one of Nigeria’s leading Pension Fund Administrators with the goal of providing exceptional value to their stakeholders through the delivery of superior pension administrative services recently launched its mobile App; the Sigma Buddy.

The development of Sigma Buddy is evident in the organisation’s desire to be the Pension Manager of Choice providing innovative solutions and redefining customer experience.

It is fast, convenient and easy to navigate. It eliminates the hassle of walking into any of their branches to sort out account related issues.

Access to personal information, account related information and even communication with the customer’s assigned relationship manager is made possible with the Sigma Buddy.

For over a decade, Sigma Pensions has provided innovative solutions to its customers and the mobile App is an excellent opportunity to tailor more quality services with emphasis on the ease of transactions while building a stronger relationship with their customers.

One of the outstanding features of the Sigma Buddy is the ability to request for your e-statements.

The platform also provides a secure way to find their nearest branches closest to you. The App is free and available for download on both Play store and Apple store.

‘’We are revolutionizing the process of Pension fund administration and the first step towards achieving this is to offer easy access to our customers by bridging the gap between them and their retirement savings account.

This is the motivation for developing the Sigma Buddy’’.-Dave Uduanu, MD, Sigma Pensions Limited.

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Heritage Bank Achieves ISO 27001 Information Security Management Certification



Heritage Bank Plc, has achieved the Information Security Management Certification from International Standards Organisation (ISO).

This certification also known as the ISO 27001: 2013 is part of the ISO 27000 family of standards which helps organisations keep information assets secure. The certification was achieved on the heels of the bank’s drive to revolutionize the banking sector digital experience with Octopus, by putting in place a systematic approach to managing sensitive organisational information, ensuring it remains seamless, secure and available.

The Octopus platform owes numerous benefits to the users, thereby enable small businesses key into electronic payment system easily, efficient collections, social integration, retention strategy, bills payment, mobile virtual top-up, funds transfer, balance enquiry, movie show time, news.

With the introduction of Octopus, the ISO 27001: 2013 Information Security Management Certification is proof of the Bank’s demonstrated ability to consistently provide products and services that gives service consumers and customers an easily recognisable security hallmark.

Speaking on the award received, Ifie Sekibo, MD/CEO of Heritage Bank Plc, reiterated the bank’s commitment for secured services, whilst assuring customers that their information is appropriately protected and, as such, reduces the need to undertake time consuming and costly onsite security audits reducing time and cost for both parties.

According to him, the certification demonstrates credibility and trust, which reduces customer and supply chain audit and ISO 27001 certification reduces third party scrutiny of your Information Security Management by customers and the wider supply chain.

“The achievement of ISO 27001 will differentiate two competing organisations in the market place, providing a valuable competitive advantage. Increased legislative and regulatory compliance ISO 27001 supports compliance with relevant laws such as the Data Protection Act 1998 and software copyright legislation.

This in turn reduces the risk of facing prosecution and fines. An organisation’s liability in security incidents may be reduced if it is certified ISO 27001 compliant,”

He further explained that it reduces customer and supply chain audit, stating that ISO 27001 certification reduces third party scrutiny of your Information Security Management by customers and the wider supply chain.

As ISO 27001 is the current international benchmark for Information Security Management, it is increasingly recognised that compliance with the standard is supportive evidence of adequate security.

Considerations and outcomes To achieve ISO 27001 certification, an organisation must produce documentation that demonstrates that it has developed an Information Security Management System that complies with the standard.

Organisations should consider producing most of this documentation even if they are not going for certification as it provides a best practice approach for compliance as well.

There are three key issues to note about the standard: Its generic requirements mean that it is applicable to all organisations, regardless of size, type or nature. However, you tailor it to the exact needs of your organisation through the information security controls that you select to implement within your Information Security Management System.

It takes a flexible, risk-driven approach. It is dynamic – it focuses on continual improvement and helps the organisation keep ahead of changes both within and outside the organisation.

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