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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.

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

CBN, NDIC Push Banks to Return to Northeast

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There are ongoing moves by the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) to get commercial banks and microfinance banks return to the troubled North-East region, Umaru Ibrahim, Managing Director, NDIC, has said.

Speaking at the ongoing NDIC Annual Workshop for financial journalists in Kano, Ibrahim, called on the CBN to provide incentives for commercial banks and microfinance banks to come back to the North-east after they closed shops because of the impact of the Boko Haram on their operations.

He said the Northeast has potentials to support economic growth and should be supported by banks to achieve the desired result. He spoke on the theme: “The Nigerian banking sector: Challenges, opportunities and the way forward.”

He said: “Many bank CEOs have forgotten the economic potentials that exist in the Northeast. We need to awaken the banks to see the economic potentials in the Northeast. During the next special Bankers’ Committee meeting, the Northeast infrastructural revival will be discussed. The CBN already has planned to rebuild the Northeast,” he said.

He called on the CBN and other major stakeholders in the financial system to rebuild the financial infrastructure in the troubled North-East region.

He said the activities of insurgents in the region in the last few years have led to huge damage of financial infrastructure in the region.

The NDIC boss disclosed that given the crisis in the North-East region, so many businesses have been adversely affected while some investors have moved their investments out of that region.

He said the rate at which people are being financially excluded in the region has increased due to lack of adequate provision of financial services which was caused by insurgents.

The NDIC boss said he would personally table the issue to the Bankers’ Committee during their next meeting so that concrete steps could be taken to address the problem.

To encourage Deposit Money Banks to open more branches in the North-East, he said there was need for the CBN to provide more incentives to banks. He said, “We need to have the government of the North-East on board, they need to be sensitised on this issue.

“We need more collaboration with the CBN and government of the North-East because without this, not much can be done.

“It is necessary for the CBN to provide incentives for various banks in order to come back to the North-East because many bank CEOs have forgotten the potentials that exist in this region.”

In his presentation titled “Rebuilding Financial Infrastructure in the North East”, Mudashiru Olaitan, Director Development Finance, CBN, lamented the low level of access to the bank’s interventions in the region.

Olaitan, who was represented by Sani Mohammed, Deputy Director in the Department, said out of the N82 billion that was spent between 2001-2008, no state in the region accessed the apex bank’s interventions.

“In the commercial agricultural scheme intervention by the CBN, no state in the North-East accessed this intervention except in Taraba and Gombe which have only one each.”So there is need for the region to tap into the interventions,” he added.

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IFC Invests to aid Better Access to Quality and Affordable Healthcare in Nigeria

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International Finance Corporation (IFC) the largest global development institution focused on the private sector in emerging markets has announced that it recently committed an equity investment of USD 8.5 million in Santa Clara Africa Limited, to support the development of a 150-bed hospital and two 10-bed clinics in Lagos, Nigeria.

 

The project is promoted by AXA Mansard Plc, the Nigerian subsidiary of AXA Group, who provided equity to the project alongside IFC, the CAPE IV Fund, managed by African Capital Alliance and the hospital operator, Healthshare Ltd, through its parent company EOH Holding Ltd.

The two clinics will create a strong referral system of patients to the hospital.

 

These three facilities together will provide the necessary economies of scale to deliver better value for money in healthcare services.

 

The project is expected to provide healthcare at a price point that is below that of comparable hospitals and clinics in the market.

Eme Essien Lore, Country Manager, IFC, Nigeria, said “with this investment, IFC wants to contribute to increase the capacity of Nigeria’s healthcare system to offer quality and affordable services.

 

“We will look to scale up this efficient and integrated model nationwide” She added.

Nigeria’s healthcare sector remains underserved as demand – driven by population growth, higher income levels, rapid urbanization, and a rise of non-communicable diseases – continues to outstrip supply of quality healthcare infrastructure.

 

Diagnostic and primary care services are also limited, and at varying qualities. As a result, Nigerians spend an estimated US$1 billion annually on health services abroad.

The lack of secure access to affordable and good quality healthcare with an appropriate service mix has also hampered the growth of health insurance in Nigeria.

 

The low levels of health insurance penetration, which currently constitutes less than 10 percent of the population, contributes to the high cost of healthcare in Nigeria.

 

An increased availability of health insurance schemes would not only provide sustainable access to health services but also motivate the service providers to adopt cost-effective models.

This is IFC’s second investment with the AXA Group in the health sector. Earlier this year, IFC supported AXA’s insurance business in Egypt which includes health insurance, also through an equity investment.

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Linkifin to provide Supply Chain Financial Solution in West Africa

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Linkifin, a leading financial technology company in Nigeria, announces a new partnership with the South African company Propell.

 

This partnership is part of Linkifin’s International Development plan. Linkifin, based in Lagos Nigeria, provides end to end Supply Chain Finance (SCF) solutions across West Africa.

 

Both companies recently signed an agreement to provide Prime Revenue’s award-winning supply chain finance platform in South Africa..

 

Ms. Omolade Fadase, business development and Ibukun Ekujumi, technical lead both at Linkifin spoke to Nigeria CommunicationsWeek on the challenges in the supply chain ecosystem, stating that one of the biggest headaches in the supply chain link was cash flow challenges and delays in payments due by buyers to suppliers and this is what Linkifin SCF platform is about to change.

 

Obinna Mejeh, head of Business Development, added, “Our platform is basically one for invoice trading, adding flexibility and visibility in a supply chain ,unlike the legacy systems used by banks , discount houses and factoring companies. One of the beautiful things about this platform is that it is a win-win situation for all – buyers, suppliers and funders.

 

Hussaini Yakubu, MD/CEO of Linkifin, further commented, “Nigeria is the second strongest economy in Africa and the largest in West Africa. In order to gear the region towards a robust supply chain finance solution for the future we have to act now. The potential is huge and untapped amongst our target of small and medium sized businesses. We have already met with several major local companies and are going to announce new customers in the coming month”.

 

He ended by expressing his optimism that Linkifin will be able to bridge the gap in the supply chain ecosystem and ended the interview by saying the future for supply chain finance in Nigeria was bright.

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