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Path Solutions Wins Prestigious IFFSA 2017 Award



Path Solutions, a leading software provider for the Islamic financial services industry, announced that it has once again been recognized as the gold category recipient of the ‘Islamic Finance Technology Provider of the Year’ award.

The trophy was received by Mohammed Kateeb, the Group Chairman & CEO of Path Solutions at the IFFSA Awards 2017 in Colombo, Sri Lanka on Tuesday 24th October.

Path Solutions was conferred with the ‘Islamic Finance Technology Provider of the Year’ award in recognition of its commitment to the improvement of human welfare, economic empowerment and financial inclusion through building world-class Sharia-compliant software solutions to meet the needs of modern Islamic finance.

The 2nd IFFSA (Islamic Finance Forum of South Asia) & Awards, organized by UTO EduConsult together with KPMG Sri Lanka and Adl Capital, aims to create greater awareness on the potentials and opportunities brought about by Islamic finance to the region, and explore the issues related to its further development, progress and challenges.

Mohammed Kateeb was selected to give the main address at the forum in an inspiring and insightful presentation, speaking about ‘Technology Impact on Future Financial Services’ to the delegates present representing several countries in the SA region and beyond. Kateeb took part as well in a panel discussion on ‘Fintech and its impact on the IBF industry’, where he shared his extensive knowledge and valuable insights, joining a list of distinguished speakers and panelists from across the world.

“We are honoured to be acknowledged for the second time by IFFSA Committee. It is great to see that Path Solutions continues to stand out from all competitors. We have achieved and continue to maintain this position by being fully engaged in industry associations, organizations and conferences, staying connected with our clients, and investing heavily in R&D.

“We are always striving to enrich our suite of software solutions, while maintaining what makes us unique – innovation and service excellence. This award acclaims recognition to the company that has made the most significant impact in the area of information technology, specific to the Islamic finance industry. We are proud of being the technology partner for this segment, and part of the league that has contributed to its burgeoning growth”, said Kateeb.

“Path Solutions is a great IT company widely acknowledged as being the best in the Islamic financial services marketplace. The company is passionately committed to bringing innovative and cost-effective software solutions to support the growth and advancement of the Islamic finance industry beyond its traditional geographical borders. There are great unmet needs in this region and it is our responsibility to shed light on Path’s outstanding journey”, commented Aakif Wahab, Group Executive Director of UTO Group.


Keystone Bank, NIPOST Partner to Launch Agency Banking



Keystone Bank Limited has launched “KeyServ”(An Agency Banking proposition) to serve customers outside its conventional brick & mortar mode of banking.


The initiative, which is in partnership with Nigerian Postal Service (NIPOST) and i-OneC (A FinTech Firm), is in line with the Central Bank of Nigeria (CBN) Financial System Strategy (FSS2020) goals to increase financial inclusion uptake in Nigeria.


Mr. Obeahon Ohiwerei, group managing director/ chief executive officer, Keystone Bank Limited, said: “Enabling Financial Inclusion is our core area of focus and we have partnered with other industry players to deploy Digital Financial Solutions/ Platforms for improved access to finance; leveraging data to improve the product offerings, personalised & predictive customer service, and uncovering new customer segments”.


“The recent reports on adult Nigerians (according to EFInA) that are financially excluded is 40.1million (41.6% of 96.4million adults). To this end, we are partnering with NIPOST and i-OneC to offer financial inclusion services to un(der)banked Nigerians especially in the rural and less urban areas.

“Under this partnership, KeyServ (Keystone Agency Banking Services) offers services such as Account Opening, Bills Payment, Cash-In, Cash-Out, ATM Services, Fund Transfers, Balance Enquiries, ATM cash withdrawals, Mini Statements and a whole lot more.


“One landmark feature of KeyServ (Keystone Agency Banking Services) is that it offers affordable access to financial services than the traditional banking methods.”


Also, speaking at the launch, Yemi Odusanya, ED Corporate Banking & South, Keystone Bank, added : “With this scheme, customers, especially in the rural areas will enjoy unfettered access to banking services. As at today, we have about 106 approved agents across the country and already, the services are available at Sabongida-Ora (Evbiobe)-Edo State, Sabon Gari (Kano), Mirinjibi (Kaduna), Barnawa (Kaduna), Yaba (Lagos) and Ikoyi (Lagos)”

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Standard Chartered Launch African online Bank



Standard Chartered launched its first African online-only bank in Cote d’Ivoire yesterday, joining a wave of lenders seeking to use new technologies to reach customers in some of the world’s most under-served markets.

Long considered a backwater, Africa has emerged as the world’s No. 2 banking market in terms of both growth and profitability.

Yet there are just five branches per 100,000 adults, by far the lowest rate in the world.

To compete for customers, banks are increasingly taking advantage of Africa’s deepening mobile phone coverage.

Clients of Standard Chartered’s Ivorian bank will be able to open an account in less than 15 minutes and then use an app on their mobile devices to carry out all their banking activities.

“We have been steadily investing in expanding our footprint in Africa over the years, and this will continue to be a priority moving forward,” said Sunil Kaushal, Standard Chartered’s Regional CEO, Africa and Middle East.

“Digitising Africa remains at the heart of our business strategy for the region,” he said, adding that the British bank planned to roll out the model pioneered in Cote d’Ivoire in other African markets in the coming months.

Standard Chartered joins competitors including Lloyds , Kenyan lender CBA’s M-Shwari and Togo-based Ecobank that are focusing their growth strategies around digital banking.

The number of Africans with bank accounts grew from 170 million in 2012 to nearly 300 million last year, according to a study published by management consulting firm McKinsey and Company last month.

That figure is expected to rise to 450 million in the next five years.

McKinsey’s survey found that nearly 40 per cent of all African banking customers preferred digital channels for transactions and more than half of the middle and affluent client segments did.

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AfDB to Partner Nigeria in Power Sector Recovery Program



The African Development Bank (AfDB) says it will support Nigeria’s Power Sector Recovery Programme (PSRP) in three areas.

It listed the areas as operational and technical intervention, governance issues and policy based support.

The bank disclosed this in Abuja on Friday in a statement signed by Mrs Fatimah Alkali, Senior Communications Officer in Nigeria Country Office.

AfDB said it had undertaken a mission to hold further discussions on Nigeria’s PSRP with several stakeholders.

The bank said that the mission was led by Mr Amadou Hott, the Bank’s Vice President for Power, Energy, Climate Change and Green Growth.

It said meetings had been held with relevant ministries, departments and agencies to harmonise plans and areas of intervention.

The ministries and agencies include the Ministries of Finance, Power, the Nigerian Electricity Regulatory Commission, the Transmission Company of Nigeria, World Bank and solar power developers.

The Bank said the programme was designed to promote energy access to rural communities through the expansion of the transmission grid, development of innovative financing products and provision of technical assistance to improve revenue generation by the distribution companies.

It said the goal of the mission was to identify opportunities for collaboration in the programme.

“The bank’s energy strategy identifies energy as crucial not only for the attainment of health and education outcomes, but for industrialisation, reducing the cost of doing business and for unlocking economic potential and creating jobs.

“In line with its high 5 development priorities, the Bank is committed to supporting Nigeria in the effective and efficient implementation of the country’s Power Sector Recovery Program,” the bank said.

The statement quoted the Bank’s President, Dr Akinwumi Adesina, as saying that “Africa is simply tired of being in the dark.

“It is time to take decisive action and turn around this narrative: to light up and power Africa and accelerate the pace of economic transformation, unlock the potential of businesses and drive much needed industrialisation to create jobs” he said.

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