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Path Solutions Wins Prestigious IFFSA 2017 Award

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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.

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E-Financial

Bitcoin Smashes Through $8,000 for the First time

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Bitcoin hit a new record high on Monday after smashing through the $8,000 level for the first time over the weekend, marking an almost 50 percent climb in just eight days.

The new high came after leading U.S. payments company Square Inc said late last week that it had started allowing select customers to buy and sell bitcoins on its Cash app.

Bitcoin traded as high as $8,197.81 on the Luxembourg-based Bitstamp exchange, up over 2 percent on the day and around 48 percent up since dipping to $5,555 on Nov. 12.

An eye-watering eightfold increase in the value of the volatile cryptocurrency since the start of the year has led to muliple warnings that the market is in a bubble, and institutional investors are broadly staying away.

Retail investors, however, as well as some hedge funds and family offices, are piling into the market. The “market cap” of all cryptocurrencies hit an all-time high of over $242 billion on Monday, according to trade website Coinmarketcap.

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ePayment Stakeholders’ Seek Review of Policy on PoS to Boost Growth

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Worried by slow pace of growth in the use of Point of Sale terminal (PoS) as a means of payment in the country, stakeholders have called on Central Bank of Nigeria (CBN)to review its policy direction in that ecosystem.

 

This is coming as Nigeria CommunicationsWeek investigations revealed fluctuations in the figure of registered and deployed terminals between August and October this year.

 

According to a report released by NIBSS the industry Payments Terminal Service Aggregator (PTSA), the number of deployed  terminals increased in August to 141, 531 and dropped to 140, 448 in September and increased again in October to 145, 350.

 

Also, same was noticed on the number of registered terminal with August recording 173, 815 and came down to 169, 318 in September while October witnessed increase to 176, 185.

 

Sarafadeen Fasasi, president, Association of Mobile Money Agents in Nigeria, attributed this slow growth to a number of factors which includes lack of support to drive the business.

 

“Support I mean is providing financial backing for transactions on the PoS just the way ATMs are loaded with cash for withdrawals. Today, there are no facility for PoS agency business by the banks which is the major determinant of success or failure of PoS innovation,” he said.

 

He decried lack of structure on ground to resolve issues arising from PoS transactions.

 

“If customer’s account is debited without ATM paying, the individual will go to the bank and fill form for reversal, but in PoS transactions there is no such thing which has pushed customers to resolve to holding on to PoS attendant to ensure that the issue is sorted out. As at today, all issues arising from ATM, switching, PoS, online among others, are under NIBSS which does not have the capacity to coup with these issues,” he said.

 

He however, urged CBN to review her policy on PoS for it to witness the desired growth, such review he said could come in creating a unit to address issues arising from PoS transactions.

 

“If the policy is reviewed it will build trust and confidence in the use of the platform for payment. More so, PoS fixed charge is high at .075, this means that customer is charged N750 on N100,000 transaction compared to N65 charged on withdrawal outside of customer’s bank ATM,” he added.

 

Onajite Regha, executive secretary/CEO, E-Payment Providers Association of Nigeria (E-PPAN)said: “So far, E-PPAN in its advocacy nature has taken steps ahead to break the barrier of this poor adoption. We are looking into capturing the lower part of the pyramid with the mobile payments awareness which will see more people included financially and thereby increase the adoption of the Cashless policy.”

 

“We are also open to discussions on advocacy and sensitization from financial bodies who have products and services to render in the pursuit of the success of this policy. From time to time we carry out sensitization, financial literacy and education programme and we partner with stakeholders to expose the benefits of electronic payments to consumers across the strata”.

 

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Africa FinTech Foundary set to Disrupt FinTech Ecosystem

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L-R: Victor Etuokwu, Executive Director, Personal Banking, Access Bank Plc; Averi Thomas-Moore, Company Builder, Venture Lab, ACCION and Victor Okigbo, Head, Africa Fintech Foundry (AFF) at a press conference to announce the maiden edition of ‘AFF Disrupt’ Conference 2017 in Lagos.

Africa FinTech Foundary, an Access bank accelerator which seeks to create new opportunities in sub-saharan Africa by providing a platform designed to inspire and challenge African innovators and entrepreneurs is set to launch with a conference on FinTech ecosystem.

The conference dubbed ‘AFF Disrupt’ is scheduled to hold on December 14, 2017 in Lagos.

Victor Etuokwu, executive director, Access bank, said that AFF will provide African companies seeking to launch their products, with capacity building and training in business development, provide connectivity to global innovation grids, promote access to capital, create opportunities for partnership as well as showcase best practices and successes in African-led innovation solution.

“Every FinTech seeks to disrupt the world through product or solution and AFF is here to disrupt. We want to do things that will drive the economy through innovative products and solutions. We are going to gather a team of investors that will help fund innovators that graduates from the accelerator programme of AFF,” he said.

Victor Okigbo, head, Africa FinTech Foundary (AFF), said that the Foundary has lined up activities preceding the main launch event which include master classes on entrepreneurship technology, enterprise design, collectively referred to as the AFF Innovation Tour, holding in four African cities this November.

He said AFF is in partnership with global technology giants such as IBM, Microsoft, Systemic Logic, Kantar TNS, SAS and Access bank as part of the AFF Disrupt programmes.

Adekele Adekoya, Event Coordinator for the AFF Disrupt conference, said that AFF seeks to create new opportunities in sub-Saharan Africa by providing a platform designed to inspire and challenge African Innovators and entrepreneurs.

“We want to engage with startups in all the locations we visit. This is a very good opportunity for startups to take advantage of the partner network created by AFF DISTRUPT and its partners to create linkages and networks that can help grow their businesses,” he said.

The vetting process is currently going on, and a total number of 12 starts-ups would be selected from a pool of about 400 start-ups, to demo at the AFF Disrupt 2017 conference holding in Lagos and also get to be part of the Africa FinTech Foundary’s 3-month accelerator programme.

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