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PBZ Deploys ICS Banks Islamic, ICS Banks Universal Software Suites

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The People’s Bank of Zanzibar (PBZ), a state-owned and one of the oldest commercial banks in Tanzania, has successfully deployed and gone live on ICS BANKS ISLAMIC and ICS BANKS universal software suites from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions.

The People’s Bank of Zanzibar (PBZ) is a fully-fledged commercial bank offering banking services in conventional and Islamic Banking for both, retail and corporate customers in Tanzania. PBZ was established in 1966 and is 100% owned by the Government of Zanzibar under the Ministry of Finance.

ICSFS replaced PBZ’ legacy system and multiple disparate systems with its universal Islamic and conventional flagships and awards-winning banking and financial solutions ICS BANKS ISLAMIC and ICS BANKS universal software suites.

PBZ will be working on ICS BANKS and ICS BANKS ISLAMIC software suites’ Core Banking, Credit Facilities & Risk Groups, Lending, Remittances, Trade Finance, Investment & Treasury, Murabaha, Istisna’a and Parallel Istisna’a, Musharaka, Ijara, Tawaruq, Mudaraba, Salam, Qard Hasan, Time Deposit, Profit Distribution, Investment Certificate of Deposit and part of ICS BANKS Digital Banking including ICS BANKS SMB (Smart Mobile Banking) and IBS (Internet Banking System).

On this occasion Managing Director of PBZ Bank; Mr. Juma Hafidh stated, “With over 20 years of experience in the banking industry, PBZ’s customers already perceive 50% of the market share in Zanzibar. Working with ICS Financial Systems and running their banking software solutions will help us provide our loyal customers innovative and high-quality financial services.

“We are looking forward to a bright future, utilising the market’s utmost specialised, end-to-end comprehensive suites of conventional and Islamic banking applications, shari’a compliant products and services.”

Mr. Robert Hazboun, Managing Director of ICSFS, commented: “The People’s Bank of Zanzibar will now enjoy banking on our modern banking technology platform, ICS BANKS ISALMIC and ICS BANKS universal software suites, to empower its banking services with a broad range of features and capabilities with more agility and flexibility to enrich the bank’s customers journey experience, hence improving the trust and confidentiality between The People’s Bank of Zanzibar and its customers.

“With ICS BANKS’ strong infrastructure, The People’s Bank of Zanzibar will be able to leverage high flexibility in customising its favourite themes, launching new products with interactive advertisement on its delivery channels and touch points, bringing flexibility at its edge.”

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.

ICS BANKS ISLAMIC is a modular fully integrated solution designed and developed following the principles of Shari’a in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

ICS BANKS Universal software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank.

ICS BANKS software has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on premises or in the cloud.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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