Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

ICS BANKS Records Success on Oracle Exadata Database Machine

Published

on

Kindly share this post

ICS Financial Systems Limited (ICSFS), a global software and services provider for banks and financial institutions and a Gold level member of Oracle PartnerNetwork (OPN), has announced successful and unmatched results of high-watermark benchmark performance of its ICS BANKS® Universal Banking Application on Oracle Exadata environment.

Performed in August 2018, at Oracle’s UK Labs, ICSFS benchmarked its ICS BANKS® software suite on Oracle Exadata Database environment. The benchmark covers both Oracle Database Enterprise Edition 12c and 18c. The results have demonstrated ICSFS’ ability to derive remarkable and competitive performance of ICS BANKS® running on Exadata servers.

ICSFS generated ICS BANKS® data representing tier 1 and tier 2 universal banking activity volumes of 63 million customers, 630 million accounts, 5,000 branches and 60,000 concurrent users.

High-Watermark results were achieved on 18c & 12c Database with simulating 60,000 concurrent users, a throughput of 35.5k (35,577) financial transactions per second (TPS) on 18c Database and 32k (31,972) TPS on 12c Database are sustained during the test period of 35 minutes. The ATM & E-Channels benchmark revealed an overall throughput of 128k (128,448) TPS on 18c Database and 114k (113,858) TPS on 12c Database were achieved during the 20 minutes test. While ICS BANKS Digital Banking platform achieved results that exceeded expectations and success criteria; simulating 63 million online IBS registered users; whilst 200k concurrent users were working at the same time making a throughput of 143K TPS on 18c Database and 128K TPS on 12c Database; resulting in 257.5 million transactions on 18c Database and 231.5 million transactions on 12c Database within 30 minutes. During this test the system supported 1.25 million users log on within a 30-minute window.

The enormous and tremendous tests of End of Month Capitalization Batch processing 630 million Interest Accounts in 4 minutes window resulting in an unmatched batch throughput of 262k (262,354) accounts per second.

Managing Director of ICSFS; Mr. Robert Hazboun commented on this milestone; “ICSFS is the first Oracle ISV partner worldwide to perform this kind of testing on Oracle 18c database, and achieve best benchmarking results to-date. This performance benchmark reflects ICS BANKS and Oracle Exadata Database Machine’ high scalability and agility of providing high levels of operational efficiency, and delivering powerful solutions designed for the banking industry.”

Oracle EMEA Vice President, ISV/OEM; Mr. Kamil Guclu stated; “Success is more than leading with innovation and pioneering of technology, we have to be able to measure performance accurately too. ICSFS software with their application ICS BANKS®️ could achieve their phenomenal benchmark results, both Cloud and On-Premise by using Oracle Exadata.”

Executive Director of ICSFS; Mr. Wael Malkawi stated; “This high-watermark benchmark is a testament to ICS BANKS application’s capabilities, where no other banking software solution has produced such outstanding results. We are proud of these significant results and are honoured to share this success with a strategic partner such as Oracle.”

Chief Technology & Innovation Officer of ICSFS; Mr. Ghassan I. Sarsak added: “The vital performance and significant results of this benchmark reflect ICSFS’ strategic vision of utilising the latest technologies to lower transaction’s cost, while still increasing revenue streams for financial services, enhancing customer experience and ensuring efficient service delivery.” Sarsak added “ICS BANKS’ speed of transaction is aligned with the speed of innovation.”

ICS BANKS provides a complete suite of banking business modules with a rich sweep of functionalities and features, addressing business needs and automating accounting processes, as needed, to improve a bank’s business performance.

ICS BANKS 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 is deployed in a multi-tiered setup that runs on a web thin client.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Published

on

Kindly share this post

Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.

Zenith Banks Leads as 8 Banks Suffer N156Bn Impairment Charges

Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.

The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.

Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.

This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.

Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.

Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.

Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.

Offsetting this were write-offs and reversals that mitigated losses.

First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.

Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.

Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.

Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.

On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.

Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.

FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.

Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.

Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.

 

 


Kindly share this post
Continue Reading

E-Financial

SEC Flags FF Tiffany as Ponzi Scheme

Published

on

Kindly share this post

Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

SEC Flags FF Tiffany as Ponzi Scheme

A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.

SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

”These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

AccionMonie App to Empower Low-Income Households

Published

on

Kindly share this post

Accion Microfinance Bank has unveiled AccionMonie, a next-generation digital financial services platform aimed at empowering individuals, micro, small, and medium enterprises (MSMEs), as well as low-income households across Nigeria.

Speaking at the official launch in Abuja, Chief Executive Officer of Accion MfB, Taiwo Joda, described the introduction of AccionMonie as a significant milestone and a testament to the bank’s culture of innovation, designed to meet the evolving needs of its customers.

“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond,” Joda said.

He added that the app provides instant access to essential services including loans, savings, and other forms of financial support.

According to Joda, AccionMonie is a strategic component of the bank’s “Always There to Lend You a Hand” campaign, which underscores its commitment to small business development and the economic upliftment of underserved households. The campaign positions Accion MfB as not only a financial institution but also a trusted partner in its customers’ journey to prosperity.

Highlighting the economic role of MSMEs in Nigeria, he noted that with an estimated 37 million MSMEs, the sector accounts for 86% of employment and contributes 48% to Nigeria’s Gross Domestic Product (GDP). However, these enterprises continue to face major challenges such as limited access to finance, inadequate infrastructure, and an unfavourable business environment.

Also speaking at the launch, the bank’s Chief Commercial Officer, Stephen Olalere, said the combination of AccionMonie and the bank’s expansive network of over 74 branches across 12 states will help bridge the gap in financial service delivery to small businesses.

“The platform’s user-friendly features are designed to simplify payments and offer vital support to businesses and individuals alike,” he said.

Paul Ehiagbonare, Chief Digital Officer of the bank, described the launch as a bold step toward digital leadership and financial empowerment.

“For us, AccionMonie reflects customer empowerment through digital tools and technologies. It offers a range of customer-focused features designed to promote financial inclusion,” he said.

One of its standout features is Save2Loan, which allows users to save between ₦50,000 and ₦250,000 over a 90-day period and become eligible for a loan worth twice their saved amount. This, Ehiagbonare explained, will help promote a savings culture while enhancing credit access.

In addition, customers can conveniently fund their AccionMonie accounts using any debit card, eliminating the need for physical visits or long queues in banking halls.

 


Kindly share this post
Continue Reading

Trending