E-Financial
Alrajih Islamic Bank for Investment & Financing opts for iMAL from Path Solutions

Path Solutions, the global provider of software solutions and services for Islamic banks and financial institutions, announces that Alrajih Islamic Bank for Investment and Financing (“Alrajih Islamic Bank”) has selected the multi-award winning Islamic core banking system iMAL ahead of ICS Financial Systems’ ICS BANKS ISLAMIC, to engage in banking activities in accordance with the provisions of Islamic law.
The signing ceremony took place in Beirut, Lebanon in the presence of the CEO of Alrajih Islamic Bank, Mohamad Abdellatif Ali and the Group Chairman & CEO of Path Solutions, Mohammed Kateeb, and a number of senior staff of the bank and the IT firm.
Under the terms of the contract, Alrajih Islamic Bank will implement the iMAL modules for core, CSM, credit facilities, risk management and FATCA, trade finance, personnel & payroll, Islamic invest, Islamic profit calculation, electronic cheque clearing, delivery channels including mobile banking, central bank reporting, and ATM management.
“We are pleased to confirm our partnership with Path Solutions for implementing iMAL Islamic banking & Investment System, to meet our clients’ Sharia-compliant banking needs in Iraq. Our aim is to provide new banking services in light of the significant growth Islamic banking is witnessing in the country, and to contribute to the support and the development of national economy and Iraq’s reconstruction. We are very confident that iMAL will drive the bank’s productivity, lower our costs and risks, and ensure customer-centricity”, commented Mohamad Abdellatif Ali, CEO of Alrajih Islamic Bank.
Mohammed Kateeb, Path Solutions’ Group Chairman & CEO stated, “Our excellent global reputation in the marketplace has made it easier for Alrajih Islamic Bank to choose iMAL amongst other Islamic banking systems. Their choice was also influenced by our strong expertise, successful accomplishments and global reach. This implementation will allow them to achieve their growth strategy with modern, superior Sharia-compliant banking services by way of a technologically-advanced Islamic core banking platform, while offering the necessary innovation to attract the majority of the population that are currently unbanked”.
Path Solutions provides technological solutions and services tailored to meet business expectations. The company’s open, integrated and real-time Islamic banking platform enables its clients to leverage IT investment and to effectively utilize it as a capability builder. Path Solutions relies on its extensive domain expertise and technological strengths to deliver business capabilities that help to add value, optimize cost, and accelerate time-to-market.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
E-Financial
First Asset Management Surpasses ₦1 Trillion in Assets Under Management

First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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