E-Financial
Double Global Banking & Finance Review Honours Path Solutions
Path Solutions, the global leader in Sharia-based technologies to the Islamic financial services industry, announced yesterday that the company and its Group Chairman & CEO, Mohammed Kateeb, have been awarded this year’s ‘Best Islamic Banking Technology Provider EMEA’ and ‘Best Islamic Finance Technology CEO EMEA’ respectively by Global Banking & Finance Review.
The Global Banking & Finance Review Awards were created to recognize companies that are at the summit of achievement in terms of excellence, impact and know-how within the global financial community.
They also honor leaders who have contributed immensely to the strengthening and promotion of the tech industry in the region. The awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial sector.
For over 25 years, Path Solutions has been engaged in the development and implementation of cutting-edge software solutions and services to address the growing needs of the Islamic finance sector.
Being at the forefront of Sharia-based core banking technology, the company provides cloud-ready and on premise software suite with a robust set of capabilities to help Islamic financial institutions enhance their most distinctive operations.
Mohammed Kateeb has earned a number of awards over the years, including the prestigious ‘Leadership Award in Information Technologies & Media’ from ISFIN in 2017, and was named three times in ISLAMICA 500 among the ‘Top 50 Most Influential Leaders Who Make the Islamic Economy’.
“Kateeb’s aggressive support of innovation in the technology industry, paired with the corresponding results and tremendous impact on the sector were particularly remarkable”, commented Wanda Rich, Senior Editor, Global Banking & Finance Review. “Under his watch, Path Solutions has achieved significant growth and success, contributing exciting tech developments and innovations that have global reach, and thus, making it the dominant player in its field”, she said.
Mohammed Kateeb commented, “We are honored to be recognised once more by Global Banking & Finance Review as a technology pioneer. Technology is the most important force energizing the growth in our industry, and Path Solutions recognizes the critical importance of IT innovation.
We have developed a world-class core banking platform engineered to be linearly scalable to empower the move to digital, allowing our clients to generate significant economies. We remain as committed as ever to helping our clients achieve their goals of agile growth, smarter operations and transform from traditional to intelligent financial institutions”.
Winners will be announced in the upcoming edition of the print publication. This news will also be published in the online publication of Global Banking & Finance Review.
The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
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.
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.
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