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Path Solutions Emerges First Place in Four Categories of ACQ5 Global Awards

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Path Solutions, a global provider of Sharia-compliant banking software solutions and services, has won four categories in the 2019 ACQ5 Global Awards.

Building on last year’s three-win, the company topped the Core Banking, Digital Banking, Sharia-compliant Microfinance, and GameChanger of the Year – Islamic Finance categories in this year’s rankings.

For the sixth year, Path Solutions has maintained its top spot in the Core Banking System Provider for Islamic Finance category. This recognition reflects the company’s ability in helping financial institutions to ensure compliance with the appropriate Sharia rulings. Path Solutions’ wide range of Sharia-compliant software solutions and services meet Islamic banks’ unique business needs.

The readers of ACQ5 ranked Path Solutions first in the Digital Banking Platform Provider for Islamic Finance category on the flexibility and agility of its new-age iMAL Islamic digital suite. The multi-award winning digital banking platform allows financial institutions get closer to their customer base.

Combined with modern architectural approaches, iMAL allows banks to tailor interest-free products and services with a consistent and seamless experience across all channels, with a strong executable workflow and orchestration capabilities, all this while supporting constant change and reducing risk.

The iSHRAQ Microfinance solution earned Path Solutions first place in the Sharia-compliant Microfinance Solution of the Year category for the fifth year running. Islamic microfinance organizations and cooperatives use iSHRAQ*Microfinance solution to manage term deposits, create and manage loans and automated loan repayments, enabling detailed reporting to ensure thorough audit trails.

Islamic microfinance institutions also rely on iSHRAQ*Microfinance for a complete general ledger accounting trial balance, income statement, balance sheet, journal transaction or any other transaction, and meet Sharia compliance requirements.

On the other hand, Mohammed Kateeb, Path Solutions’ Group Chairman & CEO was selected GameChanger of the Year – Islamic Financial Technology for the second time in the ACQ5 Global Awards 2019.

Kateeb is a veteran and dynamic experienced IT professional with a diversified and prolonged career, and an outstanding leader committed to driving stronger growth for Path Solutions as the industry’s leading global provider of an unrivalled range of highly innovative Sharia-compliant software solutions and services.

Commenting on the four wins, Kateeb said, “This is a great honour for us. This continued recognition is testament to our results-based approach in driving the industry forward. We’re very grateful to our clients and ACQ5 readers for their continued trust and support; to our teams, who are always striving to perform and deliver world-class solutions, I owe them this fantastic recognition. Thank you!”

These four wins add to the growing list of industry awards earned by Path Solutions over the years.

ACQ5 Global Awards celebrate achievement, innovation and brilliance in their annual program, taking the ultimate step in the search for the most outstanding companies and professionals across the globe.

The financial industry’s favourite awards had another record-breaking number of votes this year, with the total number of nominations received standing at an amazing 97,416 out of 215,000.

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E-Financial

Oluloye, 67-Year-Old Woman Accused of Hacking, Stealing N16m from First Bank

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Wuraola Folashade Oluloye, a businesswoman, has been arrested for allegedly hacking a First Bank Plc account and stealing a customer’s N16.2million.

 

Oluloye, 67, was Tuesday brought before an Igbosere Magistrates’ Court, Lagos, by the Lion Building Police Division, Lagos on five counts of fraud and fraudulent diversion, according to a charge marked B/33/2019.

 

George Nwosu, prosecution counsel told the court that the defendant was arrested following a complaint by First Bank through Mr. Solomon Akhanolu, head of the Department of Forensic Auditors.

 

Nwosu told the court that the defendant committed the alleged offences between last October 16 and December 31, at First Bank’s Agidingbi Branch, Lagos.

 

The court heard that Oluloye allegedly hacked the account of Emefiele Ogbor, a First Bank customer with account No 3014419974.

 

She withdrew N16,200,000 and transferred same to her accounts in Stanbic IBTC, Union, Sterling and First banks.

 

The defendant subsequently withdrew the money from the four accounts and converted it to her use.

 

First Bank discovered the fraud during an audit and blocked the defendant’s bank account.

 

But when Oluloye showed up at the bank to make withdrawals, the police were waiting and she was arrested.

 

Folashade Olukoya granted Oluloye, chief magistrate who pleaded not guilty, N500,000 bail with two sureties in the like sum, among other conditions.

 

She remanded the defendant in Kirikiri Prison, Apapa Lagos and adjourned till June 24.

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Africa’s FinTech Sector Grows by 60% in 2 years says Disrupt Africa

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Africa’s FinTech sector is growing at a fast pace, with the number of start-ups operating in the space growing by more than 60% in the last two years, while funding has hit new records.

This is according to Disrupt Africa’s Finnovating for Africa 2019: Reimagining the African financial services landscape report, which finds the number of active FinTech ventures across the continent has grown to 491 from 301 in 2017.

According to the report, South Africa, Nigeria and Kenya remain the main three markets, with 141, 101 and 78 active ventures respectively, accounting for 65.2% of Africa’s FinTech start-ups.

“Yet the share of the overall total claimed by these three countries is in decline as the sector spreads across the continent, with FinTech start-ups tracked in 28 African nations. Though the big three markets are growing, the biggest developments are occurring in other markets, with countries like Uganda, Ghana and Egypt in particular seeing their local FinTech spaces explode,” according to Disrupt Africa.

A similar trend can be seen in terms of the type of platforms being rolled out by FinTech entrepreneurs, the company suggests.

Though start-ups in the payments and lending spaces remain the most prevalent, the fastest growth is occurring elsewhere, with the number of start-ups active in areas such as investtech and insurtech, for example, more than doubling in the last few years.

“Meanwhile, there is a marked increase in the amount of companies focusing on two or more distinct types of financial services, as African FinTechs begin to ‘rebundle’ and we see moves towards fully-fledged, all-service digital banks on the continent. This is a process that is quickening as the amount of funding coming into the sector grows. African FinTech companies have raised just shy of US$320-million in funding since January 2015, and last year’s total of US$132.8-million was the best year yet,” Disrupt Africa continues.

Gabriella Mulligan, co-founder of Disrupt Africa, said: “The financial services landscape in Africa is following a very unique trajectory, as compared to other geographies. Most remarkable about this trajectory, is that is it being driven by entrepreneurs and their home-grown innovations. We hope this report affords our readers an interesting insight into the FinTech revolution taking place across Africa.”

Tom Jackson, co-founder of Disrupt Africa, added, “No space has quite the potential impact of the FinTech space when it comes to impact – and profits – in Africa, with start-ups operating such platforms able to significantly address the major issue of financial exclusion on the continent and thus promote development in all sorts of other areas. It is exciting to see the speed at which the sector is developing, therefore, but also heartening to see the signs of maturation and consolidation that will ensure its ultimate success and longevity.”

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Ecobank Emerged ‘Best Retail Bank in Africa’ @ African Banker Awards

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Ecobank has been named Best Retail Bank in Africa 2019 at the prestigious African Banker Awards. The judges were especially impressed by how Ecobank’s state-of-the-art products, services, functionality and constant innovations provide 24/7 convenience, accessibility and affordability to meet the evolving needs and expectations of its customers across 33 African countries, whilst also successfully driving financial inclusion. Ecobank was also nominated for African Bank of the Year in the Awards. The Award ceremony was held last night in Malabo, Equatorial Guinea.

Ade Ayeyemi, Group CEO of Ecobank said: “We are honored to be recognized as Africa’s Best Retail Bank. This is testament to the success of our digital strategy and pan-African presence as we continue to drive financial integration, inclusive banking and playing a catalytic role in the transformation of Africa.”

“We are constantly innovating to meet the needs of Africans, from our multi-functional Ecobank Mobile App, which has changed banking in Africa, to our KYC-lite Xpress account opening for the unbanked and the under-banked, and our Rapidtransfer App, for cross-border remittances to Africa at minimal or no cost.

“Our Xpress Point agencies further deliver face-to-face banking to thousands in local communities. The traditional banking model is changing and Ecobank will continue to play a pivotal and pioneering role in meeting the banking needs of millions of Africans.”

Nana Araba Abban, Acting Group Executive, Consumer Bank said: “Ecobank is making banking accessible, convenient and affordable, and we are continuing to broaden our innovative range of best-in-class products, services and functionality to enrich our customers’ experience and stay a step ahead of their evolving needs and expectations. To win the prestigious ‘Best Retail Bank’ Award two years running strongly indicates that our strategy and service is working for ever increasing numbers of sub-Saharan Africans across our pan-African footprint.

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