E-Financial
Path Solutions is No. 1 Best Selling Islamic Software Provider Worldwide for 5th Year

Path Solutions, a global leader in Islamic banking software solutions and services, today announced that it has maintained its 1st place position in the IBS Islamic Core Banking Systems Sales League Table 2014, with Swiss-based Temenos and Lebanon-based BML Istisharat securing second and third positions in the list.
The list which combines new name wins during the previous year was published by IBS Journal on June 3rd, 2014.
Furthermore, IBS stated in a recent article entitled “Analysis: IBS Islamic Sales League Table 2014” that “When it comes to Islamic core banking systems to underpin the sector, there is one mainstream specialist Path Solutions”.
The IBS Islamic Core Banking Systems Sales League Table is an international ranking of Sharia-compliant core banking systems sales that comprises over 30 of the major banking system suppliers including pure Islamic vendors.
It evaluates their strengths, weaknesses, various systems and verifies their user lists to form an unbiased picture of the merits of each supplier and its new name wins.
“This marks Path Solutions’ fifth appearance as No. 1 Best Selling Islamic Software Provider Worldwide on IBS’s prestigious list”, said Rosie Kmeid, VP Global Corporate Communications & Marketing at Path Solutions.
“We go above and beyond to fully identify and meet the changing needs of our clients and to continually innovate our service offerings. During 2013, Path Solutions signed 10 new name wins for the provision of its leading Islamic core banking systems. Today, we are present in 33 countries, three continents, and we have a client base of over 100 clients that are forward-thinking Islamic banks, Islamic financial institutions or Islamic subsidiaries to whom our Sharia-compliant solutions are driving immediate results”, she concluded.
Path Solutions’ references include the following Islamic banks: Sterling Bank, Nigeria; Burj Bank Limited, Pakistan; Bank Sohar, Oman; National Bank of Kenya, Kenya; Banque Al Muamelat Assahiha (BMS), Mauritania; Financial Investment Bank (FIBA), Sudan and Bank Muscat – Meethaq, Oman.
Founded in 1992 and building on over 20 years of experience, Path Solutions is well positioned to be the trusted IT partner of forward-thinking Islamic banks willing to capitalize on best-of-breed technologies.
The company goes a step beyond traditional software vendors by delivering Islamic solutions designed to mitigate Sharia risk, optimize output and minimize costs, and which can be easily extended to support geographical and business expansion.
Path Solutions has been on something of a winning streak, earning numerous industry accolades for its Islamic banking software solutions and services in 2014 including recognitions by World Finance Magazine, Global Banking & Finance Review, and winner for the 2014 Beacon of ICT (BoICT) Awards in the ‘Islamic Banking Application of the Year’ category.
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
E-Financial
EFCC Recovers Funds Lost to CBEX Fraud

Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
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