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E-Financial

Path Solutions Named World’s Best Islamic Technology Provider

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Path Solutions, a global Islamic Fintech solutions provider, is delighted and proud to announce that it was selected ‘Best Islamic Technology Provider’ at IFN Service Providers Poll 2018 for the 11th consecutive year, 12 times in total.

Commenting on the above achievement, the Group Chairman & CEO of Path Solutions, Mohammed Kateeb stated, “I’m honored to celebrate our record-breaking 11th win today. This recognition arrives on the heels of many other 2018 honors for Path Solutions’ excellence and innovation in industry-leading Islamic financial technologies.

Our vision is rooted in our drive to innovate. Over the years, we have capitalized on the strength of our Islamic core banking platform, and we are continuously enriching it by introducing technologies that focus on intelligence, analytics and digitalization of our client services enabling them to offer rich, consistent and highly differentiated customer experience.

We thank our clients, partners and IFN readers for voting for us, as it inspires us in our mission to advance and continue to deliver state-of-the-art set of solutions and services”.

This year, REDmoney’s IFN poll received a record-breaking number of votes. Eleven categories were contested to determine the most influential Islamic finance service providers with high-level commitment to continuously contribute to strengthening the soundness of the global Islamic finance industry as it continues its positive growth trajectory.

Andrew Morgan, Managing Director & Publisher of IFN commented, “In another big year for Islamic tech behemoth Path Solutions, the firm is crowned ‘Best Islamic Technology Provider’ for the 11th consecutive year, winning a total of 12 times, demonstrating its unparalleled edge in one of the most hard-fought categories of the poll.

Oracle FSS came in second. IFN would like to extend its most sincere and heartiest congratulations to all winners and deepest gratitude to all voters for making the IFN Service Providers Poll the most trusted yardstick for performance and benchmark of excellence for the industry’s unsung heroes”.

Path Solutions’ string of recognitions is a result of its pioneering and catalytic role, being at the forefront of the international Islamic financial services industry.

The company’s multi-award winning Islamic core banking platform includes a web-based, cloud-first solution designed to add significant value, flexibility, control, and operations visibility to clients around the world. Path Solutions has received praise from distinguished scholars and industry analysts on a global scale.


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E-Financial

Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025

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Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc
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Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8% compared to N39.5 billion in Q1 2024.

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2% from N192.1 billion in the same period last year.

Growth in interest income was primarily led by 38.6% yoy (7.4% ytd) expansion in earning assets base, while the increase in non -interest revenue came from FX-related income, trade and commission on banking services, etc., supported by increased customer transactions.

Commenting on the bank’s performance, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer of Fidelity Bank Plc, stated, “We started the year with triple-digit growth in profit and sustained the momentum in our earning assets growth.

This performance shows the resilience of our business model and reinforces our confidence in delivering a better result in the 2025 financial year.”

Other areas of the unaudited financial statements, equally show a marked improvement with Total Deposits growing by 11.1% ytd to N6.6tn from N5.9tn in December 2024, driven by 10.6% ytd growth in low-cost deposits to N6.1tn, which represents 92.2% of total customer deposits. Local currency deposits increased by 2.0% ytd while foreign currency deposits increased by 21.4% from $1.9bn in December 2024 to $2.3bn.

Net Loans and Advances increased by 5.0% ytd to N4.6tn. The growth in the bank’s Loan Book was skewed to LCY Loans as cost of risk declined to 0.6% from 1.5% in 2024FY.

“Beginning the year with such positive momentum reinforces our commitment to supporting the growth of individuals and businesses, while enhancing our financial sustainability. As we go into the rest of the year, we remain focused on building a resilient banking franchise with a diversified earnings base,” Onyeali-Ikpe added.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.


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E-Financial

SEC Launches Capital Market Technology Survey

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Securities and Exchange Commission (SEC) has unveiled a technology adoption assessment survey for registered capital market operators as part of efforts to deepen innovation and efficiency in the Nigerian capital market.

SEC Launches Capital Market Technology Survey

In a circular, the SEC stated that the exercise was designed to evaluate the level of adoption of advanced technologies among CMOs operating within the Nigerian capital market.

According to the notice, “The following technology adoption survey is designed by the Commission to assess the adoption of advanced technologies among registered Capital Market Operators.”

The SEC directed all registered operators to log into the e-portal at using their current access credentials to complete the survey. The exercise will run for two weeks, from 5 to 20 May 2025.

Speaking recently on the role of innovation in the capital market, Emomotimi Agama, director-general of the SEC, urged stakeholders to embrace technology as a catalyst for growth, improved transparency, operational efficiency, and market resilience.

He noted that the SEC recognises the emergence of new financial products and services driven by technological advancements, and remains committed to adapting its regulatory framework to meet the evolving needs of the market.

According to him, the commission’s approach to innovation is anchored on three pillars: investor safety, market deepening, and problem-solving aimed at building a robust and efficient capital market ecosystem.

Agama also highlighted the commission’s Regulatory Incubation Programme, which allows fintech startups to operate within a controlled environment for one year while appropriate rules are developed to govern their activities.

He said the programme is part of the SEC’s broader strategy to support innovation while safeguarding market integrity and investor interests.


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E-Financial

IMF Confirms Nigeria’s Full Repayment of $3.4bn COVID-19 Loan

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International Monetary Fund (IMF) ,has confirmed that Nigeria has fully repaid about US$3.4 billion loan it got in April 2020 under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.

IMF Confirms Nigeria's Full Repayment of $3.4bn COVID-19 Loan

IMF said the loan has been repaid as of April 30, 2025 in a statement issued in Abuja, Nigeria’s capital on Thursday.

However, IMF said Nigeria is still expected to honour some additional payments in forms of Special Drawing Rights charges hat will amount to US$30 million annually.

“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion)

“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount,” IMF said in the statement. Online fitness

 

 

 


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