E-Financial
Path Solutions on the Number One Spot in Islamic Banking
Path Solutions is proud to announce that it has topped the bobsguide Software Rankings 2018 in the Islamic Banking category – in an industry benchmark list that was revealed on the 11th of December.
The inaugural bobsguide Software Rankings 2018 features a comprehensive number of technology companies from all around the world regardless of size or location. Market participants were invited to vote online or by email for their top financial software providers of the year based on multiple criteria such as business model, cutting-edge technology, ease of use, industry knowledge and commitment.
The bobsguide Software Rankings 2018 voting system was inundated with votes from financial institutions familiar with the platforms. A number of categories came down to a handful of votes, while in others there was clear daylight between some stand-out firms.
bobsguide Editor, Michael McCaw said, “I am pleased to inform you that you are a winner of the Islamic Banking category in our inaugural bobsguide Software Rankings.
“The 2018 winners have been voted for and nominated by the bobsguide audience who were asked to rank service providers across a number of categories based on their experience using criteria such as reliability, value for money and ease of use.
“Congratulations on winning the Islamic Banking category! This is a marvelous achievement. You must have really impressed your clients”.
Path Solutions is a global leader in next-generation Sharia-based software development and implementation, consulting, support, training, and outsourcing services.
The company enables clients in more than 39 countries to stay a step ahead of emerging industry trends and outperform the competition. It helps them transform and thrive in a fast-changing world by implementing bespoke and breakthrough solutions including digital and mobility that combine strategic insights and business capabilities enabling data-driven decisions that are crucial to propel their business forward.
“To be voted first in Islamic Banking in bobsguide Software Rankings 2018 is a great source of pride for everyone at Path Solutions.
“Investing to maintain a leading position in the Islamic financial services sector requires developing relevant technologies and expanding skills and capabilities”, commented the company’s Group Chairman & CEO, Mohammed Kateeb.
“Thus, success in our field is never an accident”, he added, stating that “everyone enjoys getting some well-deserved praise, but this is only achieved by those who strive constantly for improvement, with a relentless pursuit of excellence, innovation and deep industry commitment”.
On the same list, Path Solutions was recognized first runner-up in Modelling, first runner-up in Customer Support Services and first runner-up in Ease of Use of the system.
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
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.
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.
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.
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 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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Fidelity Bank grows PBT by 167.8% to N105.8 billion in Q1 2025
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