E-Financial
Path Solutions Receives FINTECH Prize in Two Categories

Path Solutions, the global Islamic banking software company, announced it has been awarded ‘Best Islamic Fintech Solution Provider’, whereas Mohammed Kateeb, the company’s Group Chairman & CEO won the ‘Islamic Fintech Leader Of The Year’ award of the FINTECH Prize 2020.
Kateeb is an industry veteran with over 30 years of experience having served in various leadership positions driving organizations’ innovation and transformation agendas.
He has an unparalleled expertise in applied AI in financial services and assisting organizations to adapt to fintech, as well as offering knowledge into cutting-edge financial technologies to keep organisations technologically current for a more inclusive financial system.
He is a founding member of some of the world’s leading incubators and advises fintech hubs on identifying, incubating and scaling new transformational businesses while utilizing emerging technologies such as Digital, AI, ML and Big Data.
“We are honored to be the winners of the FINTECH Prize in two different categories”, commented Kateeb. “The ongoing global pandemic has speeded up digital transformation, underlining the need for deep flexibility for adaptive innovation.
“Path Solutions clearly displays that capability, creating some of the most impactful technology for the digital financial ecosystem. We are excited to build on this momentum and continue to serve and benefit the banking industry”.
FINTECH Prize Committee recognized Path Solutions as the Islamic banking software company with the winning combination of the most advanced digital technology and the richest and broadest in terms of Islamic functionality.
In early 2020, Path Solutions launched two new platforms, Path Digital and Path Intelligence, bringing to market the leading solutions for the new era of banking. By re-certifying its core banking platform by AAOIFI the same year, Path Solutions proved to be the ideal Islamic banking solutions partner of Islamic and non-Islamic banks alike.
“Winners of the FINTECH Prize 2020 are quite impressive. My heartiest congratulations to all and I wish them continued success in 2020 and beyond”, said Mustafa Kugu, President of FASTER Community. “Path Solutions leadership in innovation has differentiated it from the competition.
“The company is embedding the most advanced digital intelligence-driven tools into its Islamic software suite, with innovative approaches to driving growth and customer value. It deserves even greater recognition given the unprecedented challenges of 2020”, he said.
The FINTECH Prize Committee announced the 2020 winners across 15 categories via video stream on Thursday 3 December. The Awards shine a spotlight on fintech revolutionists and innovators, and fintech companies that have made sizeable contributions to the sector with their innovative approach and capacity to shape the financial services industry.
The jury, an international group of executives and industry experts, selected the winners from a pool of 300 submissions received from fintechs and fintech executives. The scale of nominations indicates the huge investments and focus on innovation by fintechs across the globe.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

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.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

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.
E-Financial
First Asset Management Surpasses ₦1 Trillion in Assets Under Management

First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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