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
Sterling Bank Adopts Africa’s First Indigenous Core Banking Solution
Sterling Bank Limited has migrated to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.
The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.
According to a statement from the bank, the strategic move positions Nigeria as a leader in digital banking, driven by local talents and cutting-edge technology.
“Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services” the statement added.
Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.
He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.
E-Financial
CBN Reintroduces Controversial Cybersecurity Levy @ 0.005 Percent in New Guidelines
Central Bank of Nigeria (CBN) has announced that it will continue enforcing the controversial cybercrime levy at 0.005 per cent on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.
The apex bank disclosed the levy’s reintroduction it abandoned in May, in a policy document issued on dated September 17, 2024.
The cybercrime levy is mandated by the Cybercrime (Prohibition, Prevention, etc.) Act of 2015, aimed at bolstering the nation’s cyber security infrastructure.
According to CBN, the revenue from the levy would be directed to a cybersecurity fund to support efforts to safeguard electronic transactions.
CBN said: “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, by the Cybercrime (Prohibition, Prevention, etc.) Act, 2015.”
The bank restates the minimum cybersecurity baseline for banks and financial institutions.
The new guidelines also reaffirm the bank’s commitment to ensuring that banks, financial institutions, and payment service providers abide by the minimum cybersecurity standards.
CBN insist on the appointment of Chief Information Security Officers to oversee cybersecurity issues in line with the 2022 risk-based cybersecurity framework.
E-Financial
CBN Appoints New Board of Directors for Keystone Bank
Central Bank of Nigeria has reconstituted the board of directors of Keystone Bank.
The move announced on Wednesday, is part of the apex bank’s strategy to ensure sustained growth for the financial institution.
According to a statement from the Keystone Bank, Lady Ada Chukwudozie has been appointed as the new board chairman, alongside five other non-executive directors. They are Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Olusoji, Obijiaku Samuel, and Senator Farouk Bello.
Read Also: Court Orders 9mobile Network Owners to Pay N55bn Debt To Keystone Bank
In addition, the CBN also named two new executive directors, Ladi Oluwole and Abubakar Bello.
Chukwudozie, a prominent figure in Nigeria’s corporate sector, brings nearly three decades of experience in business strategy, management, and administration.
Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.
Esene, with over 43 years of experience in banking, investment management, and corporate finance, has held leadership roles in major institutions such as Fidelity Bank, Afrinvest, and Global Arbitrage International Inc
Akande boasts over 25 years of experience in legal, compliance, and risk management, having worked with global brands like Cadbury, Stanbic Chartered Bank, and Shell.
Olusoji has a distinguished 30-year career in accounting, finance, and business development, having served at institutions such as Sterling Bank, Access Bank, and Intercontinental Bank.
Samuel, with more than 35 years of experience in banking and treasury operations, has left a significant mark on Nigeria’s financial sector, previously working with Zenith Bank and Fidelity Bank.
Bello, a seasoned banker with over 20 years of experience, has led initiatives across both the public and private sectors, including the National Assembly and Guaranty Trust Bank.
Meanwhile, the two new executive directors bring their vast expertise to the table. Oluwole, the new Executive Director of Risk Management, comes with over two decades of experience in credit and enterprise risk management, including previous roles at Bank of America. Bello, Executive Director for the Northern Directorate, has extensive experience managing corporate, retail, and public sector clients.
Read Also: Keystone Bank Upgrades Digital Banking Platform
Speaking on the appointments, Keystone Bank’s Managing Director and CEO, Hassan Imam, expressed confidence in the new board members, stating that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.
“We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank.
“We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam said.
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