E-Financial
Path Solutions Selected as a 2017 Red Herring Top 100 Global Winner
Red Herring announced last week that it has named Path Solutions, the international specialist provider of Sharia-based financial software and services, to its Top 100 Global Winners list. This honor follows Path Solutions’ selection as a Red Herring’s Top 100 Asia Award Winner in 2017.
Red Herring’s Top 100 Global Winners list has become a mark of distinction for identifying promising companies across their respective industries. Red Herring was among the first to recognize that companies such as Facebook, Twitter, Google, Yahoo, Skype, Salesforce.com, YouTube, and eBay would change the way we live and work. Path Solutions’ inclusion in the Top 100 Global Winners of Red Herring secured its place as the first Arab IT company to appear on this prestigious list.
“The Islamic banking world has gone a long way in the past ten years, embracing technologies which add security, compliance and other features to its offering. The leading institution in that space, Path Solutions has managed to recruit high level talents from the best tech companies to serve the cause of one billion people customer base.
The results are so compelling that Red Herring included Path Solutions within the Red Herring Top 100 Global Winners and granted it the award. They will make the world a better place,” said Alex Vieux, Publisher and CEO of Red Herring.
iMAL, the advanced and functionally-rich core banking platform designed and developed by Path Solutions is based on Service Orientated Architecture (SOA), and supports open banking through open APIs and web services.
The platform can be deployed on a scalable, multi-server open architecture. It is a complete front-to-back single platform of services encompassing an omni-channel that supports electronic delivery channels such as mobile, internet, kiosk, and branchless banking right through to settlement, general ledger and other back-office services. This is delivered in a fully open but integrated, reliable and cost-effective environment.
Path Solutions’ total commitment to open standards enables its clients to benefit from the latest technology advances ensuring business agility, continuity, data integrity and availability, and low downtime delivering a significant and immediate ROI.
“Let me express how honored and appreciative we are at Path Solutions to be selected by Red Herring for this distinction”, commented Mohammed Kateeb, the company’s Group Chairman & CEO. “We could not have reached this monumental milestone without the support of all of our team members, and our incredible client partners. Thank you for being a part of our success, we couldn’t ask for a better community to work with”.
Red Herring’s independent panel of experts evaluated the companies on both quantitative and qualitative criteria, such as innovation capabilities, corporate strategy, and market penetration.
This assessment of potential is complemented by a review of their track record and positioning relative to their peers, allowing Red Herring to see past the “buzz” and make the list a valuable instrument of advocacy for the most promising business models from around the world.
The trophies were presented to global winners during a ceremony held in Pasadena, California, USA.
Path Solutions provides cutting-edge software solutions and services to the burgeoning Islamic economy, in addition to a wide range of IT consulting and advisory services to world-class financial institutions including financial regulatory authorities, central banks, investment banks, financing companies, asset managers and microfinance institutions.
Path Solutions engages with key industry stakeholders as well as regulatory authorities to help enhance the role of Islamic finance with the utilization of modern Sharia-compliant technologies, so that Islamic financial institutions could operate successfully in a dynamic environment while fully adhering to Islamic principles.
E-Financial
Africa Processed 49Bn Transactions in 2023 – SIIPS Report
The SIIPS Report which offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems has said that 2023 was a landmark year, with 49 billion transactions processed across the continent—the highest volume recorded to date.
This staggering number underscores a broader trend: the shift towards digital, fast, and efficient payments is becoming a cornerstone of Africa’s economic growth.
The SIIPS Report 2024, launched in Accra on Thursday, showcases the remarkable growth of Instant Payment Systems (IPS) across Africa, emphasizing their role in advancing financial inclusion.
With 31 operational IPS in 26 countries and another 27 on the way, the report reveals a 37% growth in transaction volume over five years.
While digital payment adoption surges, barriers remain for vulnerable groups, especially women, who face security and fraud concerns.
Despite progress, no system has fully achieved inclusive access, affordability, or transparency.
The report emphasizes the need for collective efforts to expand IPS, particularly in rural areas, to ensure universal financial inclusion by 2030.
Supported by partners like the World Bank and UNECA, the SIIPS Report offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems, calling for innovation and regulatory support to achieve seamless, cross-border payments across the continent.
More importantly, the total value transacted surged at a remarkable average annual growth rate of 39% from 2019 to 2023, reaching over $1 trillion last year.
Such figures highlight Africa’s increasing reliance on digital financial systems and indicate a seismic shift in how money moves.
E-Financial
CBN Issues Scam Alert, Warns of Fake SWIFT Messages Linked to Transfer Claim
Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.
SWIFT messages are sent through the Society for Worldwide Interbank Financial Telecommunication network to facilitate financial transactions between banks and financial institutions.
The CBN gave the warning in a statement signed by Hakama Sidi-Ali, acting director of corporate communications department, on Tuesday in Abuja.
The apex bank said it had been inundated with claims by some stakeholders about the conclusion of foreign currency transfer to their Nigeria bank accounts.
According to Sidi Ali, stakeholders like private entities, individuals, law firms, and government agencies complained that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.
“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested assistance towards releasing the funds to them,” She said.
“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.
“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.”
Sidi Ali added that the SWIFT messages are always not traceable on the SWIFT platform and the funds are not received to enable their application to the beneficiary’s account.
“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.
“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.
“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.
“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”
The CBN spokesperson urged the general public to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.
She also warned that the CBN would not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.
E-Financial
FG to Establish National Youth Development Bank to Support Young Nigerians
Federal Government is to establish a National Youth Development Bank and a Youth Data Bank, according to President Bola Tinubu.
President Bola Tinubu, represented by Kashim Shettima, his vice, , disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja.
The President described the banks as crucial tools for “providing financial and informational support to young Nigerians.”
He said since assumption of office, his administration unveiled a comprehensive youth development strategy spanning multiple key sectors to drive Nigeria’s economic transformation.
Tinubu extolled the legacy of the late Sardauna of Sokoto and former Premier of Northern Nigeria, Ahmadu Bello
” The late Sir Ahmadu Bello, the Sardauna of Sokoto, was one of the towering giants on whose shoulders we have ascended as a nation.
” His vision was clear: the North cannot progress in isolation, and Nigeria cannot prosper unless every part of this nation thrives,” he said.
Tinubu declared that the development of Northern Nigeria remains fundamental to the nation’s prosperity.
According to him, “whatever disrupts the growth of one region sets back the entire nation.
“For far too long, we have been taunted as a nation with the most children out of school—a reality that should not elicit pride but provoke urgent action.
“This alarming statistic has turned the promise of our population into a challenge rather than the dividend it ought to be,” he added.
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