E-Financial
Path Solutions Selected As a Strategic Technology Solutions Partner of MyBank

Path Solutions has announced that it had signed up MyBank Ltd., its second banking client for iMAL in Somalia, and indicated a stronger focus on the Somali market for Sharia-compliant software solutions and services to tackle financial exclusion in the country.
Under the terms of the agreement with MyBank Ltd., Path Solutions will provide a full Islamic core banking suite in addition to branchless banking as well as payments and personal financial management (PFM) tools.
Once implemented, iMAL shall bring significant automation and efficiency into all respective core areas of the new bank including customer service, central bank reporting, facility management, as well as effective risk mitigation, Sharia compliance and internal controls to power the bank’s operations in the country.
iMAL is a comprehensive, fully integrated AAOIFI-certified banking platform which enables cross-asset risk management, straight-through processing, and supports the complete lifecycle of a wide range of transactions and investment processes including calculations and payments, collection and revaluation.
iMAL is scalable in that the process of adding new products is simplified. It also helps financial institutions run and scale their business much more efficiently while minimizing total cost of ownership (TCO).
“We are pleased to sign MyBank Ltd. in Somalia as it enforces iMAL position as a dominant core banking platform in Sub-Saharan Africa and Path Solutions as the preferred solution partner in this key region where we’ve been having great success and rapid client acquisition”, commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions. “Today, iMAL powers the operations of 38 Islamic banks in the continent.
iMAL rapid success in the market is due to its next-generation capabilities providing Islamic financial institutions with the flexibility to introduce innovative digital products and services and delivering them anywhere and anytime rapidly and cost effectively, achieving the digital transformation that many banks are seeking, empowered by our impeccable implementation track record”, he said.
Abdulrazak Mohamed Ahmed, Chief Executive Officer, MyBank Ltd. commented, “We are committed to applying innovative technology to meet local and regulatory compliance standards, and to give our customers more convenience and more tailored interest-free solutions.
“Path Solutions provides everything we need from one platform to provide our customers of today and tomorrow, with the choice of engaging with us in a Sharia-compliant manner, thus ensuring an exceptional, transparent and consistent user experience across all channels”.
E-Financial
Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology

Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
E-Financial
IMF Appoints Elumelu, Nigerian Businessman to Advisory Council

International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
E-Financial
Fintech, Remittances Anchor Africa’s Booming Payments System

Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
- Telecom3 days ago
Again, Labour Fumes, Threatens Shutdown of Telcos over Non-Implementation of 15 Percent Tariff Reduction
- News3 days ago
NNPC Ready to Go to Capital Market for IPO- CFIO
- E-Business3 days ago
FG Launches Online Visa Approval Centre
- E-Business3 days ago
QNET Disassociates From Fraudulent Academy in Abuja, Supports EFCC Arrest
- Telecom2 days ago
IHS Nigeria Hosts Telecom Industry Stakeholders to Discuss Protection of Critical National Infrastructure in Lagos State
- E-Financial2 days ago
Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology
- E-Business3 days ago
Firm Discovers Sophisticated Chrome Zero-day Exploit Used in Active Attacks
- Telecom3 days ago
Everything You Need to Know About MTN’s MIP 2025 Fellowship Webinar