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”.
Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all bureaux de change (BDC) operators.
Jonah Onojah, director of the financial policy and regulation department, announced that the waiver took immediate effect.
“This is to inform all existing bureaux de change that further to the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, and the ongoing transition to the new BDC regulatory structure, the Central Bank of Nigeria (CBN) has approved the waiver of 2025 licence renewal fee, effective immediately,” the statement reads.
“Any bureau de change that has paid for 2025 licence renewal is hereby advised to apply to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria for refund to its account from which the payment emanated.
“The CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework,” the statement said.
On May 22, 2024, CBN approved new guidelines for BDC operations to improve compliance and oversight.
In the guideline, CBN said all existing BDCs are to re-apply for a new licence according to any of the tiers or licence categories of their choice.
CBN said the guidelines are part of its efforts to re-position the BDC market to play its envisioned role in the foreign exchange market in Nigeria.
PalmPay, a Mobile Money Operator and digital payment platform has reaffirmed its role as a mobile payment provider, correcting the insinuation that it is a loan App.
Chika Nwosu, Chief Executive Officer, PalmPay, speaking at a press conference in Lagos clarified that PalmPay’s core mission is to provide seamless payment solutions and financial services, not to issue loans.
This clarification became necessary against erroneous messages in some social media platforms that the PalmPay is a loan App, as well as individuals wearing PalmPay-branded clothing allegedly been involved in arresting loan defaulters, raising concerns about the company’s role in debt recovery practices.
He explained that all lending activities on its platform are conducted by third-party financial institutions leveraging its ecosystem, not PalmPay itself.
“PalmPay is not a loan App. We provide a platform for third-party financial institutions to offer their services, including loans, to our users. These institutions operate independently and comply with all regulatory requirements,” Nwosu explained.
More so, Chika Nwosu identified smartphone penetration, internet connectivity and innovative technologies as key factors that are crucial to increased access to mobile money services in Nigeria.
According to him, with smartphone penetration projected to reach 65% by 2026 as well as improved internet infrastructure, more Nigerians will be enabled to access mobile money services.
He disclosed that, with fintech companies such as PalmPay evolving through digital wallets and seamless payment gateways, accessibility to mobile money service was bound to expand soon.
He emphasized that with demand for affordability of financial services growing, more opportunities would be unlocked for PalmPay in the nearest future.
“From under 10,000 agents in 2015 to over 1.5 million agents in 2023, agent networks have become the backbone of mobile money operations in Nigeria. For this reason, we are more likely to see a sharp increase in the number of mobile money agents and merchants. Apart from that, MMOs will increasingly use artificial intelligence to improve customer experiences, such as machine learning, predictive analytics, and fraud detection,” he said.
Donald Ubeh, Head, Risk and Compliance, MLRO at PalmPay, while highlighting the impact of fintech companies such as PalmPay, explained that the coming of PalmPay has led to economic empowerment particularly for individual users and several Small and Medium Scale enterprises.
He noted that many Nigerians including bank customers have migrated their funds to PalmPay owing to convenience and accessibility it provides.
He added that mobile money operators were conceived with the aim of driving financial inclusion for the underserved and unbanked population.
According to EFInA, increasing adoption of fintech companies by Nigerians has led to increase in financial inclusion rate by 13% in 13 years.
Moneipoint has denied reports that Moniepoint MFB, its microfinance bank, was hacked and some N1.1 billion allegedly stolen.
Moniepoint, in a blog post said that the report, which began on social media was malicious and misleading and should be ignored.
According to the company, the alleged theft gained traction on social media, alleging that the company is facing operational challenges due to the hack.
“We categorically state that these claims are untrue, and we urge the public to disregard them in their entirety.
Moniepoint MFB has always maintained the highest standards for digital security and customer fund protection.
It stated that as a duly authorised and licensed financial institution, customer deposits with Moniepoint MFB are insured by Nigeria Deposit Insurance Corporation (NDIC), with the Central Bank of Nigeria (CBN) supervising and regulating its operations to ensure adherence to all applicable standards.
CBN Waives 2025 Licence Renewal Fee for Bureaux de Change Operators
Nvidia Loses over $500Bn in Market Value amid DeepSeek’s Rise
NCC, MCSN Collaborate on Copyright Enlightenment
PalmPay is not a Loan App, says MD
AfDB, World Bank Collaborate to Transform Africa’s Energy Access, Connect 300 million by 2030
A beginner’s guide to Temu: Your ultimate shopping companion
CBN, SEC Approve FCMB Group’s N147bn Rights Offer
CBN did not Force 1000 Workers to Resign- Cardoso
New WAEC Program Offers Faster Route for Students to Improve WASSCE Grades
Afrobeats and Amapiano Lead Africa’s Musical Revolution
E-Financial2 days agoMoniepoint MFB Says Rumours of N1.1Bn Theft by Hackers Malicious
General News2 days agoCourt Orders Arrest of Access Bank Acting MD, Others over Alleged Theft of Property
Telecom2 days agoSERAP Drags Tinubu, Others to Court over ”Arbitrary” Telecom Tariff Hike
E-Financial2 days agoWorld Bank Urges CBN to Sustain Inflation Control Measures
E-Financial2 days agoZenith Bank Reinforces Commitment to Staff Wellbeing with Salary Hike and Promotions
Telecom2 days agoFG, WIOCC Partner to Deliver Internet to 3m Homes with $10m Investment
Telecom2 days agoGalaxy Backbone Celebrates Excellence and Innovation in Its People
E-Financial2 days agoSEC Warns against Transactions with Risevest, Stecs Cooperative Societies