E-Financial
Path Solutions Signs up BTI Bank
Path Solutions, an established leader in providing cutting-edge software solutions to the Islamic financial services industry, announced that Bank Al-Tamweel Wa Al-Inma (“BTI Bank”) has selected iMAL Islamic core banking platform for its retail, commercial and corporate banking operations, as well as for multi-channel support, analytics, risk and compliance.
BTI Bank is a new bank in Morocco created in partnership with Al Baraka Banking Group (“ABG”) and BMCE Bank Of Africa (“BBOA”) who own respectively 49% and 51% of the bank.
The bank received approval from Bank Al Maghrib, the country’s Central Bank when Morocco’s parliament approved an Islamic finance bill that allows foreign banks and local lenders to set up participatory banks in the North African country.
Morocco has become the latest Muslim-majority country to authorize participatory banking and has approved five banks in 2017 to provide Sharia-compliant products and services in the country.
BTI Bank wants to meet new business requirements that call for a diversified portfolio of innovative participatory banking products in Morocco, in addition to addressing compliance and regulatory requirements. iMAL will allow fast and efficient delivery of innovative, customer-oriented alternative banking services to expand BTI Bank’s business.
The new system will cover internet banking, mobile banking, participatory invest, participatory treasury, delivery channels, trade finance operations and financial messaging, while ensuring compliance with local participatory banking regulations.
“We recognize today’s challenges and competition. Our strategy is to benefit from information technology evolvement as it is impossible to attain long-term business objectives without leveraging the benefits of information technology in this digital age.
“We believe that iMAL Islamic core banking platform will support us in our mission of pursuing our growth strategy. iMAL will provide a sound infrastructure that will allow our bank to foster considerable innovation by launching a series of products that comply with the tenets of participatory banking,” said Mr. Mohamed Maarouf, General Manager at BTI Bank.
BTI Bank chose Path Solutions above a number of competitors after an in-depth review by the bank’s selection committee. With iMAL Islamic core banking platform already in use in French language across Africa, Path Solutions was clearly the obvious choice.
“Information technology plays a leading role in Africa”, commented Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. “We are glad to see our multi-award winning iMAL Islamic core banking platform being selected by the second participatory bank in Morocco, not least due to the wealth of experience Path Solutions has acquired over the past twenty-five years in providing proven Sharia-based software solutions to its large client base. BTI Bank will be running on modern, open technology, thus giving robust quality to its daily banking operations”.
Kateeb added, “Our rapid growth in Morocco underscores our strategy to gain significant market share across the African continent and become the Islamic core banking system vendor of choice throughout the region”.
This new win will serve as a platform for Path Solutions to expand its services into the growing African market. Last November, the new bank announced that it would open twenty branches all over the Kingdom in its first five years of business.
By 8 am on July 9, GTCO Holdings is set to commence trading on the London Stock Exchange.
As the group is set to list all its shares on the London Stock Exchange, becoming the first Nigerian banking entity to do so.
This is as the group launches a public offer of new ordinary shares to raise approximately $100 million on the London Stock Exchange.
The equity offering, which is an accelerated bookbuild and managed by Citigroup, began on July 2 and is to last until July 31.
On July 31, the group announced that it would cancel the listing of its Global Depositary Receipts (GDRs) on the UK Financial Conduct Authority’s (FCA) Official List.
It will also cancel their admission to trading on the London Stock Exchange (LSE)’s main market.
In place of the GDRs, the group will list all its ordinary shares directly.
aims to admit all its shares to the equity shares category for international commercial companies under a secondary listing on the FCA’s Official List.
The shares will also begin trading on the LSE’s main market for listed securities.
According to a regulatory filing on the London Stock Exchange, the net proceeds from the offering will be used to recapitalize GTBank Nigeria.
Based on the prevailing exchange rate of N1,540 to the US dollar, the targeted $100 million equates to approximately N154 billion.
This capital raise is expected to position the Group to fully meet the N500 billion minimum paid-up share capital required by regulators for banks with international licenses.
As of now, both Zenith Bank and Access Holdings have already met—and exceeded—this threshold.
The National Insurance Commission (NAICOM) has handed over new licenses to SanlamAllianz Life and General Insurance Nigeria Ltd at brief ceremony held in Abuja.
Olusegun Omosehin, commissioner for Insurance emphasized the Commission’s commitment to supporting the growth of insurance entities in the country, while ensuring strict compliance with regulatory requirements. He urged the companies to prioritize good corporate governance, stability, and timely claims settlement processes.
The Commissioner reiterated NAICOM’s dedication to removing unnecessary bottlenecks and improving the insurance industry’s overall performance. He expressed confidence that the merger would enhance the companies’ capabilities and contribute to the industry’s growth.
SanlamAllianz recently launched its operations in Nigeria, marking a significant step in the company’s Pan-African expansion.
The launch follows the merger of Sanlam and Allianz’s Nigerian operations, creating a new entity named SanlamAllianz Nigeria.
This joint venture aims to transform the Nigerian insurance landscape by offering enhanced customer experiences, innovative solutions, and improved financial inclusion.
World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.
The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.
The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.
This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.
The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.
Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.
This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.
In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.
Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.
These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.
Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.
In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.
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