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E-Financial

Path Solutions Upgrades Maisarah’s Core Banking Platform for Enhanced Performance

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Path Solutions, the global Islamic banking software company, has announced that Maisarah Islamic Banking Services of BankDhofar has successfully upgraded its core banking platform to the latest version of iMAL.

The successful upgrade will enable further innovation at Maisarah to meet evolving customers’ needs as it expands its business.

Path Solutions analyzed Maisarah’s specific IT requirements and adapted them to the latest version of iMAL. The company’s open banking platform allows banks to easily upgrade their core banking technology to be at the forefront of innovation in the financial services industry.

With the new version of iMAL, Maisarah aims to bring the latest technology to its customers to optimize the level of value creation. The system upgrade project onsite activities kicked-off in December 2018 with a timeline of just 9 months, i.e. September 2019 to go live.

Ismail Jama, Chief Operations Officer, Maisarah Islamic Banking Services, commented, “The upgrade of our core system to iMAL R14.1 will ensure providing seamless services to our customers through our digital channels. At Maisarah, we place customers’ satisfaction at the heart of what we do through providing them convenient services”.

Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said, “Collaboration is vital in order to stay ahead in an ever-changing marketplace. By collaborating with our clients to help them identify their customers’ expectations to ensure their daily processes and interactions are continuously enhanced, and investing 30% in R&D, we remain the undisputed industry leader in Islamic financial technologies.

iMAL R14.1 will empower our clients to be future-ready, given the rapid digital disruption we are experiencing. The result is a dynamic ecosystem of innovation that will drive growth and customer satisfaction. We look forward to continuing to work with our clients all over the world to modernize their platforms and bring real-time and fully digital banking services to their customers”.

Maisarah, with its dedicated product development unit, has already introduced the best interest-free products for its customers and continues to work on an extensive product range to be rolled out in the future.

Maisarah is the Islamic window of BankDhofar. It offers a vast range of Sharia-compliant products and financial solutions in Corporate Banking, Retail Banking, Investment Banking and Treasury.

Maisarah maintains a complete segregation of business activities in order to provide Sharia-compliant financial services to its valued customers. As a part of its strategy, the Islamic banking window has maintained high standards of corporate governance, research and development, corporate social responsibility and customer service that have helped in winning various awards in local and international markets.


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E-Financial

CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations

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The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.

The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.

Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.

However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.

“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.

The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.

In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.

Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.

This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.

 


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E-Financial

Gtb Increases SMS Transaction Alert Fee Today

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Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.

In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity

Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.

The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions


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E-Financial

Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

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Yetunde Oni, MD/CEO, Union Bank
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Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.

The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.

Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.

Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.

Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.

In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.

This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.


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