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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

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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