E-Financial
Sohar Islamic Upgrades iMAL e-Services for Internet & Mobile Banking
Path Solutions is proud to be a partner of choice for Sohar Islamic – Bank Sohar’s Islamic banking window in the Sultanate of Oman, having implemented and recently upgraded iMAL E-Banking and iMAL MobileBanking solutions for them to provide innovative Internet and Mobile Banking services to their customers.
Sohar Islamic’s selection of iMAL E-Banking and iMAL MobileBanking solutions from Path Solutions has been in view of the integrated superior capabilities of these platforms. Features of the iMAL solution provided to Sohar Islamic include multi-country, multi-entity, multi-lingual and multi-currency capabilities, which enable the Islamic window to further its digital banking functionality to the next level.
iMAL supports the institution to meet its overall objectives of expanding its customer base, lowering service costs, and significantly reducing back office processes and overall operational overheads.
The implementation of the iMAL E-Banking platform was smoothly executed to meet Sohar Islamic’s go-to-market requirements back in year 2015 without compromising on usability or security. The solution has now been live for over 3 years, and customers of Sohar Islamic can access and manage their accounts from anywhere at any time.
The platform provides users with other convenient E-Banking services such as balance inquiry, account statement, utility bill payments, electronic fund transfers, pay order/demand draft requests, chequebook requests and others.
Mohammed Kateeb, Group Chairman & CEO of Path Solutions said, “Mobile is becoming the industry standard E-Banking channel, and financial institutions are racing to empower their customers with advanced banking functionality using their digital devices.
“Oman is a country with high mobile penetration, thus it’s vital for Sohar Islamic to offer the type of secure services that its customers are demanding. We are excited to be part of this digital transformation. Today, customers of Sohar Islamic will have the possibility to securely use Mobile Banking anywhere, anytime.
“They can make any type of payment from their digital devices, check credit card transactions or communicate with their bank. Powered by iMAL as a core banking platform, Sohar Islamic is able to provide best-in-class E-Channels such as Mobile and Internet Banking to all its customers with the convenience of anytime, anywhere banking”.
iMAL MobileBanking incorporates next-generation features designed to simplify and enhance Sohar Islamic’s Mobile Banking customer experience. Available in both; English and Arabic, the user-friendly platform and interface features advanced and secure capabilities through a multi-layered security infrastructure, an easy navigation and a streamlined look and feel, and covers a wide range of services at one’s fingertips.
Customers of the Islamic window can manage mobile top-ups and self-register for the service, as well as access their investment portfolios from their devices.
Commenting on the ongoing partnership, Mujahid Said Daud Al Zadjaly, Deputy General Manager – IT & Alternate Channels at Bank Sohar said, “We continue to build on the existing relationship with Path Solutions with the past implementations and the ongoing upgrades. The platforms have proven to be a great success for Sohar Islamic – our Islamic Banking Window, at the time of launch as well as with the consistent upgrades that we are adopting.
“All functionalities of the platform have been tested very systematically from both parties, and we have experienced intensive and extensive support throughout the various phases of the project from the iMAL team which has shown great professionalism and efficiency; all of which has contributed to the overall success of the project”.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
E-Financial
Fitch Upgrades Fidelity Bank’s National Rating to ‘A+(nga)’, Affirms Long-Term IDR at ‘B’
Global credit rating agency, Fitch Ratings, has affirmed Fidelity Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and upgraded its National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’.
The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers and improved profitability, signaling continued positive momentum in its performance.
According to Fitch, the rating upgrade is underpinned by Fidelity Bank’s successful capital raise through a rights issue and public offer, as well as a notable improvement in profitability—driven by higher interest income and a stable base of low-cost current and savings deposits.
Commenting on the announcement, Managing Director/CEO of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said, “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders.
Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity. This recognition reinforces our position as one of Nigeria’s most resilient and customer-focused financial institutions.”
One of the key drivers of the improved rating is the bank’s robust capitalization. Fitch reports that Fidelity’s Fitch Core Capital (FCC) ratio rose to 29.9% at the end of 2024—well above the regulatory minimum. The agency also noted that further capital raising efforts are expected to position the bank to meet the ₦500 billion minimum capital requirement for internationally licensed banks before the 2025 deadline.
Fidelity Bank’s market positioning remains strong. As Nigeria’s sixth-largest bank, it commands approximately 5% of total banking sector assets. The bank’s balance sheet is reinforced by a high proportion of low-cost deposits, which accounted for 93% of total deposits as of year-end 2024—among the highest in the Nigerian banking industry.
The affirmation and upgrade by Fitch is expected to enhance investor confidence and support Fidelity’s continued efforts to scale its operations both locally and internationally.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited.
In a circular issued in Abuja, yesterday, the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market.
“The attention of the Securities and Exchange Commission has been drawn to the activities of Silverkuun Investment Cooperative Society/Silverkuun Limited which holds itself out as an Investment Adviser/Fund Manager.
“The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Limited is not registered to operate in any capacity in the Nigerian Capital Market.”
SEC advised the public to refrain from engaging with Silverkuun Investment Cooperative Society/Silverkuun Limited or its representatives in respect of any business in the Nigerian capital market.
“The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to financial risk including fraud and potential loss of investment.
“The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission’s portal before transacting with them,” the SEC added.
Dr. Emomotimi Agama, director-general of the SEC, recently warned that the Commission would not hesitate to shut down the operations of such unregistered entities while also ensuring that the promoters are made to face the full weight of the law.
Agama said, “we will shut down their operations and the promoters will be made to face the full weight of the law.
“In a major reform, ISA 2025 officially brings digital assets under the SEC’s regulatory purview, defining them as securities and mandating registration for all virtual asset service providers (VASPs) and digital asset exchanges. This development aims to close the regulatory vacuum that has allowed many Ponzi-style platforms to thrive under the guise of cryptocurrency and digital finance.”
Agama also emphasized the Commission’s education-focused strategy to combat fraud through podcasts, digital campaigns, and the introduction of capital market literacy in schools and universities, the SEC aims to equip Nigerians with the knowledge to detect and avoid dubious investments.
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