E-Financial
Sterling Bank Selects Path Solutions’ iMAL Non-Interest Core Banking System

Sterling Bank, a full service commercial banking establishment in Nigeria, has selected Path Solutions’ iMAL to support the launch of its new Islamic (non-interest banking) window.
Path Solutions’ modular Islamic core banking system – iMAL will enable the bank to quickly introduce a diversified range of Islamic banking products and services and prepare its business for future growth. Sterling Bank has installed the system in its head office in Lagos and will install it gradually at some 170 branches across Nigeria to support a large number of customer accounts.
Dr. Basheer Oshodi, group head – Non-Interest Banking, Sterling Bank says: “We have always strived to invest in state-of-the-art technology to provide our customers with cutting edge banking products and services. Our decision to adopt a new core banking system for our new non-interest banking window is a significant step in this direction, as we firmly believe that a world-class technological infrastructure that could meet local regulatory and Sharia compliance requirements is integral to building customer confidence”.
Sterling Bank required a flexible and scalable system that could be integrated with ICS BANKS conventional banking solution and that could cover comprehensive areas such as Islamic Invest, Islamic Profit Calculation, Branch Automation and Administration, and SWIFT messaging.
iMAL offers the broadest functional coverage and will be able to meet not just the bank’s commercial exigencies but also its implementation timescales. The system has gone live at the bank on 6th January 2014.
As part of the overall selection process, Sterling Bank engaged leading independent global technology consulting firms to perform market research and evaluate and advise on latest technology. During a rigorous three-month evaluation period, the bank considered several major IT providers with broad expertise in Islamic banking before signing the deal with Path Solutions. iMAL proved to be the solution of choice for a large number of Islamic financial institutions in Africa.
“We are delighted to have been chosen as the preferred Islamic technology partner for Sterling Bank. This contract reinforces our strategic commitment to the African continent and its potential which is key to our global growth strategy, and places us as the undisputed leader in this territory and in this segment”, said Mohammed Kateeb, Path Solutions’ group chairman & CEO.
“We are focused on delivering our clients a truly global Sharia-compliant banking solution and look forward to the challenge of providing Sterling Bank customers with a secure, convenient and advanced banking experience”.
Sterling Bank currently operates as a fully diversified bank. Last December, the bank has got final license from the Central Bank of Nigeria to start the promotion of its new Islamic window. With this latest signing, Sterling Bank would be the second bank in the country to go for Path Solutions’ iMAL enterprise Islamic banking and Investment system.
E-Financial
CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations

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.
E-Financial
Gtb Increases SMS Transaction Alert Fee Today

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

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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