E-Financial
Trustbank Selects ICS BANKS Islamic from ICSFS
Trustbank, one of the leading banks and the first private bank to be providing Islamic banking services in Uzbekistan, has selected ICS BANKS Islamic Banking software solutions from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.
A virtual signing ceremony was conducted on 17th March, 2021, between Trustbank and ICSFS with the participation of ICD (the Islamic Corporation for the Development of the Private Sector).
The ceremony was attended by; Deputy Chairman of Trustbank, Kamil Gabbazov, Head of Islamic Financing of Trustbank; Mukhammadfayoz Ibadov, Deputy Director of the International Relations Department of Trustbank; Aleksey Kim. Managing Director of ICSFS; Robert Hazboun, Executive Director of ICSFS; Wael Malkawi, CIS Territory Manager of ICSFS; Nidal Bashaireh, PMO Head of ICSFS; Mohammad Omari, Project Manager of ICD; Muzaffar Nizamidinov and Project Management Office Consultant – IT & Fintech Specialist of ICD; Ibrahim Al-Saywed.
Sardor Normukhamedov, Chairman of the Management Board of Trustbank; commented: “As one of the leading banks of the Republic of Uzbekistan, it is our privilege to be the first in adding Islamic Banking products to our services.
“We strive for becoming the best in providing high quality modern banking services as well Islamic banking services in the Uzbek’s banking sector, and with this new joint milestone with ICSFS and ICD – which is the very first of its kind, we are creating history!”
Kamil Gabbazov, Deputy Chairman of Trustbank, stated during the signing ceremony: “First, I would like to start by thanking the devoted teams for conducting this special event. We have started our cooperation with ICD back in 2018, and in this short period of time, we have received generous funds in amount of USD 19 million that were provided in a Shariah-compliant line of financing to further support the private sector in the country.
“We are very happy for choosing ICS BANKS Islamic from ICSFS as an Islamic Window IT solution provider and look forward to starting this collaboration.”
Robert Hazboun managing director of ICSFS stated: “It is our honour to be the first business technology company to enter the Islamic banking sector in Uzbekistan. With ICSFS’ strong track record in implementing its ICS BANKS Islamic software solutions, Trustbank will have a smooth launch of its new Islamic products, and will be offering holistic Islamic services to its customers.”
Muzaaffar Nizamidinov of ICD commented: “On behalf of ICD team, I would like to congratulate both; ICSFS and Trustbank for signing the first Islamic IT solution contract in Uzbekistan history.
“We trust that Trustbank will be a pioneer in launching the first Islamic banking window in the country, and hope that Trustbank will be converted into a full-fledged Islamic Bank in future. We wish you all the success in the implementation of the solution, in Sha’a Allah.”
Weal Malkawi; Executive Director of ICSFS commented: “We are very happy to be part of this breakthrough – to see Islamic Banking kick-off in Uzbekistan, and to see Trustbank as one of the leaders and pioneers in providing Islamic banking services.
“I would like to thank the bank and ICD, as without them we couldn’t have reached this historical milestone. We welcome Trustbank to our ICS BANKS community, and salute them for achieving this milestone, as it takes courage to be the first bank in Uzbekistan to lead in launching Islamic Banking Window.”
Trustbank is one of the leading banks of the Republic of Uzbekistan, which provides its clients with the full range of banking products and services. The history of the bank reflects the dynamics of intensive development of the country’s banking sector during the years of independence.
Trustbank will leverage ICS BANKS Islamic’s agile software solutions of which Islamic Core banking, Murabaha, Ijarah, Mudaraba, Musharaka, Salam, Qard Hassan, Islamic Treasury and Investment, Trade Finance, Credit Facilities & Risk Groups, Istina’a and Parallel Istisna’a, Profit Distribution, and Time Deposit.
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.
ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or on the cloud.
E-Financial
MoneyMaster PSB Customers to Enjoy 10% Data Bonus Per Recharge
Customers of foremost payment service bank, MoneyMaster Payment Service Bank (MMPSB), will henceforth, enjoy a 10 percent data bonus offer on every recharge above N1,000 on their Glo lines.
The data bundle offers one of the highest volumes in the country and the data purchases come with 30-day validity, with an automatic rollover of unused data upon subscription for a new plan.
The offer, which is meant to reward loyal customers and new ones, also underscores the bank’s dedication to empowering Nigerians to master their money via efficient offers that make every naira count.
The 10 percent bonus offer is available for Glo customers on banking channels including the MoneyMaster PSB app, USSD banking code *995# and MoneyMaster PSB Web banking.
MoneyMaster is a provider of innovative digital financial products and services that transform lives. It has the mission to deepen financial inclusion and has been pivotal in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.
Mr. Julius Arhebun, head of Agency Banking at MoneyMaster, said, the offer shows the bank’s commitment to offering its customers products that enhance their lifestyle and help them master their money.
“With this offer, our existing and new customers can enjoy extended access to quality internet services whether it is streaming their favourite content, browsing top sites, or catching up on trends on their favourite social media apps”, he noted.
He further explained that existing customers can buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. For new customers, the offer comes via opening accounts via the USSD banking platform or downloading the mobile application.
E-Financial
UBA Set to Establish Subsidiary in Saudi Arabia
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has set the wheels in motion to expand its operations in the Middle East with plan ongoing to open a subsidiary in Saudi Arabia, its largest economy.
This move which is expected to happen within the next year will mark the bank’s second subsidiary in the Gulf Region, following the expansion of its business to the United Arab Emirates in 2022.
Muyiwa Akinyemi, group deputy managing director, UBA, who disclosed this during a panel session during the 8th Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia and in an interview with Arise TV, underscored the bank’s strategic commitment towards fostering Africa’s growth through infrastructure development, youth empowerment, and sustainable partnerships across key global markets.
He said, “Opening a presence in Saudi Arabia represents the next step for us in connecting the Africa-Gulf region. We are excited to bring UBA’s expertise in financial services to Saudi Arabia, where we aim to facilitate knowledge transfer and create strong economic linkages.
“This venture will further enable us to access Saudi expertise in food security, energy transition, and sustainable practices, which are all critical for Africa’s continued development.”
While emphasising the importance of Africa as a strategic investment destination for long-term capital, he said, “Africa’s infrastructure deficit is an opportunity for investors worldwide. Our pitch to the Gulf and Southeast Asia emphasizes that Africa must be part of their investment horizon. Today, food security is paramount as our population expands.
Akinyemi also highlighted the bank’s dedication to nurturing Africa’s youth talent through entrepreneurship.
“Guided by our Group Chairman’s efforts with the Tony Elumelu Foundation, UBA is committed to supporting young entrepreneurs in tech, agriculture, and entertainment, which are all burgeoning sectors in Africa. With such a young and dynamic population, we see enormous potential for innovation and growth.”
He also reiterated the bank’s continuous support for Small and Medium Enterprises (SMEs) in Africa and beyond as he outlined the bank’s commitment to these businesses, which he referred to as key players in the African economy and vehicles for employment and economic growth.
“SMEs are the backbone of economic development in Africa. They contribute significantly to job creation and value chains, particularly within Nigeria. Over the last year, UBA has committed billions to support SMEs across Africa, and our network of over 20 countries enables us to make a substantial impact.”
During the panel discussions, Akinyemi took time to emphasize UBA’s longstanding experience on the continent as it navigates an ever-evolving investment landscape, adding that “As investors, we focus on infrastructure and sustainable projects that encourage economic prosperity while addressing pressing issues such as talent migration.
“Our goal is to ensure that people can thrive in Africa without needing to relocate. By investing in local talent and fostering growth sectors, we contribute to building the next generation of global innovators right here in Africa,” he noted.
The DMD further articulated UBA’s approach to risk management on the continent, emphasizing that the bank’s 75-year history has uniquely equipped it with insights and strategies to navigate diverse markets.
“With over seven decades of experience, Africa is what we know, and that knowledge allows us to manage risks effectively. We see tremendous opportunities in various sectors across the continent, and our continued investments are driven by a commitment to bring economic empowerment to communities, increase GDP, and improve socioeconomic quality. Our anniversary is a celebration of UBA’s legacy of contributing to Africa’s progress. We look forward to leveraging this milestone to drive even greater impact across sectors and empower future generations,” he said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
E-Financial
PalmPay Marks 5th Anniversary, Highlights Achievements
PalmPay, a leading emerging markets-focused fintech, has marked the 5th anniversary of its operations in Nigeria at a celebratory event held in Lagos recently.
During the event, Palmpay highlighted key milestones in its journey and updates on its growth and impact in the country.
Speaking at the anniversary, Chika Nwosu, managing director, PalmPay Nigeria, said: “We’ve built a platform that 35 million users trust, and with our growing network of agents and merchants, PalmPay is playing a key role in digitising Nigeria’s economy. Looking ahead, our strategy is clear—continue to lead with secure, reliable solutions while fostering partnerships that empower more people and businesses to reach their financial goals.”
At the core of PalmPay’s approach, is making financial services more accessible in a market where traditional banking options have left many underserved.
The new *861# USSD code allows customers to access PalmPay services without the internet, offering greater accessibility for users who run out of data or are in areas with low network coverage.
The company also emphasised its commitment to security at a time when financial fraud is increasing globally.
PalmPay has implemented security measures such as facial recognition, biometric login, and AI-driven transaction monitoring to ensure secure payments. Every account is verified through NIN or BVN, and customers who lose their phones can now freeze their accounts via the newly launched USSD service.
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