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Path Solutions Honoured at GIFA 2017 in Kazakhstan

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Path Solutions, the global Islamic financial software and services company, is pleased to announce that it has won the ‘Best Islamic Finance Technology Provider 2017’ award.

The success marks the fourth consecutive year that Path Solutions has been recognized as an industry leader by Edbiz Corporation.

The prestigious award was presented to Path Solutions on the evening of September 6 at the 7th Global Islamic Finance Awards (GIFA 2017) ceremony in Astana, Kazakhstan.

The GIFA Committee considered another three institutions in this category, and after long deliberations decided in favour of Path Solutions based on a number of factors included in GIFA methodology.

Mohammed Kateeb, Group Chairman & CEO of Path Solutions commented, “We are honored to be recognised again at the GIFA 2017 as a leading provider of Islamic financial software solutions and services. Our key objective when developing new solutions is to ensure the functionality and technology capabilities we deliver to our esteemed clients meet their rapidly changing requirements. Our goal is to continue to lead the way in terms of innovation, overall expertise and service to clients. The quality of our skilled professionals and the continued investment into the system enable us to match the pace of the Islamic finance industry”.

Earlier this year, Path Solutions announced the release of the award-winning software iMAL R14 Java version which had undergone the greatest transformation, as well as the addition of several key modules in line with an accelerating demand landscape.

Professor Humayon Dar, Chairman of GIFA said: “The GIFA methodology – on which the awards are based and winners selected – is the most detailed approach to screen only the best of the best in their respective award categories. It goes on to state that Path Solutions stands out as the vendor best placed to meet the technology needs of key Islamic financial institutions worldwide, with successful deployments in all major regions around the world and strong positioning in both the Middle East and African markets”.

In 2017, H.E. Ismail Omar Guelleh, President of the Republic of Djibouti, was the Chief Guest to the ceremony and has received the prestigious ‘Global Islamic Finance Leadership Award 2017’.

H.E. Nursultan Nazarbayev, President of the Republic of Kazakhstan and some other heads of states also attended the prestigious award ceremony.

Since its inception, GIFA has emerged as the most authentic market-led Islamic finance awards programme. It has grown over the years to become one of the highly coveted awards in the Islamic finance world. Its prestigious label of excellence recognises governments, institutions and individuals who have made outstanding achievements in their respective fields, contributing to the sustainability of the industry as a viable system within the global international financial architecture.

Previous recipients of the top Global Islamic Finance Leadership Awards – also known as GIFA Laureates, include: H.E. Joko Widodo, President of the Republic of Indonesia, H.R.H. Muhammadu Sanusi II, Emir of Kano, Nigeria; H.E. Shaukat Aziz, Former Prime Minister of Pakistan; H.R.H. Sultan Nazrin Shah of Perak, Malaysia.


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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234Finance Moves to Boost Economic Progress in South East

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In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”

The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.

During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.

This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.

The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.

Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.

Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.

Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.

The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.


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