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Azentio Software Wins ‘Islamic Digital Banking Provider’ @ the MEA FBT Summit & Awards 2022

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Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced that it has won the ‘Islamic Digital Banking Provider of the Year’ award at the prestigious MEA Finance Banking Technology Summit & Awards 2022, for its Shariah-compliant core banking platform offering – iMAL™.

The award was formally presented at a ceremony held in Dubai, UAE on Thursday, May 19. The award program, organized by MEA Finance, the region’s only banking and finance media brand, recognizes and celebrates the achievements of the region’s leading banks, financial institutions and technology providers at the forefront of digital transformation who have worked together to build smarter, more effective and efficient systems for the new age banking customers.

Azentio’s iMAL™, the first and only banking suite certified by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), has been helping Islamic as well as conventional financial institutions drive truly digital transformation to achieve enhanced customer experiences, insight-driven interactions and pervasive automation.

Recognized by leading industry analysts for its broad and deep Islamic functionality, flexibility, viability and operational performance, iMAL™ is cloud-ready, based on an open platform and supports open banking through open APIs and web services.

iMAL™ offers several powerful and differentiating features making it one of the most comprehensive Islamic solutions available today, which is accentuated by the fact that more than 130 of the world’s leading Islamic financial institutions use the platform to power their operations.

Kenneth Mitchen, Executive Director and Publisher of MEA Finance, stated, “iMAL™’s steadfast support for the Islamic banking sector has been fabulous over the years.

“By combining Shariah principles and innovative digitalization technologies, the solution has been helping the MEA region’s financial institutions to transform the way they do business to onboard, delight and retain tech-savvy customers. In this regard, we feel very happy to accord our ’Islamic Digital Banking Provider’ award to Azentio Software, the leading supplier of iMAL™.”

Tony Kinnear, Chief Executive Officer of Azentio, commented, “We feel greatly honoured to receive this award from MEA Finance. The region’s growing internet penetration, mobile phone usage, and the burgeoning digital-savvy population have all combined together to prompt both banks and regulators to accelerate the adoption of digitalization and models like open banking in Islamic financial services, especially in the aftermath of the Covid-19 pandemic. In this context, we feel humbled by the regional banking sector’s consistent trust in our multi-award winning iMAL™.”

For Azentio, the MEA Finance’s ’Islamic Digital Banking Provider’ award comes on the heels of winning the ’Best Islamic Banking Implementation Award for the Best Project Implementation‘ at a bank in Sudan using the iMAL™ platform.


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SEC Urges State Governments to Explore Investment Opportunities in Capital Market

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As part of strategies to harness the potentials inherent within the various states for wealth creation, the Securities and Exchange Commission (SEC) is to embark on investor education for state governments across the country.

Dr. Emomotimi Agama, the Director General of SEC, disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC)  in Abuja.

He stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.

According to him, “Imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.

“That is why the Commission will continue to emphasize education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation.There are some states in the country that are so rich but nothing is happening there. All of their wealth is in the ground.”

He added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.

“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.

“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it,” he said.

Speaking earlier, Mr. Tom Ceusters, Director, Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a  two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.


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Meta to Begin Layoffs Across All Operations from Today

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Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is set to implement company-wide layoffs starting Monday, February 10, 2025.

Meta to Begin Layoffs Across All Operations from Today

Notifications will begin at 5 a.m. local time in most countries, including the United States.

However, due to local regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts.

Staff in over a dozen countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18.

The layoffs are expected to affect approximately 5% of Meta’s workforce.

They will target the company’s lowest performers in what is termed “performance terminations.”

This move is part of Meta’s broader strategy to streamline operations and focus on key areas of growth.

Concurrently, Meta is expediting the hiring of machine learning engineers and other essential engineering roles.

The hiring process is scheduled to take place between February 11 and March 13, aligning with Meta’s strategic priorities for 2025.

Unlike previous company-wide layoffs, Meta plans to keep its offices open on Monday and will not issue any additional updates regarding the decisions.

The company has declined to comment further on the internal memos detailing these plans


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NEMSA, NAICOM Sign Agreement to Boost Electrical Safety, Insurance

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The Nigerian Electricity Management Services Agency has signed a Memorandum of Understanding with the National Insurance Commission to enhance electrical safety compliance in residential, commercial, and industrial buildings, as well as ensure adherence to insurance policy requirements for these structures.

A statement issued by Ama Umoren, NEMSA’s Head of Communications and Protocol Unit, on Sunday in Abuja, stated that the MoU establishes a collaborative framework between NEMSA and NAICOM to ensure that as a pre-condition, all electrical installations in residential, commercial, industrial premises, hazardous locations, industries and factories are duly certified by NEMSA before the Insurance Policy is processed by all Insurance Companies.

It stated further that the partnership between NEMSA and NAICOM aligned with the Federal Government’s commitment to strengthening the reliability and safety of Nigeria’s electricity sector.

The NEMSA’s Managing Director/Chief Executive Officer, Engr. Aliyu Tukur Tahir, while speaking during the signing ceremony, emphasised the importance of this collaboration in mitigating risks associated with electrical accidents and infrastructure failures.

“This partnership with NAICOM is a significant step towards ensuring that all electricity consumers, operators, and investors adhere to the highest safety and risk management standards.

”By integrating insurance compliance into electrical safety enforcement, we are safeguarding lives, investments, and the overall integrity of the power sector,” he stated.

Tukur, who is also the Chief Electrical Inspector of the Federation, said going forward, ‘’It will also be a requirement by NEMSA that all Facility Applicants of its statutory inspection, testing and certification, should ensure that their Facilities are insured with Insurance Companies, for safety and mitigation of risk.”

On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, reiterated NAICOM’s commitment to ensuring that all power sector players embrace insurance as a critical risk management tool.

“Insurance plays a crucial role in cushioning the effects of electrical hazards and infrastructure-related incidents. Through this MoU, we will work closely with NEMSA to enforce compliance with relevant insurance policies, ensuring that the power sector operates with adequate risk mitigation mechanisms in place,” he said.

The collaboration will involve joint awareness campaigns, regulatory enforcement, and information-sharing initiatives to promote electrical safety and insurance adoption across the power sector.

This strategic partnership marks a milestone in the drive to enhance safety, reliability, and sustainability within Nigeria’s electricity industry and the country at large.


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