News
Cities & Villages Development Bank Partner ICSFS to Become a Cloud-first Bank
Cities and Villages Development Bank (CVDB), a publicly owned bank that finances Jordanian municipalities for the development of their infrastructure, has selected ICS BANKS Universal Banking software solution – to be deployed on the cloud – from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.
The Cities and Villages Development Bank provides long term financing to establish both; services and productivity projects, through the local councils. The bank administrates and guarantees loans held between the councils and any other party, with the aim to support and provide the councils with essential services.
The Bank continues as well to contribute in the development process of the local councils, by providing the adequate funds, experiences, services, technical and administrative skills within the government effort in developing and reforming the municipalities.
Cities and Villages Development Bank (CVDB) Director-General; Osama Al Azzam commented: “Our main objective is to support the local council’s projects, secure services and participate in their development by way of mobilizing their local and foreign financial resources. To administer that, we needed to change our legacy system with a full-fledged cloud solution to cater to our needs.
“ICS BANKS from ICS Financial Systems received the highest score in both; technical and total cost of ownership (TCO), alongside providing the most innovative digital environment. We also added Islamic products such as Murabaha, Istisna’a and Ijara, to provide a holistic universal banking products and services on the cloud.”
The Cities and Villages Development Bank will be replacing its legacy system by ICS BANKS Universal banking solution, on the cloud, in its Head Quarters and twelve branches.
CVDB will be implementing ICS BANKS Core, Credit Facilities & Risk Groups, ICS BANKS Islamic banking products, Remittances, Lending, Budgeting, BPM, DMS, ERP, MIS, and ICS BANKS’ digital banking.
Part of the benefits that CVDB will be experiencing are automated banking processes, improvements in service provision, business agility, 24-hour availability, reduced operational risk and cost, smart banking, access to a full range of services, more security, seamless digital transformation, and transparency in transactions.
Managing Director of ICSFS, Robert Hazboun stated: “We are honoured to be part of the Cities and Villages Development Bank’s important milestone, and to be their technology partner.
“With our omnichannel capabilities, customer-driven, and cloud-based digital banking solutions, the bank will have the opportunity to be future-proofed, leverage data and acquire desired information at any time, in any place.”
Mr. Hazboun continued “By choosing our comprehensive ICS BANKS universal banking solution, CVDB will be able to generate new opportunities and exploit the software’s utmost key benefits that are significant and reliable to generate a better customer experience ecosystem.”
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.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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