E-Financial
ICSFS, PBZ Celebrates Successful Go Live of ICS Banks Islamic & ICS Bank
The People’s Bank of Zanzibar (PBZ), a state-owned and one of the oldest commercial banks in Tanzania, has successfully deployed and gone live on ICS BANKS ISLAMIC and ICS BANKS universal software suites from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions.
The People’s Bank of Zanzibar (PBZ) is a fully-fledged commercial bank offering banking services in conventional and Islamic Banking for both, retail and corporate customers in Tanzania. PBZ was established in 1966 and is 100% owned by the Government of Zanzibar under the Ministry of Finance.
ICSFS replaced PBZ’ legacy system and multiple disparate systems with its universal Islamic and conventional flagships and awards-winning banking and financial solutions ICS BANKS ISLAMIC and ICS BANKS universal software suites.
PBZ will be working on ICS BANKS and ICS BANKS ISLAMIC software suites’ Core Banking, Credit Facilities & Risk Groups, Lending, Remittances, Trade Finance, Investment & Treasury, Murabaha, Istisna’a and Parallel Istisna’a, Musharaka, Ijara, Tawaruq, Mudaraba, Salam, Qard Hasan, Time Deposit, Profit Distribution, Investment Certificate of Deposit and part of ICS BANKS Digital Banking including ICS BANKS SMB (Smart Mobile Banking) and IBS (Internet Banking System).
On this occasion Managing Director of PBZ Bank; Mr. Juma Hafidh stated, “With over 20 years of experience in the banking industry, PBZ’s customers already perceive 50% of the market share in Zanzibar.
Working with ICS Financial Systems and running their banking software solutions will help us provide our loyal customers innovative and high-quality financial services.
We are looking forward to a bright future, utilising the market’s utmost specialised, end-to-end comprehensive suites of conventional and Islamic banking applications, shari’a compliant products and services.”
Managing Director of ICSFS; Mr. Robert Hazboun commented, “The People’s Bank of Zanzibar will now enjoy banking on our modern banking technology platform, ICS BANKS ISALMIC and ICS BANKS universal software suites, to empower its banking services with a broad range of features and capabilities with more agility and flexibility to enrich the bank’s customers journey experience, hence improving the trust and confidentiality between The People’s Bank of Zanzibar and its customers.
With ICS BANKS’ strong infrastructure, The People’s Bank of Zanzibar will be able to leverage high flexibility in customising its favourite themes, launching new products with interactive advertisement on its delivery channels and touch points, bringing flexibility at its edge.”
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 ISLAMIC is a modular fully integrated solution designed and developed following the principles of Shari’a in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
ICS BANKS Universal software suites 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 in the cloud.
E-Financial
CBN Launches New Website Today
Central Bank of Nigeria (CBN) will today launch its newly redesigned website, www.cbn.gov.ng.
Mrs Hakama Sidi Ali, acting director, Corporate Communications, CBN, , made this known in a statement on Sunday in Lagos.
“We are pleased to announce the launch of our newly redesigned website (www.cbn.gov.ng), which will be operational on Monday, December 2, 2024.
“The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the bank’s mandate.
“Additionally, the website is responsive to mobile devices, facilitating navigation across various web browsers and devices.
“The bank is grateful for the feedback provided by the public, which served as a valuable guide for our redesign endeavours,” she said.
Sidi Ali said the CBN was committed to developing and enhancing the website to facilitate communication.
“Please follow our different social media channels linked on the website’s home page for more updates,” she said.
E-Financial
CBN to Penalize Banks for Failing to Address ATM Cash Shortages
Central Bank of Nigeria (CBN) has warned that it will impose severe penalties on banks failing to address the ongoing cash scarcity at automated teller machines (ATMs).
Olayemi Cardoso, the CBN governor, issued the warning during the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday.
The cash crunch has drawn public attention, with some Nigerians taking to X on November 13 to express frustrations over empty ATMs and reliance on point-of-sale (POS) operators. Two days later, the CBN directed banks to prioritise ATM cash disbursements and cautioned that penalties would be imposed on those enabling currency hawking.
“We also recognise the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians,” Cardoso said. “To address this, we are conducting spot checks across deposit money banks, and we will impose penalties on underperforming institutions.”
The CBN governor announced measures to empower customers, starting December 1, 2024. “Customers are encouraged to report any difficulties with withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.
Guidelines will be distributed widely to raise public awareness. We will also urge full regulatory compliance by all stakeholders, including mobile money operators and POS agents, to promote digital transaction channels and improve service delivery.”
Cardoso reiterated that financial institutions engaging in malpractices or sabotage would face severe consequences.
“The CBN will continue to maintain a robust cash offering to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.”
On foreign exchange (FX) matters, Cardoso highlighted Nigeria’s missed opportunity for N6.2 trillion in potential revenue due to a less flexible FX regime.
“These funds could have significantly contributed to critical investments in education, healthcare, and infrastructure development,” he said.
The governor added that the apex bank is committed to rebuilding Nigeria’s economic resilience through targeted reforms. These include prioritising domestic refining capacity, promoting non-oil exports, and advancing technological innovations in the financial sector.
E-Financial
CBN Governor Urges Nigerians to Stay and Rebuild Amid Economic Reforms
Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has urged Nigerians to reconsider leaving the country, popularly referred to as “Japa.”
He assured that the CBN is working toward creating an economy where everyone and every business can thrive.
Cardoso made this appeal in his keynote address at the 59th annual Bankers Dinner organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.
“It is not a good idea to Japa at this stage,” he said, providing two key reasons for his stance. “One, those who may decide they are going to do that, they will sell and get rid of their assets. You’ll be doing it for cheap. Predators, who are outside looking for bargains, will come and take it and pocket it, put it in their pocket and wait for the turnaround and sell it away.”
Cardoso emphasized the importance of collective effort in rebuilding Nigeria. “Number two, you want to be part of the solution. You want to be part of the solution, and this is time that we need all hands on them. There are opportunities in the market today, which I must say, from my experience over the past year and also for the past six months, a lot of interest from the outside in what is going on in Nigeria.”
He pointed out that international investors see potential in the Nigerian market and urged citizens to take advantage of these opportunities. “In taking positions in certain assets, they see the opportunity, and we, who are here, should be part of the solution for the better things which will come.”
Acknowledging the hardship brought on by current economic reforms, Cardoso stressed that these measures are designed to address today’s challenges while securing a brighter future. “We are building an economy where every individual, every business, and every community can thrive,” he said.
He further highlighted the importance of collaboration in achieving this vision. “This vision will not be achieved by one institution alone. It requires all of us — banks, regulators, businesses, and citizens — to work together with steadfast resolve.”
- E-Financial2 days ago
CBN Fines 29 Banks N15Bn for Violation of Money Laundering, Terrorism Financing Regulations
- News2 days ago
Electricity Subsidy Soars to ₦2.4 Trillion Despite Tariff Reforms
- Uncategorized2 days ago
Ina Alogwu Joins 9mobile as Chief Digital and Innovation Officer
- E-Financial2 days ago
DBN Bags Financial Inclusion Award for Dedication to MSMEs
- Telecom2 days ago
SAIL and MTN Foundation Equip 4000 Teachers with Digital Learning Strategies
- News2 days ago
NFIU Seeks Advanced Technology to Combat Financial Crimes in Nigeria
- Telecom2 days ago
Trendships: How Instagram is Redefining Social Communication
- Broadcasting2 days ago
CADEF Launches Platform to Promote Renewable Energy in Nigeria