E-Financial
ICSFS Wins “Oracle FY18 MENA Innovation Award – ISV Cloud Innovation”

ICS Financial Systems Limited (ICSFS), a global software and services provider for banks and financial institutions and a Gold level member of Oracle Partner Network (OPN), announced it has been selected as the winning partner for Oracle FY18 Middle East and North Africa – ISV Cloud Innovation.
ICS Financial Systems was presented the Oracle FY18 Middle East and North Africa Innovation award in the presence of its peers and Oracle executives during the “Oracle Partner Day” on Tuesday, February 6th, 2018 at the Four Seasons Hotel Beirut.
The award reflects ICSFS’ demonstration of skills and expertise by achieving the certification of its flagships; ICS BANKS® Conventional, ICS BANKS® ISLAMIC and ICS BANKS® Digital Banking on Oracle Cloud Platform.
ICSFS is one of the first Oracle ISV partners in the MEA region to adopt cloud technology and obtain full cloud certification – full marketplace registration – and has fully deployed its solutions on Oracle Cloud for production use to their clients.
Also, ICSFS has been working closely with Oracle to incorporate the latest emerging technology services, including blockchain, artificial intelligence and mobile bots within ICS BANKS Digital Banking Platform.
Oracle Cloud is the industry’s broadest and most complete public cloud, delivering enterprise-grade services at every level of the cloud technology stack including software as a service (SaaS), platform as a service (PaaS), infrastructure as a service (IaaS), and data as a service (DaaS).
Upon receiving the award, Wael Malkawi, Executive Director of ICSFS said, “We are honoured to receive such an award from Oracle, and are committed to becoming the most innovative cloud-centric financial solution provider running on Oracle Cloud Infrastructure.
ICSFS is also dedicated to continuously improving and innovating to deliver quality comprehensive banking and financial solutions to its customers,” Malkawi added.
ICS BANKS provides a complete suite of banking business modules with a rich sweep of functionalities and features, addressing business needs and automating accounting processes, as needed, to improve a bank’s business performance.
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 is deployed in a multi-tiered setup that runs on a web thin client.
E-Financial
FG Takes Full Ownership of Keystone Bank

Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.
It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.
“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”
Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6
Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.
“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”
E-Financial
CBN Rolls out New ATM Transaction Fees Effective March 1

The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.
A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.
This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.
According to the CBN, the updated fees are in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).’
The statement reads, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial
“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.
Under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals. However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.
For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will apply.
The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”
For international withdrawals using debit or credit cards, banks, and financial institutions are now allowed to charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”
Additionally, the CBN stated that the three free monthly withdrawals for Remote-On-Us (other bank’s customers/Not-On-Us consumers) will no longer apply under Section 10.6.2 of the Guide.
The apex bank has urged all financial institutions to ensure compliance with the new guidelines before the March 1, 2025, implementation date.
E-Financial
Afreximbank Invests $52bn in Nigeria, Plans Energy Bank

The African Export-Import Bank (AFREXIMBANK) has invested a total of $52 billion in Nigeria, making the country the largest recipient of the bank’s trade and development financing.
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, disclosed this during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja yesterday.
Prof. Oramah highlighted Nigeria’s strategic role in the bank’s projects, saying: “Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52 billion from Afreximbank. Nigeria is the first beneficiary of several flagship transformative projects that the bank is piloting.”
He noted that Nigeria had benefited from major investments in key sectors, including industrialization and healthcare, while also being the first host of many of the bank’s pioneering initiatives.
Among these initiatives is the African Quality Assurance Centre, established to ensure that Nigerian goods meet international trade standards. The first centre is already operational in Kaduna, with additional facilities being planned across Africa.
Over the past decade, Prof. Oramah stated that Afreximbank had disbursed no less than $140 billion across the continent, significantly driving Africa’s industrial growth and economic transformation.
He revealed that Afreximbank had made significant contributions to Nigeria’s healthcare sector, including the establishment of the African Medical Centre of Excellence in Abuja, set to open on June 5, 2025.
The centre, designed as a hospital and research hub, will focus on neglected diseases affecting people of African descent and is expected to position Nigeria as a medical tourism destination.
As part of efforts to strengthen Africa’s energy security, Prof. Oramah announced plans for the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, of which Afreximbank is committing $1.25 billion.
The energy bank aims to finance projects that will enhance Africa’s energy sector, ensuring sustainable and reliable energy solutions across the continent.
In recognition of Nigeria’s strong partnership with Afreximbank, Prof. Oramah and Minister Wale Edun signed a Memorandum of Understanding (MoU) for Nigeria to host the bank’s Annual General Meeting (AGM) in Abuja this June.
Additionally, Afreximbank’s Africa Trade Centre in Abuja will be inaugurated on April 10, 2025, further strengthening Nigeria’s position as a key hub for African trade and investment.
Minister Edun expressed Nigeria’s appreciation for the continued support and partnership from Afreximbank, emphasizing the country’s commitment to leveraging these investments for national growth and development.
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