E-Financial
KAMCO Adopts Latest Technology from Path Solutions

Path Solutions, multi-award winning Islamic banking software provider, has announced the successful completion of its solution upgrade at KAMCO (KIPCO Asset Management Co.), a premier investment company based in Kuwait.
KAMCO’s main activities reside in Asset Management and Investment Banking.
The Asset Management Division concentrates on providing its clients with customized portfolio management, access to IPOs, local and international fund management with risk adjusted return maximization, mitigating risks, and maintaining capital appreciation for individual and institutional clients.
Its Investments Division specializes in providing its clients with unique investment opportunities, financial and advisory services, supported by investment research which tracks the latest directions and trends across local and regional economies and capital markets.
The newest technology acquired from Path Solutions will allow the simplicity and flexibility KAMCO needs to achieve optimal efficiencies and long-term benefits.
Additional features include 100% automation of the processes, enhanced permissions processing, workflow graphics and increasing productivity and control of production environments.
“We’re strong supporters of Path Solutions, mainly due to their professional systems and up-to-date technology which have strongly contributed to the enhancement of KAMCO’s operational activities”, confirmed Mr. Faisal Sarkhou, KAMCO’s chief executive officer.
He continued, “Considering the many years in which we have utilized the Path system, our team is very familiar and comfortable with the solution and finds it easy to upgrade and maintain”.
Mr. Mahmoud Idris, KAMCO’s chief support officer, added, “The aim behind this fast system upgrade is to gain critical time-to-market. Countless number of tasks are easily and quickly automated enabling configuration without programming capabilities, delivering innovation and value with reduced complexity for every user”.
The modular architecture of Path Solutions’ latest investment software allows the fast roll out of features and functions. Its sophisticated operational tools enable centralized control with pro-active real-time monitoring, data transformation, job scheduling, batch processing and automated reporting, with a drag-and-drop environment that substantially reduces the total cost of automation lifecycle.
“This successful deployment will empower KAMCO to meet the needs of a growing customer base with faster product roll-out and exemplary customer service”, commented Mr. Mohammed Kateeb, Path Solutions’ group chairman & CEO.
“We’re delighted to know that KAMCO is celebrating a perfect year end closing with a new business platform and a robust and feature-rich technology infrastructure, allowing it to scale up to meet its future growth”.
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
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