E-Financial
Maalem Financing to Implement Path Solutions’ iMAL Islamic Core Banking Platform

In line with its new business and innovation strategy, Maalem Financing has signed an agreement with Path Solutions, the Islamic banking software specialist, in which iMAL Islamic core banking platform will be rolled out progressively at the company’s headquarters.
Founded in 2009 and licensed by the Saudi Arabia Monetary Authority (SAMA), Maalem Financing is a non-banking finance company (NBFC) delivering Sharia-based finance services to individuals and SMEs in Saudi Arabia. The company has reported brisk growth in its financing portfolio, consisting of a variety of Murabaha products receivables in the first quarters of 2017.
The iMAL Islamic core banking platform will replace legacy system at Maalem Financing. The new Islamic platform will form a key part of Maalem Financing’s new strategy aiming to embrace the opportunities of technological advances to meet their customers’ current and future needs and expectations.
“Our selection of iMAL highlights our commitment to technology and innovation. We invest in technology to deliver innovative solutions and convenience to our customers. Path Solutions offered the best match to what we want to do.
The company possesses the right technology to fulfill our vision. iMAL will improve our ability to bring new Sharia-compliant products to market quickly and will also support our ambitious growth plans,” commented Dr. Saleh Al Sayari, CEO of Maalem Financing.
Mohammed Kateeb, the Group Chairman & CEO of Path Solutions stated, “We are delighted to be working with Maalem Financing on this new project implementation in Riyadh.
By selecting iMAL integrated, front-to-back platform, Maalem Financing puts itself in a position to differentiate its customer proposition in a highly competitive marketplace, with the ability to scale its business for growth.
Our set of services has the capacity to accommodate their business and the all-important journey toward modernization as part of the company’s focus on innovation and keeping abreast of developments in the field of information technology, to provide its customers with the opportunity to get instant customer fulfilment and comprehensive Sharia-based services”.
It was important for Maalem Financing to put a reliable core banking platform with an advanced system architecture in place.
Used by more than 130 Islamic financial institutions worldwide, iMAL real-time, innovative and integrated platform is designed to reduce their infrastructure costs at the same time as enabling them to benefit from open banking solutions.
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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