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Path Solutions is No. 1 Best Selling Islamic Software Provider Worldwide for 5th Year

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Path Solutions, a global leader in Islamic banking software solutions and services, today announced that it has maintained its 1st place position in the IBS Islamic Core Banking Systems Sales League Table 2014, with Swiss-based Temenos and Lebanon-based BML Istisharat securing second and third positions in the list.

The list which combines new name wins during the previous year was published by IBS Journal on June 3rd, 2014.

Furthermore, IBS stated in a recent article entitled “Analysis: IBS Islamic Sales League Table 2014” that “When it comes to Islamic core banking systems to underpin the sector, there is one mainstream specialist Path Solutions”.

The IBS Islamic Core Banking Systems Sales League Table is an international ranking of Sharia-compliant core banking systems sales that comprises over 30 of the major banking system suppliers including pure Islamic vendors.

It evaluates their strengths, weaknesses, various systems and verifies their user lists to form an unbiased picture of the merits of each supplier and its new name wins.

“This marks Path Solutions’ fifth appearance as No. 1 Best Selling Islamic Software Provider Worldwide on IBS’s prestigious list”, said Rosie Kmeid, VP Global Corporate Communications & Marketing at Path Solutions.

“We go above and beyond to fully identify and meet the changing needs of our clients and to continually innovate our service offerings. During 2013, Path Solutions signed 10 new name wins for the provision of its leading Islamic core banking systems. Today, we are present in 33 countries, three continents, and we have a client base of over 100 clients that are forward-thinking Islamic banks, Islamic financial institutions or Islamic subsidiaries to whom our Sharia-compliant solutions are driving immediate results”, she concluded.

Path Solutions’ references include the following Islamic banks: Sterling Bank, Nigeria; Burj Bank Limited, Pakistan; Bank Sohar, Oman; National Bank of Kenya, Kenya; Banque Al Muamelat Assahiha (BMS), Mauritania; Financial Investment Bank (FIBA), Sudan and Bank Muscat – Meethaq, Oman.

Founded in 1992 and building on over 20 years of experience, Path Solutions is well positioned to be the trusted IT partner of forward-thinking Islamic banks willing to capitalize on best-of-breed technologies.

The company goes a step beyond traditional software vendors by delivering Islamic solutions designed to mitigate Sharia risk, optimize output and minimize costs, and which can be easily extended to support geographical and business expansion.

Path Solutions has been on something of a winning streak, earning numerous industry accolades for its Islamic banking software solutions and services in 2014 including recognitions by World Finance Magazine, Global Banking & Finance Review, and winner for the 2014 Beacon of ICT (BoICT) Awards in the ‘Islamic Banking Application of the Year’ category.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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