E-Financial
Path Solutions Unveils Next-Gen Technology Platform
Path Solutions, the global leader in Islamic financial services software, has announced the availability of its new technology platform – iMAL 14, built using Java Enterprise Edition (Java EE) technology with significant functional and technical enhancements to help accelerate time-to-market and reduce maintenance costs.
As the core system modernization remains a compelling priority, Path Solutions has advanced the state-of-the-art in Islamic banking technologies with innovations that no other IT vendor can match.
The new integrated platform unveiled by Path Solutions will give financial institutions a single view of their customers coupled with real-time customer analytics, a complete view of risk, a compelling and interactive channel banking experience and the most advanced reporting tools; all while lowering their IT expenditures through greater process automation.
Path Solutions embarked on a phenomenal run of new technology venture aimed at accelerating the pace of financial innovation by giving financial institutions the tools to increase operational efficiencies while offering highly differentiated products and services in a market undergoing significant regulatory, competitive and customer changes.
“This breakthrough release was driven by clients’ requirements. From the onset, we have been motivated to make it a great platform for them”, said Grace Saade, VP Product Engineering & Management at Path Solutions.
She continued, “iMAL 14 has been developed using a Service Oriented Architecture (SOA) approach providing a cost effective solution, running 24/7 real-time, improving the agility of financial institutions and enabling them to be well equipped for the market challenges of today and tomorrow”.
The SOA-based iMAL 14 suite allows faster development time, integrating seamlessly with any core banking system. It is built using MVC (Model–View-Controller) design pattern, allowing a complete physical and logical separation of the presentation, business logic and data access layers, thus supporting different deployment architectures and enabling advanced patch management, which in turn reduces test cycle times for faster time-to-market.
iMAL 14 can be dynamically customized without any code changes, enabling financial institutions to quickly respond to market changing conditions and to align with future business initiatives and strategies. The system which resembles a Product Factory, is highly flexible and parameterized, and provides real value in reducing time to market for product introduction.
“We have heavily invested in the componentization of both the technical and functional levels“, Saade explained.
“Developed on top of in-house built components, iMAL 14 ensures standardization and quick GUI changes across the different modules. The componentization is also extended to the business level: The application screens are business components, out of which, financial institutions can dynamically recreate new screens and customize them to accelerate technology support for new products. An advanced search engine is also provided for easier and faster data retrieval, and hence ensures improved customer experience. iMAL 14 is built with the end-user in mind, allowing him to customize the interface to his personal preference settings, building his landing page with widgets and embedding his favorite items. Online Context-Sensitive Help is also provided to guarantee a quick and successful initialization phase for new users”, Saade said.
iMAL 14 has strong multilingual capabilities which help in the rapid deployment in any geographical location. A customization utility is also provided for clients willing to change the labels as per their convenience.
For financial institutions looking at cloud services to reduce the cost of their IT infrastructure and day-to-day operations, this much anticipated release of iMAL 14 is delivered as software-as-a-service (SaaS), a hosted software or cloud-based delivery model. SaaS offers quick, easy access to iMAL core banking system without the need for numerous IT resources and costly software and hardware infrastructure, making it the ideal deployment for financial institutions wishing to secure their future, away from the complicated and cumbersome systems.
“The cloud-based delivery model provides lower upfront costs, rapid deployment and access anytime, anywhere on any device with a web browser”, added Saade.
“Our clients will benefit from open, modern technology to accelerate innovation, greatly increasing the speed and effectiveness with which new products and services are created and launched in the market. This high-uptime operational efficiency enables them to provide superior customer service at a lower total cost of ownership”.
Path Solutions complements iMAL 14 release with the new web-based iMAL*CRMPlus, based on Microsoft Dynamics CRM, providing users with a drill-down capability to the transaction level, in addition to the management of current and prospective customers’ contacts, leads, opportunities and relationships; along with world-class solutions such as iMAL*2Retail, 2Corporate and 2Mobile Portal which are designed for intensive deployment environments that demand scalability and high availability.
These solutions are fully integrated with all iMAL modules and have the flexibility to integrate with other core banking systems through an integration layer, providing a secure hub where customers can safely bank online.
The company has also introduced new and improved BI and RM solutions, characterized by flexible technical architectures and an expanding data warehouse built on SQL server.
The new technologies are backed up by Analysis Services that leverage in-memory technology and provide interactive exploration of aggregated data, self-service capabilities that empower users with data discovery, analysis and visual exploration, and navigation through SharePoint.
“We’re seeing a major shift in the marketplace, as more and more financial institutions transform themselves to become customer-aligned businesses”, commented Jacob Zachariah Karuvelil, Path Solutions’ EVP – Professional Services & Global Support.
“In our journey to making all our clients partners for life, we are pleased to continue driving an aggressive, growth-oriented business plan, including constant investments in new software technology capabilities to further accelerate their growth, and drive both industry best practice and competitive advantage for them. Upgrades are part of a regular ‘fitness plan’ that provides continuous momentum and agility for financial institutions; Hence we invite our clients to take advantage of iMAL 14 as their core processing engine with this newly available upgrade”.
Path Solutions has built a leadership position by continuously innovating in differentiated, mission-critical software solutions to stay at the forefront of the financial industry.
iMAL Islamic Banking & Investment System is a perfect fit for the vertical markets. With significant architectural renewal through componentization and web deployment, iMAL offers particular appeal to financial institutions willing to take advantage of the flexibility, reliability, scalability and portability that this platform offers.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
Federal Inland Revenue Service (FIRS) has revised its Standard Operating Procedure (SOP) as part of efforts to improve consistency, transparency, and service delivery in tax administration across the country.
According to a statement on Monday in Abuja by Mr. Collins Omokaro, Special Adviser on Communication Strategy and Advocacy to the Executive Chairman of FIRS, the revised SOP offers a unified framework for core tax processes including registration, payment, audit, and enforcement.
“This is about people, experience, and impact. It’s a step toward a tax system that supports voluntary compliance and national development,” Omokaro said.
He explained that while FIRS field offices have long operated with good intentions, inconsistent methods across different locations often created confusion for taxpayers.
The revised SOP, he said, is designed to eliminate such disparities by providing a single, clear roadmap for operations in all of the Service’s over 300 offices nationwide.
More than just a procedural manual, the new SOP is described as a statement of institutional direction, reflecting values that define the future of the Service.
Omokaro quoted Dr. Zacch Adedeji, executive chairman of FIRS, as saying that “This SOP is not just a technical document—it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people.”
The SOP update is one component of a broader reform agenda underway at FIRS, which aims to transform the agency into a fully service-oriented institution.
The changes are also aligned with the ongoing digital transformation within the agency, which is intended to harmonize human and technological systems for faster, more reliable, and taxpayer-friendly service delivery.
Internally, the SOP is expected to enhance operational efficiency and provide a foundation for improved staff training, clearer guidance, and stronger evaluation systems. Omokaro noted that every FIRS employee is expected to study, implement, and embody the procedures outlined in the new document.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” he said.
The SOP reform is being introduced as part of the Service’s broader mission to reposition itself as a modern tax authority grounded in accountability, consistency, and a shared sense of national purpose.
The move comes as the FIRS continues to modernize its processes, improve tax collection efficiency, and foster a culture of voluntary compliance—all aimed at strengthening revenue mobilization to support Nigeria’s development agenda.
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