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Trustbank Amanah uses iMAL Islamic Core Banking Platform to Power Suriname Islamic Bank

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Path Solutions, a leading global Islamic core banking software, consulting and services organization, announced that Trustbank Suriname, now Trustbank Amanah, has gone live on iMAL Islamic core banking platform with the successful transition of the bank from conventional to Islamic banking business model, a major milestone in the South American banking system as large banks in South America are tipped to tap into growing Sharia-compliant demand.

To help differentiate itself as the first Islamic bank in Suriname, Trustbank Amanah selected the dynamic iMAL after an extensive review of global core banking system vendors.

“It’s a significant landmark not just for Trustbank Amanah, but for the banking industry in South America”, commented Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. “The successful deployment of iMAL at Trustbank and its transformation into a full-fledged Islamic bank is testimony to the commitment from both Trustbank and Path Solutions to make this happen. We are proud to witness the first iMAL Go Live in South America, and proud to be the preferred IT partner of Trustbank Suriname in their strategic initiative”.

Founded on August 30, 1989, Trustbank is a private bank with expertise in the areas of savings, loans, investments and asset management. Trustbank has opted at a strategic level for a new business model to enrich the banking landscape in Suriname, the Caribbean and Latin America. The bank embarked on the conversion last year.

Today, Trustbank Amanah offers pioneering Islamic banking products which can serve as an incentive for economic development and diversification, obviously differentiating itself from the competition and expanding its product range. This strategic transformation initiative is foundational to Trustbank Amanah’s objectives in supporting Sharia compliance, as well as highly personalized customer service.

Commenting on the Go Live, Maureen Badjoeri, Trustbank Amanah CEO, said, “Path Solutions’ experience in banking platform conversion has been demonstrated extensively throughout the globe. Their extensive track record of successful implementations, and their focus and flexibility in ensuring that each and every project is a success is unparalleled.

A project of such complexity was executed in a record breaking timeframe by the joint team. We are proud of what we have achieved. From now onwards, iMAL will enable us to provide innovative retail banking services and products in conformity with Islamic law. It will also drive digital transformation, greatly enhancing customer experience, increasing efficiency and transparency of our banking operations”.


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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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E-Financial

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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