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E-Financial

Zain Bank Chooses iMAL from Path Solutions

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Path Solutions has announced that Zain Iraq Islamic Bank for Investment and Finance (Zain Bank), a newly established Islamic retail bank in Baghdad, has selected iMAL Islamic Core Banking System for the launch of its Islamic banking services, as it seeks to tap into the growing demand for Islamic banking products across the country.

After evaluating offerings from a range of international vendors including Temenos, Misys, Oracle FS, ICS Financial Systems and Capital Banking Solutions, Zain Bank decided to go for Path Solutions. This is the company’s second win this year in Iraq following the signing of a strategic partnership agreement with Al Rajeh Islamic Bank in July.

A recent entrant in Iraq, Zain Bank is a newly established Islamic bank with headquarters in Baghdad. The bank has received its Islamic banking license from the Central Bank of Iraq on August 11, 2016 and officially opened its doors on December 4, 2016. With an ambitious expansion plan, Zain Bank aims to become the premier Islamic corporate and retail bank in Iraq by offering its clients world-class digital banking services supported by state-of-the-art Sharia-based technologies.

Tawfeeq Hashim Tawfeeq, Managing Director, Zain Bank, said, “We selected iMAL because of its excellent reputation in delivering to local banking demands including Islamic banking requirements. This scalable platform will allow us to grow quickly by launching a wide range of innovative Sharia-compliant banking products to meet the demands of our customers in the country. We feel confident that our investment in Path Solutions will pay off by helping us adhere to local standards, attract new business and subsequently win superior market share”.

Path Solutions is enjoying a landmark year, with Islamic banks across the globe selecting its cutting-edge core banking system as the foundation for their Sharia-based banking operations, firmly establishing iMAL as the core banking system of choice for forward-thinking Islamic banks facing diverse industry and market challenges.

Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said, “Iraq experiences increasing momentum in the growth of Islamic banking and we are excited to further build upon our unique position in this country. We are confident that Zain Bank will benefit from our industry know-how to launch and expand its business significantly, and manage future growth in a competitive environment”.

Zain Bank chose Path Solutions’ iMAL because of its proven success in meeting local regulatory requirements and supporting the full range of Islamic banking business models. The new system will empower the bank to provide modern Islamic banking services to its customers and become one of the most forward-looking banks in Iraq.

“We want to provide an enriching, memorable experience to our customers with a wide range of products and services that are both compatible and up-to-date with the digital world and support compliance with Sharia rules”, added Hashim Tawfeeq. “iMAL will enable us to immediately achieve the results we desire, while also providing us with a modern, robust Islamic banking platform to ensure compliance with upcoming regulations. We are proud of partnering with Path Solutions to meet our corporate goals for ambitious growth”.

Zain Bank will implement iMAL*2Mobile and Internet Banking, part of the iMAL banking suite, so that the bank can engage more closely with its customers. Zain Bank has received a license to undertake foreign transactions as well. This is a major growth opportunity for the bank; and to underpin its trade finance and treasury services channels and operations, the bank will also implement iMAL*TradeFinance and Islamic Treasury, in addition to BI, Risk Management and FATCA solutions, the reporting module with its feature-rich and user-friendly web interface, and a next-generation HR operational portal to ensure a modern digital workplace.


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E-Financial

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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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.

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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.


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E-Financial

Flutterwave Secures 20 more US Money Transmitter Licences

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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).

Flutterwave Secures 20 more US Money Transmitter Licences

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.

 


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E-Financial

Court Affirms NIBSS Authority to Manage BVN

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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.

Court Affirms NIBSS Authority to Manage BVN

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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