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Zensar Technologies, Agile Financial Technologies Partner for Global BFSI Focused Services

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Zensar Technologies, a global software solutions and services provider,has  announced a strategic partnership with Agile Financial Technologies (Agile FT), a global leader in the BFSI software solutions space, to strengthen its position in the Banking, Financial Services and Insurance (BFSI) sector. 

This partnership will help Zensar and Agile FT optimize proficiency to meet the rapidly growing needs of the sector and continue to remain customer centric by providing them with the industry leading solutions and strong domain expertise. 

Ganesh Natarajan, CEO and vice chairman Zensar Technologies, said, “Zensar has a direct presence in Dubai and plans to have multiple centres across the region.  This partnership is an important step towards re-emphasizing the significance that the Middle East market plays in Zensar’s growth strategy.”

The Middle East is one of Zensar’s key emerging markets where it has a market leading position in the Enterprise Application space in both Oracle and SAP solutions and has created a strong footprint over the last seven years by engaging with some of the region’s most prestigious Manufacturing, Retail, Real Estate and Healthcare companies.

Zensar Technologies plays a substantial role in providing critical insights towards enabling institutions in becoming more consumer friendly, widening their delivery channels, service accessibility hence gaining a competitive edge.

Kalpesh Desai, CEO, Agile Financial Technologies, said, “We are pleased to announce our global partnership with Zensar who will add their strong domain and delivery skills to our award winning Agilis product suite in the insurance, banking and financial services space. The partnership while adding enormous value to our potential customers will also help us generate a significant thrust in the market. Our teams have been working closely for the past six months to reach a stage of preparedness to launch our joint product and service offering in the Middle East, Africa and the US. Our relationship extends to other markets that Zensar is present in as well, namely the UK, India and APAC regions.”

Sekhar Dash, regional head of Middle East, Zensar Technologies, said, “In our effort to deliver superior value to the Banking, Financial Services and Insurance sector given that a significant portion of the market is product driven, we have partnered with Agile Financial Technologies who have best of breed products for the Insurance value chain, Banks and Financial Services Companies including Lending & Investment Management firms. Our global experience and delivery skills make a perfect fit with Agile FT’s product suite in the regions we operate in. We are now preferred partners for Agile FT in the Middle East, USA, UK, Africa, India and the APAC regions.”

With a customer focused mindset and desire to become a seamless extension of the modern  BSFI organizations, Zensar is well-positioned to deliver superior value with its rich service offerings, domain depth and innovative engagement models.

Shefali Khera, COO for Agile FT US & Global SVP & Business head, Agile FT, comments, “We have already begun engaging deeply in multiple accounts and at various levels of demand generation, solution architecture and market penetration. The joint teams have demonstrated high level of teamwork and synergy that makes us ever more excited about this formal partnership going forward.”

Zensar’s business operations for the Middle East stem out of their office in Dubai and will have multiple centres across the Middle East to ensure that they are able to capitalize on the major role the region plays in the overall growth strategy.  


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E-Financial

FG Sacked IST Members over Fraud- Ahmed

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Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


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CBN Bans Customer-to-Customer Forex Transfer

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Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


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Stanbic IBTC, Standard Bank, Listed Among Top African Corporate Brands

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Stanbic IBTC Holdings PLC and its parent company, Standard Bank, have emerged amongst the top winners of the 2020 Tech Times’ Africa LinkedIn Corporate Brand Awards.

The Stanbic IBTC Group emerged the second position in the category, with total votes of 3,515, out of 24 firms nominated for the award. Standard Bank placed the fourth 2,494 votes.

Nominations for this award opened to the public on July 1, 2020 and closed on July 14.

Shortlisted nominees were announced on August 24 while voting commenced immediately and voting ended on September 8, 2020.

The Corporate Brand Awards was instituted by Tech Times’ Africa, an online platform for leading technology, innovation, and startup stories.

Expressing his delight on the awards, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that both Stanbic IBTC Holdings PLC and Standard Bank had been deliberate and consistent in making a remarkable impact in Africa’s financial sector.

“Our sincere appreciation goes to the organisers of the Africa Corporate Brands Awards and to every member of the public who voted. This is a reflection of the high level of trust and confidence that the public has reposed on us,” he added.

Dr Sogunle further said that Stanbic IBTC Holdings PLC would remain relentless in portraying the organisation as one of the most influential corporate brands in Africa.

He stated: “Stanbic IBTC Holdings PLC and Standard Bank have relentlessly contributed to driving the growth and development of the African financial ecosystem. These awards affirm our efforts, and we are encouraged to raise the bar continually.”

The Africa Corporate Brand Award is designed to identify and recognise outstanding companies. It also projects their achievements and impacts on African society and the world at large.


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