Ethiopia’s Hijra Bank signs core banking deal with Path Solutions
Hijra Bank, a new challenger looking to join Ethiopia’s growing Islamic banking sector, has selected Path Solutions’ iMAL core banking platform.
Path Solutions, a specialist provider of banking software to Islamic banks and financial institutions, says it won the deal following “a highly competitive bidding and selection process”.
New bank on the block Hijra Bank aims to provide interest-free financial services catered to “tech-savvy devout customers wishing to comply with the principles of Islamic law” and those who are looking for ethical and socially responsible banking.
It will utilise the latest version of Path Solutions’ iMAL platform to provide its digital banking services as it looks to capitalise on growing digital literacy within the nation.
Dawit Kenno, the newly appointed acting CEO of Hijra Bank, says Path Solutions “understands the vital role of IT in our business” and that the company’s “Islamic banking domain know-how and extensive international experience” will prove beneficial as it looks to grow.
He adds: “Along the lines of our vision to be the most preferred interest-free bank in Ethiopia, we need to create a robust foundation to drive growth and to have the agility to innovate continuously, especially with the fast evolvement of financial technology to remain relevant ahead of the competition.”
Path Solutions signed a deal with its first client in Ethiopia, Bank of Abyssinia (BoA), earlier this year. Other recent deals include UK digital bank Nomo and Somalia-based Amana Bank.
The company was recently acquired by Singapore-headquartered Azentio Software for an undisclosed sum.
Azentio says it will support Path Solutions with increased investments into research, product development, sales and customer service.