TSYS Signs Payments Agreement with QIIB

Image

By Dipo Olowookere

TSYS has announced signing an agreement with Qatar International Islamic Bank (QIIB) to license PRIME 4, the latest version of TSYS’ future-focused PRIME payment solutions platform.

QIIB is an award-winning Islamic bank that will leverage PRIME as a consolidation platform to manage all of its card issuing and multi-channel acquiring.

By migrating to PRIME, QIIB will be able to improve operational efficiencies across its business, enabling it to better grow its current market offerings, covering Sharia-compliant revolving, debit and prepaid card products with EMV and contactless support, in addition to supporting eCommerce issuing with its integrated next generation TSYS InterActivSM technology.

“We selected TSYS on the strength of its global and domestic experience in order to ensure that QIIB has best-of-breed tools to continue our commitment to enhance and deliver top-quality products and services to our customers,” said Mohammed AlMawlawi, general manager, chief business development and marketing at QIIB. He added, “By consolidating our cards onto the PRIME payments platform, QIIB will be able to further enrich our clients’ payment options at much lower costs.”

TSYS’ PRIME 4 solution is fully compliant with the Payment Card Industry (PCI) Payment Application Data Security Standard (PA-DSS). It has a strong track record of supporting Islamic banks across the Middle East region in managing their Islamic Card product portfolios and services in accordance with Sharia principles.

“We are pleased that QIIB has selected TSYS for its payments platform. We are committed to the Qatari market where we have a high level of expertise and knowledge. We will work closely with the QIIB to help it meet its growth objectives and contribute further to the development of the Qatari payments market as a whole,” said Rene Kruse, chief operating officer, PRIME Business Solutions and group executive, TSYS International.

TSYS has approximately 400 clients across more than 80 countries around the globe. Its licensing footprint across the Middle East and Africa region — where it currently supports more than 30 PRIME clients — dates back to 1989.

Share
Related Stories
Image
21-February-2024

Verod Capital Buys 65% Stake in i-Fitness from CardinalStone

By Aduragbemi Omiyale The popular fitness and gym chain, i-Fitness, now has a new investor and it is Verod Capital Management, a private equity company. Verod Capital has become a major shareholder in i-Fitness, which has branches across the country, including in Lagos and Abuja, courtesy of CardinalStone Capital, another private equity firm. Cardinal Stone divested its 65 per cent stake and this was acquired by Verod Capital in a deal said to be worth about $12 million, according to TechCabal. i-Fitness, valued at $18.5 million, was established in 2015 by Mr Folusho Ogunwale and the organisation has grown to

Image
21-February-2024

Binance Sets USDT Limits for P2P Trading Amid Pressure from Nigeria

By Adedapo Adesanya The new task force formed by the Nigerian government has allegedly ordered Binance and possibly other peer-2-peer (P2P) exchanges to set a cap on traders selling the US Dollar Tether (USDT). The joint force, which includes the Central Bank of Nigeria (CBN), in conjunction with the National Security Adviser (NSA), the Economic and Financial Crimes Commission (EFCC) and other government parastatals has set a cap at slightly above N1,800/USDT. This move will see traders who go above 1802/$ kicked off the platform due to local regulations, which are a wider part of measures towards keeping the dwindling

Image
21-February-2024

Nigerian Stock Market Further Falls by 1.30% Amid Panic Selling

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed panic selling from investors on Tuesday as the foreign exchange (FX) market continued to dampen mood. The free fall of the exchange rate of the Naira to the Dollar in the currency market is making Naira-denominated investments unattractive and yesterday, it further inflicted a 1.30 per cent loss to the equity market. It was observed that traders sold off some of their blue-chip equities, particularly in the financial and industrial goods sectors. Business Post reports that the insurance index went down by 3.89 per cent, the industrial goods counter lost 3.62

Image
20-February-2024

Nigeria Shops for $10bn to Increase FX Liquidity for Strong Naira

By Dipo Olowookere The Nigerian government is looking to raise at least $10 billion from various sources as part of its effort to increase foreign exchange (FX) liquidity to strengthen the Naira in the currency market. The Naira has been on a free fall in the past few months as the nation battles with a shortage in forex supply due to a decline in crude oil production, which the country relies heavily on for FX earnings. At the parallel market on Tuesday, the Nigerian currency weakened against the US Dollar to N1,820/$1, raising fears that it could crumble to N2,000/$1

More Stories
Image
05-December-2016

5 Ways To Save Money On Car Repairs

By Nkem Ndem Owning a car is one of the most expensive aspects of many Nigerians’ yearly spending. A car is the 2nd largest purchase that most consumers in Nigeria make, after a home. But, it’s a fact that costs never stop when you own a vehicle. Aside from insurance and fuel costs which are certainly a big part of the total cost of owning a car each year, car repairs can be extremely costly for car owners. No matter where you live, you can expect to pay some money on necessary car repairs. Preventative maintenance is very important, but

Image
02-January-2019

Sterling Bank Joins NSE-30 Index as Ecobank Exits NSE Pension Index

By Dipo Olowookere Authorities of the Nigerian Stock Exchange (NSE) have announced the review of composition of its market indices, with some publicly quoted companies exiting and joining various indexes. In a statement, the stock exchange management said the NSE-30, and its eight sectoral indices; NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension, NSE Lotus Islamic and NSE Corporate Governance Indices, have been reviewed with the composition taking effect from January 1, 2019. It was explained that the composition followed the completion of the year-end review and index rebalancing exercise which will see

Image
27-April-2022

FAAC Allocation for April 2022 Increases by 4.39% to N725.57bn

By Aduragbemi Omiyale The amount disbursed to the federal government, state government and the 774 local councils in the country for the month of April 2022 increased by 4.39 per cent as a result of the increase in Petroleum Profit Tax (PPT), Oil and Gas Royalties, Import and Excise Duties, Companies Income Tax (CIT) and Value Added Tax (VAT). According to the communiqué issued on Wednesday after the monthly Federation Account Allocation Committee (FAAC) meeting, the revenue generated by the nation in March 2022 and shared this month stood at N725.57 billion compared with the N 695.03 billion distributed from

Image
12-August-2017

Conoil Shareholders Approve N2.15b Dividend

By Dipo Olowookere Shareholders of Conoil Plc have approved the payment of N2.15 billion dividend proposed by the board of the oil firm. At the 47th Annual General Meeting (AGM) of the company held at the weekend in Uyo, Akwa Ibom State, the shareholders praised the management for the impressive performance recorded in the last financial year. President of Renaissance Shareholders’ Association, Ambassador Olufemi Timothy, remarked that shareholders were elated that despite the downturn in the economy; with the attendant sharp increase in operating costs, Conoil still recorded impressive growth in all key areas. “Conoil’s performance for the year ended

Image
09-June-2018

Inflation to Drop Further to 11.50% in May from 12.48% in April—FSDH

By Dipo Olowookere Analysts at FSDH Research have predicted that inflation rate in Nigeria for the month of May 2018 would moderate to 11.50 percent from 12.48 percent recorded in April 2018. In its Inflation Watch report, the firm explained that this drop would be influenced by base effect in the Composite Consumer Price Index (CCPI) from the previous year. The National Bureau of Statistics (NBS), according to its calendar, is expected to release the inflation figures on Wednesday, June 13, 2018. The headline inflation has been on downward trend since last year and the Nigerian government is targeting a

Image
29-August-2018

Noir King Cognac Signs Deal with Prominent Distributor

By Modupe Gbadeyanka Noir King VSOP Cognac, the flagship brand of Firebird Beverage, recently signed a prestigious deal with Savannah Distributing Co. Inc. The partnership dawns in a historical chapter in the Atlanta cognac scene as this is for the FIRST time an African-American woman-owned cognac company has tied up with Georgia’s most prominent distributor of American spirits. “We are extremely excited to partner with Savannah Distributing as the exclusive Georgia distributor for the launch of Noir King Cognac VSOP. They are one of the biggest distributors in Georgia and have been around since 1938. “We chose them because they

Image
22-February-2017

Nigeria Makes U-Turn, Snubs IMF Loan

By Dipo Olowookere Minister of Finance, Mrs Kemi Adeosun, has disclosed that Nigeria will no longer run to the International Monetary Fund (IMF) for loan because it has finally decided to look for better alternative to source for funds for capital projects. Mrs Adeosun made this disclosure yesterday in Abuja, saying the country will now pursue its own economic reform plan. She described the IMF as a last resort for loan and pointed out that the reforms highlighted by the global financial firm were already being looked into and implemented. She told CNBC that, “For us, the IMF is really

Image
08-September-2022

Basic Information About the Caribbean Premier League

Twenty20 association has turned into a trendsetter nowadays. The game lasts only 20 overs, which makes it a favorite among cricket fans. Caribbean Premier League is one such association that is led by West Indies Cricket Board (WICB) and who doesn’t adore the Caribbean Premier League CPL, with its geniuses, large hitting batsmen, and throbbing bowlers? It appears as though there is no single individual that doesn’t know Barbados Royals, Guyana Amazon Warriors, or Trinbago Knight Riders! Moreover, you can twofold the fun with the Simulated Caribbean Premier League — an imaginative wagering choice on Parimatch. Parimatch is a reputed

Ad
Ad
Recent Stories
Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the