Path Solutions selected as a strategic technology solutions partner of MyBank Limited Somalia

March 23, 2020 - Path Solutions announced today that it had signed up MyBank Ltd., its second banking client for iMAL in Somalia, and indicated a stronger focus on the Somali market for Sharia-compliant software solutions and services to tackle financial exclusion in the country.

Under the terms of the agreement with MyBank Ltd., Path Solutions will provide a full Islamic core banking suite in addition to branchless banking as well as payments and personal financial management (PFM) tools. Once implemented, iMAL shall bring significant automation and efficiency into all respective core areas of the new bank including customer service, central bank reporting, facility management, as well as effective risk mitigation, Sharia compliance and internal controls to power the bank’s operations in the country.

iMAL is a comprehensive, fully integrated AAOIFI-certified banking platform which enables cross-asset risk management, straight-through processing, and supports the complete lifecycle of a wide range of transactions and investment processes including calculations and payments, collection and revaluation. iMAL is scalable in that the process of adding new products is simplified. It also helps financial institutions run and scale their business much more efficiently while minimizing total cost of ownership (TCO).