ICS Financial Systems ltd. (ICSFS), a leading global provider of premium universal banking software solutions, is pleased to announce that it has been selected by Summit Bank Limited – a newly established non-interest bank in Nigeria – to be their Banking Infrastructure provider.
The collaboration includes the deployment of ICS BANKS® Islamic Banking Solution as well as ICS BANKS® Digital Banking Solution at the banks’ headquarters and six branches, marking a significant step forward for Summit Bank in bringing next-gen Digital sharia-complaint financial services to the Nigerian market.
The ICS BANKS® Islamic Banking Solution will provide Summit Ban with a broad range of non-interest financing products, all to be delivered via several convenient digital touchpoints powered by ICS BANKS® Digital Banking Solution which encompasses modules such as SMS Banking Notifications System, ICS BANKS® Smart Mobile/Tablet Banking, ICS BANKS® Internet Banking, as well as ICS BANK® ERP Suite.
Summit Bank also opted for several critical banking modules include ICS BANKS® Credit Facilities and Risk Groups, ICS BANKS® MIS, Remittances, Trade Finance, Islamic Treasury Module, IFRS9 ECL Module, e-KYC with 360º customer exposure, as well as the Risk Rating and Credit Scoring Modules.
Mr. Umar Ahmed, Chairman of Summit Bank: "We are happy and excited moving forward with ICSFS as our technology partner. Such a decision is seldom an overnight one, especially since our success relies to a great extent upon the quality of our technology infrastructure and front end. It is also the window through which our customers will access our products and services, thus playing a crucial role in shaping the road ahead of us. Having examined the ICS BANKS® banking solution closely, I’m confident that our journey will be a smooth one. We have a strong faith in ICSFS to be our partners as we navigate the intricacies of sharia compliance in the modern banking world. We expect ICSFS to provide us with all the support we need to make our contribution to the Nigerian economy and promote financial inclusion."
Dr. Mukhtar Adam, COO of Summit Bank: "We would like to thank ICSFS for their commitment towards being a strong partner and ally to Summit Bank. Their transparency with us from the first day has given us a sense of ease in knowing that we are able to rely on them completely. Technology is at the heart of banking and financial services, and it shapes the way our customers experience our services and interact with us. Therefore, having a dependable technology partner like ICSFS is a key success factor for us. Thus far, our engagement with ICSFS has shown us just how committed they are to our success, they have demonstrated excellent knowledge of our market, regulations and due processes, not to mention their ability to build the software in full compliance of our needs and requirements, deploy it, and maintain it. We have complete confidence in our choice of ICSFS as our technology partner, and we look forward to experiencing the immense power of their flagship banking solution: ICS BANKS®."
Robert Hazboun, Managing Director of ICSFS: "Welcoming a new member to the ICS BANKS® family is always a joyous occasion for myself and everyone at ICSFS, and it is with tremendous pride that we can consider Summit Bank, Nigeria’s newest non-interest bank, to be a cherished member of our growing family. We have a solid presence and an immense experience in the Nigerian market, which gives us a lot of confidence in our ability to impress our new client and be a true partner to them every step of the way.
"Our top priority has been and will always be Customer Support, something that we take a lot of pride in doing excellently, not to mention the strong emphasis we place on conducting efficient, quick, and smooth implementation and go-live processes. We wish Summit Bank all the luck, success, and prosperity, and we look forward to an exciting journey further shaping the financial services market in Nigeria and the region."
A signing ceremony to commemorate this significant partnership was held at the ICSFS Centre of Excellence in Amman. The event was attended by Summit Bank’s Chairman, Mr. Umar Ahmed, and CEO, Dr. Mukhtar Adam, along with their Business and Technical Advisors, Mr. Meshack Ossai and Mr. Taiwo Akinde. Representing ICSFS at the ceremony were Global CEO, Mr. Robert Hazboun, Executive Director, Mr. Wael Malkawi, and a team of ICSFS senior management.
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS® software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS® has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.