News
Moni Unveils New Community-powered Business Loans to Drive Growth for African SMEs
Moni, a digital platform that leverages social trust and group responsibility to deliver financial services in Africa, has launched a new range of business loans that enables market traders, spare part dealers, textile traders and other small business owners in Africa to take advantage of the power of their communities to access the working capital they need to run and scale their businesses.
Across Africa and other emerging markets, community groups and associations play an important role in providing various essential services and protecting the interests of the collective.
They also facilitate accountability and self-governance that enables communities to function as effectively as possible.
Moni is pioneering a community finance model that builds on the importance of this form of group responsibility in African communities to improve access to essential financial services for small business owners across the continent.
According to the African Development Bank (AfDB), SMEs account for more than 90 percent of businesses and almost 80 percent of employment in Africa.
However, insufficient data and ineffective credit decisioning by traditional financial institutions has led to a $421 billion credit gap, with business owners unable to access the working capital they need to scale.
Moni has built a risk engine that combines financial data and business performance with social intelligence to enable more effective credit decisioning for African SMEs.
Starting with Nigeria, small business owners with a good social reputation simply need to join a lending cluster with an invite from an existing Moni user and once eligibility has been confirmed, they can access financing in 5 minutes or less.
Once the loan is disbursed, the cluster shares responsibility for the loan and members are able to access funds from an automated savings pot to bail out members if needed.
The Y Combinator-backed startup launched the pilot of its community powered loans in August 2021 with 3,000 mobile money agents (more than 5,000 on the waiting list). In 2022 alone, Moni disbursed more than $22 million in loans to more than 11,000 SMEs, with a 99 percent repayment rate.
The company is now building on the success of its community-powered model to deliver game changing financial services to a wider range of African SMEs who have previously been underserved by the traditional financial system.
According to Femi Iromini, CEO and co-founder of Moni, “Our community-powered business loans product is just one of the ways we are innovating around our unique context in Africa to make the most of what is already in place to deliver the financial services business owners need to create long lasting wealth for themselves and their communities.
“We have ample evidence to show that this approach works and we are excited to be bringing more businesses on board to drive the economic development we all want to see on the continent.”
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
News
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
News
NAICOM Sacks African Alliance Insurance Board
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
- Telecom23 hours ago
Edo State Launches Data Centre in Benin
- E-Business3 days ago
FG Invests $40m in Intercept Technology, $583m in Surveillance- S4C
- News2 days ago
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
- Telecom3 days ago
NCC Waxes Worriedly as Telcos Lose Billions to Vandalism, Theft
- E-Financial3 days ago
CBN Puts Nigerian Adults with Certified Bank Accounts @ 54m
- Telecom3 days ago
Telcos Key to Bridging Financial Gaps, Fostering Inclusion – MTN’s Tobe Okigbo
- E-Financial3 days ago
SEC to Include Cybersecurity, AI in Curriculum Review – DG
- Telecom2 days ago
Google Grants Nigeria N2.8Bn for Al Development to Advance Digital Economy