E-Financial
Moniepoint Gives Details of How its Redefining Payments in Nigeria with Flexible Options

Moniepoint, a leading fintech company has said that beyond redefining payments and technology and the payment industry, it also ensures that it provides its businesses and partners with several flexible payment options so they can receive payments from their customers.
Moniepoint started with a virtual account service that automated payment or transfer and allowed customers and businesses to make and receive payment seamlessly through transfers.
But speaking during a lead presentation at the inaugural edition of Payments Forum Nigeria (PAFON 1.0) held last week at Oriental Hotel, Lagos, Ikenna Ndugbu, Chief Compliance Officer at Moniepoint said for instance, Monnify, its payment platform, offers a wide variety of payment options to businesses.
Represented by Isoken Aigbomian, the Regional Sales Manager, Moniepoint, Ndugbu said: “There is the online payment platform, there’s the in-person payment option, and then there is the cash payment via our agent network, which I think Moniepoint has the largest agent network.
“We have a wide variety of payment options that we offer to businesses today. Today our online payment options cascade to all sectors, from agriculture to savings to investment. We have several businesses that we currently provide online APIs where they can receive car payment transfers, pay for their phone bills; where customers can process transactions seamlessly via different channels.”
Ndugbu further stated that the bank has its disbursement API that allows businesses to carry out bulk transfers to customers in real-time, seamlessly, without any manual verification required.
“These options that we offer businesses stand us out as a force to reckon with in the payment space today. Monnify, our payment gateway, is among the top three payment platforms for businesses today,” he said.
Explaining further what Moniepoint has brought to the payment space, he said, “When in 2019 we were approached by an organisation that we had recorded for a while, they reached out to us and told us in the payment space they were mainly card processors, they were only processing card transactions.
“And in 2019, if everyone is familiar with the payment space, a lot of customers were very jittery about putting their card skills out there. That was truncating the payment experience, reducing the turnaround time for customers to complete their way, take out this blocker, and have the operation.
“So, what we did was we looked inward and popular means of payment in Nigeria transfer. We worked with our engineers and we’re going to build an infrastructure that automates a notification on transfers.”
Ndugbu said that what this meant was that when the customer makes a payment transfer, the business will not need to manually verify the payment before they can give value.
“So, essentially as a business or as a payment processor, Monnify has the flexibility to incorporate the business’s unique use case and fashion out a service or a payment process that would suit that which is key for business operations,” he said.
Moniepoint’s Micro-Finance Bank (MFB) received its license in February 2022 and has helped over 3 million people and businesses with banking, payment processing, access to loans and business management tools.
It is believed that with these solutions, businesses on the Moniepoint platform process about 8 trillion Naira monthly.
Moniepoint MFB operates the largest distribution network for financial services in Nigeria, and over 33 million people use their cards on its POS terminals monthly across the 774 local government areas in Nigeria.
L-r: Olusola Odediran, Chief Information Security Officer, NIBSS/representative of Chairman, Committee of Chief Information Security Officers of Nigerian Financial Institutions; Chike Onwuegbuchi, co-founder, TechCastle Foundation; Adekunle Ajayi, Product Manager, Cloud and Digital Solutions, inq. Digital Nigeria Ltd; Abidemi Akinola, Chief Compliance Officer, Remita; Efemena Ogie, Head, Partnership, Monipoint Inc., and Peter Oluka, Editor, Techeconomy, during, the Payments Forum Nigeria (PAFON 1.0) event on, ‘Payments: Trust, Security and Privacy in AI era’ held in Lagos recently.
E-Financial
Naira Gains Strength, Hits N1,600/$ in Parallel Market

The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
E-Financial
CBN Spending on Naira Printing, Distribution up by 306 Percent

Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
E-Financial
PalmPay Reaffirms Commitment to Advancing Contactless Payments

PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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