E-Financial
Moniepoint, HSBC Boost Female Economy as Winners Emerge @Alliance Hack 2024
Women represent the world’s largest and fastest-growing market—and one that has been largely overlooked by the incumbent and fintech sectors alike. By overlooking the female economy opportunity, fintechs are leaving trillions on the table. Accelerating the financial power of all women by working to champion the female economy and unlocking its full value has been the driving force of the Financial Alliance for Women.
In 2019, the Financial Alliance for Women identified the fintech sector as a significant business opportunity to address key issues in the financial inclusion of women globally, which the traditional sector has struggled with and instituted the Alliance Hackathon to develop scalable solutions that solve key female economy challenges.
This year’s edition, sponsored by Moniepoint Inc and HSBC, with the theme – Shaping Economies through Gender-Intelligent Fintech showcased cutting-edge solutions aimed at advancing financial inclusion and empowerment.
According to Inez Murray, CEO, Financial Alliance for Women, “we make the business case for women’s economic advancement and help them drive profits, grow their programs through key platforms.
“We received a record number of entries to our annual Alliance Hackathon this year, with more than 200 fintechs from around the world applying to take part.
“After pouring over the applications, the field narrowed to 15 exceptional finalists selected to compete in the hack throughout early August, fine tuning their tech-based solutions to facilitate women’s financial inclusion.”
With a call to fintechs around the world to pitch creative and innovative tech-based solutions that expands women business owners’ access to finance; provides non-financial services that accelerate their business growth; supports women to invest and build wealth; and support women to mitigate and adapt to climate change, the shortlist of 15 fintechs that made the final include Penny, Pilou, Rusyve, DREX, QuickLegal, MICROWD, Halal Money Transfer (HMT), Finan Co., Ltd, Warmi, Kitspay Private Limited, HiSofi, Futa, Famunera Limited, and 6C’S Skill’s Exchange.
The shortlisted fintechs received one-on-one mentoring from a highly experienced mentor cohort featuring leaders like Moniepoint’s VP, Corporate Affairs, Edidiong Uwemakpan. They also took part in peer learning clinics focused on building a successful women-centered strategy, and got the chance to pitch in front of a panel of high-impact executives from global financial services institutions.
Creating a solution that helps develop mass market women’s investment capabilities, Pilou, a by-women, for-women platform offering women in Latin America personalized financial education and investment tools alongside low-cost, diversified investment portfolios managed in a transparent manner has emerged first place winner as the Female Economy FinTech of the Year in the 2024 Alliance Hack.
DREX, a renewable energy financing platform dedicated to funding small to medium-sized renewable energy projects and link women-owned businesses in Ecuador in with women-owned solar farms that could cover 100% of their energy requirements took second place as Female Economy Silver Fintech Award winner and Futa, which supports small businesses in Francophone Africa by using payroll data to provide their employees with fast and fair access to financing received the Female Economy Bronze Fintech Award as third place winner.
Tosin Eniolorunda, CEO, Moniepoint Inc, acknowledged that women’s financial inclusion is not just a matter of equality – it’s a powerful catalyst for economic growth and societal progress. “At Moniepoint, we’re committed to playing our part in unlocking the full potential of the Female Economy. This is why we chose to sponsor the Alliance Hackathon.
“We believe that by fostering innovation in fintech, we can accelerate the development of solutions that address the unique financial needs and challenges faced by women around the world.
“From expanding access to finance for women entrepreneurs to providing tools for wealth building and climate action, the challenges tackled in this hackathon align perfectly with our vision for a more inclusive future where societies can experience financial happiness and their dreams are powered,” Eniolorunda said.
Furthermore, Eniolorunda, who also served as a judge on the Hackathon said, “To the winners, you’ve shown us that with the right tools and support, we can make significant strides in bridging the gender gap in financial services and making a real difference to improve women’s lives across the globe. Moniepoint remains committed to supporting this journey, and we look forward to seeing the impact these solutions will have in the years to come.”
Recognizing the contributions of the sponsors, Moniepoint Inc and HSBC, Financial Alliance for Women noted that “today, five years later, we are proud of the great impact we are creating. Not only are we raising awareness within the fintech ecosystem, but we are also witnessing fintechs becoming increasingly gender-intelligent. We would like to thank you for your high-level engagement and commitment to the Alliance Hack. Without your contributions, the hackathon wouldn’t be possible.”
Federal High Court has ordered that the bank accounts of suspected cryptocurrency users on ByBit, KuCoin, and other platforms have N548.6 million frozen by the Economic and Financial Crimes Commission (EFCC), because of their alleged involvement in naira fluctuations.
The court froze the cash based on September 3, 2024, request that accused two prominent foreign cryptocurrency sites, ByBit and KuCoin, of contributing to the depreciation of the Nigerian Naira, according to Nairametrics.
This development is part of a larger legal and prosecutorial effort by federal government authorities to deal with claims that international cryptocurrency platforms are evading taxes and violating foreign exchange laws.
Remember that in February 2024, two executives of the cryptocurrency platform Binance were detained by Nigeria’s security agency on the basis of information provided by the National Security Adviser.
The information claimed to have involved money laundering and financing of terrorism on specific cryptocurrency exchange platforms. ]
According to Nairametrics, the EFCC has already filed a lawsuit against Binance and Tigran Gambaryan for $35.4 million worth of money laundering offenses.
ByBit, KuCoin, and several other anonymous cryptocurrency platforms are accused in this most recent motion of facilitating the “price discovery, confirmation, and market manipulation” that led to “distortions in the market, resulting in the naira losing its value against other currencies” by their Nigerian users.
In his affidavit, which Nairametrics exclusively obtained,Okoro Philip, EFCC investigator, claimed that Nigeria has made significant progress in recent months towards currency stabilization measures by the Federal Government, as demonstrated by the dollar’s trade on the illicit market at N980 to $1.
He continued by saying that these gains were quickly undone on Thursday, April 18, 2024, when the dollar quickly rose on the black market from N1,250 to $1.
“These fluctuations were primarily driven by activities on platforms such as ByBit, KuCoin, and other similar cryptocurrency platforms,” he stated, citing more intelligence and research.
According to him, the 22 bank accounts listed in the motion and located in different Nigerian banks are owned by eager sellers of USDT who give their naira accounts in exchange for the transfer of the USDT’s naira equivalent.
The argued that the people whose accounts were found are users of ByBit, KuCoin, and other international cryptocurrency platforms.
These people are not allowed to trade in foreign currencies, advertise, bargain, or exchange cryptocurrency for naira at rates that are harmful to Nigeria’s financial system.
The prosecution levied charges against the cryptocurrency platforms, alleging that they wilfully disregarded Nigeria’s anti-money laundering rules and regulations, allowing their users to conduct business secretly.
“ByBit is a cryptocurrency platform that allows users to swap USDT (a digital dollar) for other currencies such as the naira. One USDT is approximately equal to one US dollar. The exchange rates determined by users of these cryptocurrencies adversely affect the value of the naira by artificially lowering its value.”
In the case identified as FHC/ABJ/CS/543/2024, the official stated, “The proceeds of this manipulation go into the account of the willing seller.”
United Bank for Africa (UBA) has named Chukwuma Nweke as its deputy managing director.
Nweke’s appointment that previously held roles of chief operating officer and executive director, retail & payments “underlines once again, UBA’s commitment to upholding the highest governance and operational leadership,” according to Tony Elumelu, chairman, UBA.
The new deputy managing director will start his new position on 1 October, the financial institution disclosed in a statement on Wednesday.
The statement signed Ramon Olanrewaju, UBA’s group head, media and external relation, said that Nweke is the deputy managing director “in charge of IT and operations”.
Muyiwa Akinyemi, who has been the bank’s deputy managing director since August 2022, is now “the deputy managing director in charge of southern operations,” the spokesperson further said.
A graduate of Accountancy, from University of Nsukka, Enugu State, Nweke also holds a Master’s of Business Administration at the university.
He is a Fellow of the Institute of Chartered Accountants of Nigeria as well as an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).
His over 30 years of experience in the banking industry encompasses audit, retail banking, banking operations, strategy, technology and finance.
Elumelu, chairman of UBA was quoted as saying that “His deep industry expertise and proven track record make him an invaluable asset to our board, and we are confident that his contributions will further strengthen the group’s growth and success.”
In the same statement, the pan-African bank, which has footprints in 20 markets on the continent, announced exit of Kayode Fasola, a non-executive director, who has retired from the directors’ board.
Mr Fasola joined the lender in August 2018 and once served as the chair of its Finance & General Purpose Committee as well as a member of the Board Audit & Governance, Credit and Statutory Audit committees.
His areas of expertise includes performance management, risk management, banking operations, asset management, business strategy, banking operations, credit/financial analysis, insurance among others.
Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, today announced the issuance of an inaugural domestic dollar bond from the Federal Government of Nigeria (FGN), raising US$900 million and marking a significant milestone in the country’s economic development.
AFC acted as Global Coordinator on the first-of-its-kind issuance for Nigeria’s capital market. The bond which was issued at par has a tenor of five years and carries an annual coupon of 9.75%.
The issue closed with a 180% oversubscription, underscoring strong domestic investor confidence in Nigeria’s economic stability and growth potential, and the effectiveness of AFC’s strategic capital markets leadership.
As a domestic issue, the investor base comprised Nigerians and non-Nigerians resident in Nigeria, Nigerians in the Diaspora, and institutional investors. The bond will be listed and available for trading on the Nigerian Exchange Limited (“NGX”) and FMDQ Securities Exchange Limited (“FMDQ Exchange”).
The successful issuance demonstrates AFC’s pivotal role in supporting the Nigerian government’s commitment to deepening domestic capital markets, promoting financial inclusion and diversifying funding sources. It marks the first issuance under the FGN’s Domestic US Dollar Bond Programme. Proceeds of the bond issue will be invested in critical sectors of the Nigerian economy approved by the President on the recommendation of the Minister of Finance, subject to appropriation by the National Assembly.
“This inaugural domestic US dollar bond issuance is a significant achievement for Nigeria and marks a new chapter in the development of the country’s capital markets,” said Banji Fehintola, Executive Director and Head of Financial Services, Africa Finance Corporation.
“We are honoured to have played a leading role in this landmark transaction as the Global Coordinator, which aligns with AFC’s mission to develop domestic capital markets in Africa by providing innovative financing solutions that meet the continent’s unique needs and also leveraging our deep capital market expertise to serve and deliver value to our clients.
!This successful issuance not only showcases Nigeria’s economic potential but also reinforces the benefits of African nations looking inward to tap the deep pool of domestic capital on the continent and taking the lead in financing their own development.”
AFC has a solid track record in capital markets with a well-established diverse investor engagement program that included issuance of a US$1.16 Billion global syndicated loan earlier this year.
The Corporation was recently bestowed with “The Most Innovative Bond” award at the EMEA Finance Achievement Awards for its pioneering JPY 75 billion Samurai Bond Guarantee to the Arab Republic of Egypt and the “Best Supranational Syndicated Loan” award for securing a US$625 million syndicated loan last year, welcoming new lenders from the Middle East and Asia.
Alongside AFC’s role as Global Coordinator for the domestic bond issuance, United Capital Plc acted as Lead Issuing House/Coordinator; Meristem Capital Limited, Stanbic IBTC Capital Limited and Vetiva Advisory Services Limited acted as Issuing Houses; Constant Capital Markets & Securities Limited and Iron Global Markets Limited acted as Financial Advisers; Olaniwun Ajayi LP and G. Elias acted as Solicitors; and Greenwich Trustees Limited acted as Trustee.
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