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E-Financial

Moniepoint MFB opens office in Lagos, pledges to do more for customers

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In today’s fast paced financial services landscape, which has been defined by the ubiquity of digital and mobile banking tools, microfinance banks continue to play a crucial role in advancing financial inclusion. The hallmark of banking is customer satisfaction as such organizations that consistently invent new ways to meet consumer needs and ensure that they are well catered to are viewed as exemplars.

In a move aimed at enhancing customer satisfaction while providing more outlets for addressing customers’ enquiries and requests, the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees, Moniepoint Microfinance Bank has announced the opening of a new office in Lagos.

The new office which is situated on Admiralty Road in the Lekki area of Lagos follows from the relocation of its MFB office from Oyo-Ibadan Rd to Lagos. The new Moniepoint MFB office offers a full suite of banking services that cater to the essential financial needs of its customers, empowering them to truly live productive lives.

Commenting on the development, the Managing Director, Moniepoint MFB, Babatunde Olofin noted that the Bank’s visionary commitment to ensuring the creation of a society where everyone experiences financial happiness and they are sufficiently empowered to bring their dreams to fruition adding that the new branch is in strong alignment with this proposition which alongside its other core digital banking channels, plays a key role in how the financial institution serves and provide solutions to customers across the country.

“As we consistently bolster our digital capabilities, we recognize that physical sites remain an important touchpoint for many customers, who relish the trust, inter-personal touch and clarity at face-to-face conversations which our amazing customer service personnel provide.

“As such, creating connected experiences – physical and digital to provide access to best in class banking services affords us the privilege to deliver customer satisfaction and drive our business growth even as we strive to meet and surpass the expectations of our stakeholders,” he said.

Olofin reiterated that at the heart of Moniepoint’s success are its highly esteemed customers and that judging from feedback, testimonials, as well as the huge adoption of its products and services, the Bank is poised and well positioned to deliver more quality and value-adding banking services.

It will be recalled that Moniepoint MFB recently launched a USSD code,*5573# to offer customers a fast and user-friendly platform for consumers to carry out their banking activities safely and securely. This is in addition to a partnership that has been forged with the Corporate Affairs Commission (CAC) to digitize over 30 million MSMEs in the next 5 years with a view to enabling them to contribute more meaningfully to job creation and national growth.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

SEC Working on Stablecoin Regulation Framework

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Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.

SEC Working on Stablecoin Regulation Framework

Agama made this announcement during his keynote speech at the 2025 Decentralized Finance (DeFi) Conference.

Agama said the SEC’s commitment is to foster a responsible decentralized finance environment.

“The commission believes responsible DeFi can thrive in a regulated environment,” he said, highlighting the SEC’s efforts to enhance investor education through its “Crypto Smart, Nigeria Strong” initiative.

The program aims to educate young investors across schools, universities, and social media on blockchain basics, scam detection, and long-term investing benefits.

The SEC is also focusing on regulatory evolution, with plans to streamline its licensing regime.

“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based,” Agama noted.

The commission is exploring a framework for naira-pegged stablecoins, backed by verifiable reserves and audited by independent custodians, to facilitate cross-border trade and programmable finance.

It is also reviewing pathways for digital asset Exchange Traded Funds (ETFs), custodial wallets for pension funds, and tokenized securities for institutional investors.

 

 


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E-Financial

CBN Issues Transitional Guidance, Says Banks are Healthy

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Central Bank of Nigeria (CBN) has introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided.

CBN Issues Transitional Guidance, Says Banks are Healthy

The CBN stated yesterday that this step is a response to the economic impact of the COVID-19 pandemic.

This step, the CBN said, is part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.

CBN disclosed that the programme, which aligns with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector.

It said most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

It added that the measures announced apply only to a limited number of banks saying that these include temporary restrictions on capital distributions, such as dividends and bonuses, to support the retention of internally generated funds and bolster capital adequacy.

A statement by Mrs Hakama Sidi Ali, acting director, Corporate Communication of the apex bank,  explained that all the affected banks have been formally notified and remain under close supervisory engagement.

“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.

“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts,” the bank stated.

It further added that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums.

The goal is to ensure a transparent, predictable, and collaborative regulatory environment.

It assured that Nigeria’s banking sector remains fundamentally strong, explaining that the new measures are neither unusual nor cause for concern; they are a continuation of the orderly and deliberate implementation of reforms already underway.


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E-Financial

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

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Uzoma Nwagba, managing director, Nigeria Consumer Credit Corporation (CREDICORP), has announced that failure to repay loans may soon affect citizens’ access to essential services such as passport renewal, driver’s licence issuance, and even renting a home.

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

Nwagba disclosed this on Tuesday during a ‘Meet the Press’ session organised by the Presidential Media Team at the State House in Abuja.

According to the CREDICORP boss, the Federal Government was working to link individual credit scores directly to the National Identification Number (NIN), as part of efforts to build a centralised and reliable credit system across the country.

He said all loan providers, whether commercial banks, FinTechs, or microfinance institutions, will be mandated to report loan performance, ensuring every Nigerian has an accurate and traceable credit score.

“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he said.

“The same applies to renewing your driver’s license or renting a house. There is no hiding place.”

He clarified that the new policy will not be predatory but will impose subtle and structured consequences on defaulters.

“Whether your money is in a commercial bank, FinTech, or microfinance institution, loans taken and not repaid will be tracked and recoverable,” he added.

Nwagba explained that the goal was to ensure that every Nigerian is scored, using a structural algorithm that considers both financial and non-financial data.

CREDICORP’s mandate, he said, includes improving quality of life, reducing corruption driven by financial desperation, and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.

“The President has made it clear that improving lives is a top priority. If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps. At the same time, it drives demand for Nigerian products and helps create jobs,” he stated.

The CREDICORP boss also revealed plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members under the YouthCred scheme.

According to him, the programme’s systems and platforms are fully set up, for imminent official launch.


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