E-Financial
Moniepoint MFB Unveils New Feature to Combat Fraud and Enhance Convenience
Moniepoint Microfinance Bank, Nigeria’s definitive bank for small and medium-sized businesses, as well as their customers and employees has unveiled its new Unstructured Supplementary Service Data, USSD service.
Tunde Olofin MD Moniepoint MFB
This service, accessible via the account control code *5573#, offers a fast, secure, and user-friendly platform for consumers to conduct their banking activities with ease, from any mobile device without the need for an internet connection.
This move is expected to increase convenience and accessibility whilst showcasing the bank’s commitment to financial inclusion and enhancing safety and security across the digital payment ecosystem.
The USSD Banking suite includes a variety of services such as Funds Transfer, Airtime and Data Purchase, Account Balance and Details Inquiry, PIN Management, and Account Security Measures like Blocking/Unblocking access for oneself or others.
The introduction of *5573# is a security measure against unauthorized access, safeguarding customer funds in case of loss or theft of mobile phones, ATM Cards, or hardware tokens, and in situations where account details may be compromised.
This code empowers customers to secure their accounts promptly from any mobile device, without needing to contact the bank, especially in cases of suspected fraud.
“At Moniepoint MFB, our top priorities are delivering exceptional customer service through digital innovation and ensuring the highest security standards,” said Babatunde Olofin, Managing Director, Moniepoint MFB. “Our new USSD service provides the convenience of mobile banking with an added layer of security that gives customers control over protecting their accounts, even by using a third-party mobile device.”
He continued, “we have always been guided by our mission to create a society where everyone experiences financial happiness, and in these times, what that looks like for us is increasingly empowering consumers to take charge over their bank accounts, even as we curate a seamless and secure banking experience.
“In addition, we have always spoken about our commitment in supporting the central bank’s financial inclusion agenda, with this feature, customers, especially the least digital-savvy ones, irrespective of their location have now been eminently positioned to carry out a wide range of transactions effortlessly.”
Existing customers, encompassing business and personal accounts, can initiate transactions and manage their accounts, by navigating to USSD Banking settings on their mobile banking app in order to activate this feature while new users will have the feature activated by default upon sign up.
It will be recalled that in 2022, Moniepoint MFB received an award from the CBN as the most inclusive payment platform in the country. Moniepoint MFB helps over 3 million people and businesses with banking, payments processing, access to loans and business management tools with a view to powering their dreams.
Moniepoint MFB has established a solid reputation for reliable service, synonymous for innovation, and a deep commitment to delivering value added solutions in the Nigerian market.
FirstBank of Nigeria has announced an upward review of its transaction alert fee, raising the charge from N4 to N6 per SMS.
In a customer notice, the bank attributed the increase to the recent hike in telecom service costs by network providers.
“We understand that staying connected and informed about financial activity on your FirstBank account is crucial,” the bank stated. “Unfortunately, due to the recent increase in telecom service charges by service providers, the fee for our SMS transaction alerts has been adjusted from N4 to N6 per message.”
The bank acknowledged that the change may cause some inconvenience to customers but assured that efforts are being made to minimise the impact while maintaining service quality.
“We know that this change might cause you some inconvenience, but we are committed to minimising the impact of this change while we continue to provide you with the best financial services possible,” the message read.
The bank encouraged customers with concerns or questions about the adjustment to reach out through its official contact channels.
The adjustment comes at a time when banks are reviewing cost structures following increased operating expenses, including rising telecom tariffs and inflationary pressures across sectors.
The new SMS fee will apply per transaction alert received by customers.
However, some customers took to X (formerly Twitter) to criticise the move, especially at a time when other banks are reportedly scrapping similar charges.
An X user, @Tonyvyncent, wrote, “FirstBankngr have mercy. In a period when others like Sterling Bank are removing charges for customers, you’re increasing charges. No emotional intelligence.”
Tijjani Borodo, chairman, Chartered Institute of Directors (CIoD) Nigeria, has blamed bank failures on poor corporate governance, but commended the Nigeria Deposit Insurance Corporation (NDIC) for its notable achievements in bank liquidation and resolution.
The NDIC excellence in operational standards, consistent implementation of its mandate, and unwavering commitment to ethical leadership and sound corporate governance especially in banking supervision and depositor protection, have been critical factors in the Corporation’s success in promoting the stability of the banking sector and the nation’s financial system.
He made these remarks during a courtesy visit by the CIoD Governing Council to the Management of the NDIC at the Corporation’s Head Office in Abuja.
He stated that as the apex professional body for directors in Nigeria, the CIoD had instituted mechanisms and procedures to sanction erring directors found culpable of unethical conduct.
He reaffirmed the Institute’s strong commitment to promoting high standards of governance and leadership across all sectors, including the banking industry.
Borodo described the visit of the Governing Council of the CIoD opportunity to strengthen and sustain the partnership between the Institute and the NDIC, particularly in the area of capacity building through Board induction programmes, executive leadership development, and governance training tailored to the specific needs of directors in both the public and private sectors.
In response, Bello Hassan, NDIC managing director/CE, expressed appreciation to the CIoD leadership in promoting professionalism and corporate accountability.
He emphasised the NDIC’s commitment to depositor protection and financial system stability, stressing that corporate governance is central to the Corporation’s operational mandate and critical in strengthening the integrity and resilience of banks as well as instilling public confidence in the financial system.
Hassan further reiterated the Corporation’s readiness to sustain its partnership with the Institute in advancing a strong culture of corporate governance among the NDIC’s executive staff and across the broader financial industry.
E-Financial
Moniepoint Secures Place Among Africa’s Fastest-Growing Companies for Third Consecutive Year
Moniepoint Inc. has once again been recognized by the Financial Times as one of Africa’s fastest-growing companies, marking its third consecutive year on the prestigious list.
This ranking reinforces Moniepoint’s rapid expansion and its position as a leading financial institution dedicated to serving Africans globally.
Released on May 14, 2025, the ranking was compiled by Statista, which rigorously screened companies based on their revenue growth from 2020 to 2023.
Moniepoint stood out with a remarkable 2023 revenue of $264.51 million, outperforming competitors across diverse industries including technology, telecoms, financial services, and healthcare.
The fintech powerhouse processes over 1 billion transactions monthly, with a total payments volume exceeding $22 billion, serving ten million businesses and individuals across Nigeria. Its continuous success is reflected in its $110 million Series C funding round in October 2024, which attracted investment from Visa, a global digital payments leader.
Moniepoint’s expansion goes beyond Africa, with the recent launch of MonieWorld, a remittance and digital financial service tailored for the UK’s African diaspora, offering seamless money transfers to Nigeria.
CEO Tosin Eniolorunda expressed his excitement about the company’s achievements and future growth, emphasizing Moniepoint’s dedication to financial inclusion and innovation.
The company has also received multiple awards, including Financially Inclusive Fintech of the Year by the Central Bank of Nigeria and Best Bank for SMEs at BusinessDay’s BAFI Awards.
Since its first ranking in 2023, Moniepoint has rapidly scaled its services, providing millions with reliable financial solutions while enabling access to essential banking tools for businesses and individuals, including those in underserved areas.
With its continued recognition by the Financial Times, Moniepoint remains a trailblazer in Africa’s fintech sector, solidifying its reputation as a key player in driving financial empowerment and accessibility across the continent and beyond.
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