E-Financial
Moniepoint Reiterates Commitment to using Innovative Technology to Bridge Financial Inclusion Gap
Given the critical importance of financial inclusion to national development and building a sustainable economy, Group CEO Moniepoint Inc, Tosin Eniolorunda has reaffirmed his organization’s resolve in increasing financial inclusion and driving the adoption of technology by the underserved consumers in the country.
The Moniepoint boss was speaking on the sidelines of the 16th edition of Leadership Newspapers Conference and Awards where Moniepoint Inc received an award as the Fintech Company of the Year.
The event, which took place at the Congress Hall of the Transcorp Hilton Hotel, Abuja also coincides with the 20th anniversary of founding of the Leadership Group.
The selection of the award recipients followed a critical review of their various contributions to the growth and development of Nigeria, as laid down by the founding chairman of the LEADERSHIP Newspaper Group, the late Sam Nda-Isaiah.
The prestigious Fintech company of the year award recognizes Moniepoint’s innovative efforts to increase access to financial services for underserved and unbanked populations across Nigeria. Through its nationwide network of point-of-sale terminals and digital payments platform, Moniepoint has empowered millions of Nigerians, including petty traders and roadside businesses, to participate in the digital economy.
“We are immensely proud to receive this recognition from Leadership,” said Tosin Eniolorunda. “From the start, our mission has been to democratize financial services and create equal opportunities for every Nigerian to thrive. Powering dreams and ensuring that the large majority of our people irrespective of where they live experience financial happiness is our reason for being.
“This award validates our commitment to driving genuine financial inclusion in tandem with the government’s mandate and we are spurred to do more in terms of leveraging innovative solutions and technology to create more value for Nigerians.”
In her welcome remarks, Chairman, Leadership Newspapers, Zainab Nda-Isaiah signposted the role of the awards in recognizing individuals and organizations who are taking bold strides towards creating a more peaceful, stable, and prosperous nation. While paying homage to the legacy of the legendary and visionary Founder and her late husband, Sam Nda-Isaiah, she noted that awards spotlighted those considered deserving and exemplary in their various categories.
“We may not be where we would like to be, but these men and women are making strides in the direction that we hope will lead us to a nation of peace, stability, and the possibility of prosperity for all who dare to seize it”, Nda-Isaiah said.
Keynote presenter, Prof. Kingsley Moghalu, who was speaking to the theme, “An Economy In Distress: Which Way Forward?”, made a case for fixing the fundamentals and advised that the current economic crisis must not be allowed to go to waste.
“There is no better time to fix these challenges than now. The CBN’s policy actions are well intended and will serve to stabilize the macroeconomic environment. We must fully understand the causes that have led us to where we are and ensure that they are fixed by deploying real strategies.” He canvassed for property rights, innovation and access to capital as core pillars for a successful and productive economic growth.
Prominent personalities at the event include, Minister of Information and National Orientation, Mohammed Idris Malagi who represented awardee for Person of the Year, President Bola Ahmed Tinubu; presidential candidate of the Labour Party, Peter Obi, who received the Politician of the Year award; Governors Fr Hyacinth Iornem Alia of Benue State; Dikko Umaru Radda of Katsina State; Seyi Makinde of Oyo State and Mohammed Umar Bago of Niger State; Managing Director/CEO of First City Monument Bank Plc, Mrs. Yemisi Edun who received Banker of the Year Award and Salisu Auwalu, a keke rider from Kano who returned a bag containing 15m naira left in his tricycle, received an award as outstanding Young Person of the year.
It will be recalled that in 2023, Moniepoint MFB received the prestigious Rising Star Family Business Award Pwc/Businessday Family Business Summit; the Most Outstanding Microfinance Bank in Consumer Engagement at the Brandcom Awards, while Moniepoint Inc was listed for the second year running amongst the 100 most promising private fintech companies by CB Insights and the reputable Financial Times named it Africa’s second fastest-growing company.
Moniepoint Inc also received critical acclaim as the “Most Outstanding Fintech Company in Financial Inclusion at the Brandcom Awards. Group CEO, Moniepoint Inc, Tosin Eniolorunda was named the 2024 Legit Business Leaders Awards in recognition of his outstanding contributions to Nigeria’s economy.
Nigeria has approached the World Bank for a fresh $10.50m loan to enhance the Central Bank of Nigeria’s (CBN) technical capacity and modernise the country’s domestic payment infrastructure.
Olayemi Cardoso, Governor, Central Bank of Nigeria
According to information on the World Bank website on Thursday, the proposed CBN Technical Assistance Facility seeks to support integrating innovative technologies and data science into the CBN’s supervisory processes.
This is expected to help the apex bank tackle long-standing and emerging challenges in Nigeria’s rapidly evolving financial landscape while improving the domestic payment infrastructure for remittances.
The project, currently at the concept review stage, will focus on three key areas. Firstly, it aims to strengthen the CBN’s institutional capacity to keep pace with technological advancements through a robust governance framework, expert advisory support, peer-to-peer central bank exchanges, and modernisation of the CBN’s internal processes to align with the digital era.
Secondly, it will enhance the CBN’s supervisory capacity through technology and data improvements. This involves funding modern technical solutions, including Supervisory Technology systems, to improve data accuracy, operational efficiency, and risk-based supervision.
Thirdly, it aims to modernise domestic payment systems for remittances to improve their safety and reliability.
It will explore innovative methods to attract informal remittance flows into formal channels while conducting annual surveys on remittance households and fostering peer-to-peer learning for knowledge exchange.
According to the World Bank, the objective of this project is “to strengthen technology-enabled, data-driven, risk-based supervision at the CBN and improve domestic payment infrastructure for remittances in Nigeria.”
The project aligns with the government’s pursuit of a cashless economy and the increasing adoption of digital financial services in Nigeria.
The scheme, which has a commitment amount of $10.50m, is scheduled for board presentation approval on June 12, 2025. The implementing agency is the Central Bank of Nigeria.
Sterling Bank has called for the cancellation of bank transfer fees by major banks, announcing it will no longer take any money for itself for any local online transactions by its customers.
The announcement, made on April 1st, initially sparked widespread arguments, with many assuming it was a marketing prank tied to April Fools’ Day.
However, Sterling Bank, in a statement, has confirmed that it is not a stunt, that the zero-transfer-fee policy was real, and effective immediately.
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
“We believe access to your own money shouldn’t come with a penalty,” said Obinna Ukachukwu, growth executive leading the Consumer and Business Banking Directorate, Sterling Bank
“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest,” Ukachukwu added.
“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” it sated.
Under the new policy, Sterling customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.
We’re proud to lead this change,” Ukachukwu added. “We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values.”
Fidelity Bank Plc has reported a pre-tax profit of N385.2 billion for 2024, representing a 210 per cent growth compared to the N124.3 billion recorded in 2023.
Dr Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc,
The bank, in a statement released on Monday, declared a total dividend of N2.10 per share following its strong financial performance in 2024.
Gross earnings increased by 87.7 per cent to N1,04 trillion, driven by a 106.9 per cent growth in interest and similar income to N950.6 billion.
The increase in interest income was attributed to improved yields on earning assets and a 51.6 per cent expansion in the earnings base to N6.3 trillion.
This led to a profit after tax of N278.1 billion, representing a 179.6 per cent annual growth.
Commenting on the results, Dr Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc, expressed satisfaction with the growth.
“We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality and significant traction in our strategic business segments.
“Our impressive results led to a triple-digit increase by 210 per cent in Profit Before Tax (PBT), rising from N124.3 billion in 2023 to N385.2 billion in 2024,” she said.
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1 per cent to N629.8 billion, driven by a high-yield environment in 2024.
To optimise its margin, the bank maintained asset yields above funding costs by maintaining a high low-cost deposit profile at 92.6 per cent.
This led to an increase in its Net Interest Margin from 8.1 per cent in 2023 FY to 12.0 per cent.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9 percent from N4 trillion in 2023 financial year to N5.9 trillion.
The increase was driven by strong double-digit growth across all deposit types.
The Retail Banking Business gained significant traction, with savings deposits increasing by 28.8 per cent to N1.1 trillion, marking the 10th consecutive year of double-digit annual growth in savings deposits.
In spite of the challenging economic conditions in 2024, the bank continued to support the real sector of the economy by increasing its Net Loans and Advances from N3.1 trillion in 2023 to N4.4 trillion in 2024.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders.
“In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share,” Onyeali-Ikpe explained.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year.
This is subject to shareholders’ approval at its forthcoming Annual General Meeting (AGM) on April 29, 2025.
The dividends will be paid on April 29, 2025, to shareholders whose names appear on the register of members as of April 15, 2025.
The bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed.
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