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Opay Reopens Lagos Offices After Election-Related Closure

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Opay halts business units

Digital bank Opay has announced the reopening of its Lagos offices on Monday, March 20th, following a temporary closure due to the ongoing election.

Despite the slight adjustment to its business hours, Opay has been one of the most reliable financial institutions for many Nigerians, providing efficient electronic money transfers and other financial services.

In a statement released by the company, it said, “Our Lagos offices will not be open to customers today; (Friday 17th March) due to the upcoming elections in the state, however, all offices in other cities will be open for business.”

The company also encouraged customers to use its alternative channels, which will be available and accessible to them. This move is in line with Opay’s commitment to ensuring uninterrupted service delivery to its customers.

As the banking sector in Nigeria continues to evolve, digital banks like Opay are taking center stage with their innovative services, which are tailored to the needs of the average Nigerian.

With its reopening, Opay continues to solidify its position as a reliable and efficient financial institution that can be trusted to meet the needs of its customers.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Flutterwave Hit by Another Security Breach, Billions of Naira Diverted to Multiple Bank Accounts

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In another blow to the financial technology sector, Flutterwave, a prominent player in Nigeria’s digital payment landscape, has been rocked by yet another security breach, resulting in the diversion of billions of naira to multiple undisclosed bank accounts.

This incident is the latest in a series of setbacks for the fintech company, raising concerns about the integrity of its systems and the safety of customer funds.

According to insider sources familiar with the matter, unauthorized transactions amounting to approximately ₦11 billion ($7 million) were illicitly transferred to several accounts during April 2024.

However, other sources suggest the figure could be as high as ₦20 billion ($13.5 million), underscoring the magnitude of the breach.

Flutterwave, responding to inquiries regarding the breach, acknowledged the unauthorized activities but stopped short of confirming the exact amount involved.

In a statement to TechCabal, the company assured the public that no customer funds were lost or compromised, and the confidentiality of customer data remained intact.

The modus operandi of the perpetrators involved transferring the stolen funds to various accounts across five financial institutions over a span of four days.

To evade detection, the transactions were carefully orchestrated to stay below thresholds that trigger fraud checks, highlighting the sophistication of the operation.

Law enforcement agencies have been notified of the breach, and investigations are underway to apprehend those responsible.

Flutterwave has also initiated measures to mitigate the impact of the incident, including temporarily restricting the accounts implicated in the unauthorized transfers.

Industry analysts note that this is not the first time Flutterwave has fallen victim to such security breaches. Over the past fourteen months, the company has grappled with multiple incidents of unauthorized transfers, raising serious concerns about the adequacy of its cybersecurity measures.

In October 2023, Flutterwave reported unauthorized transactions totaling ₦19 billion ($24 million), affecting thousands of account holders across 35 banks and financial institutions.

Subsequent breaches in March and February 2023 saw millions of naira diverted to numerous bank accounts, further exposing vulnerabilities in the company’s systems.

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Moniepoint Inc Moniepoint Inc Named Africa’s Fastest-Growing Financial Institution by Financial Times

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Moniepoint

Moniepoint Inc, parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd has been ranked by the Financial Times, one of the world’s leading business news organizations, recognized internationally for its authority, integrity, and accuracy as Africa’s fastest-growing financial institution.

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released today. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall.

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

Moniepoint Inc has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. It will be recalled that in August 2023, Moniepoint MFB entered the personal banking market offering reliable banking services to millions of individuals across Nigeria.  The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “We are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation.  2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

According to David Pilling, FT Africa Editor, “The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed.  Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides has earned it local and international plaudits.

In 2023, for the second year running, Moniepoint Inc was named amongst the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the Pwc/Businessday Family Business Summit; while bagging the Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards.

Industry analysts have averred that as a strongly embedded and systemic institution in the digital payment services segment, with an eye on the future, Moniepoint Inc is poised to continue to deliver innovative solutions that promote inclusivity, drive sustainability and create new vistas in the markets where they operate.

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Fintechs Instructed to Report Cryptocurrency Transactions to Authorities in Nigeria

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Fintech companies across the country have been instructed to report all crypto trades to relevant authorities.

This directive comes amidst the recent freezing of 105 accounts across nine fintech firms suspected of various illegal activities, including unauthorized forex dealings, money laundering, and terrorism financing.

The Economic and Financial Crimes Commission (EFCC) obtained an interim court order on April 24, 2024, to freeze these accounts for 90 days as part of ongoing investigations.

Sources close to the matter suggest a connection between these freezes and heightened scrutiny of cryptocurrency transactions.

Following these regulatory actions, several prominent fintech players, including OPay, Moniepoint, PalmPay, and Kuda Bank, have been directed to suspend the opening of new accounts temporarily pending evaluations of their Know Your Customer (KYC) processes by the Central Bank of Nigeria (CBN).

The frozen accounts are part of a broader investigation by the EFCC into 1,146 bank accounts suspected of manipulating the foreign exchange market through cryptocurrency platforms.

The EFCC believes that some account owners exploited cryptocurrency platforms to manipulate the FX market.

In response to these developments, fintech firms have started implementing stringent measures against cryptocurrency transactions.

Moniepoint, for instance, notified its customers that it would close accounts engaged in crypto or virtual asset transactions and share their details with relevant authorities.

Similar warnings were issued by other fintech players like Paga and OPay, emphasizing their stance against crypto-related activities.

During a recent industry event, Tosin Eniolorunda, founder and CEO of Moniepoint, urged participants in crypto Peer-to-Peer (P2P) markets to cease their activities due to regulatory prohibitions.

He highlighted the risks associated with engaging in such activities, citing potential legal repercussions.

Eniolorunda linked the recent regulatory actions to the prevalence of fraud in fintech apps and emphasized the renewed focus on KYC and Anti-Money Laundering (AML) measures.

He alleged that some P2P crypto activities contributed to the manipulation of the Nigerian currency, the naira, prompting regulatory intervention.

This latest directive underscores Nigeria’s broader crackdown on cryptocurrency platforms, particularly Binance, which began earlier in 2024.

The government has expressed concerns about the role of crypto platforms in currency speculation and their impact on the devaluation of the naira.

This regulatory tightening reflects the government’s efforts to maintain financial stability and curb illicit financial activities in the country.

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