Fintech

Moniepoint Inc Vows to Drive Financial Inclusion Amidst National Development Agenda

Published

4 months ago

March 14, 2024

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 20^th 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.

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Samed Olukoya

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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Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

Published

1 week ago

July 18, 2024

Samed Olukoya

Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

Fintech

Nigeria Sees 31% Increase in POS Fraud Amid Rising Terminal Adoption

Published

2 weeks ago

July 12, 2024

Samed Olukoya

The prevalence of fraud and forgery in Nigeria’s payment system has shown a significant shift in the first quarter of 2024, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities.

According to the “Fraud and Forgeries Report in Nigerian Banks” for Q1 2024 by the Financial Institutions Training Centre (FITC), POS fraud cases surged by 31.12%.

In Q4 2023, there were 2,683 reported cases of fraud associated with POS terminals. However, this number escalated to 3,518 cases by Q1 2024.

POS fraud cases made up 30.67% of the total fraud cases (11,472) recorded in the quarter under review.

Financial Impact of POS Fraud

While there was a rise in fraud cases, the amount of money involved in POS fraud declined. In Q4 2023, the total amount involved in POS fraud was NGN604.91 million.

This amount decreased by 37.74% to NGN376.59 million by Q1 2024.

Also, the amount of money lost to POS fraud saw a significant decline, falling from NGN14.62 million by 68.34% to NGN4.63 million on a quarterly basis.

The decrease in financial losses may indicate improved detection and prevention measures, but the overall rise in fraud cases highlights the need for continued vigilance.

Adoption of POS Terminals

The rise in POS fraud cases is attributed to the widespread adoption of these terminals by merchants and consumers alike.

As a cash-driven Nigerian economy, the convenience and efficiency of POS transactions have made them a popular choice.

However, this widespread adoption has also made them a target for fraudsters seeking to exploit vulnerabilities in the system.

In Q1 2023, the number of registered POS terminals increased by 218,475, from 2,318,947 in January 2023 to 2,537,422 by March 2023.

By the same quarter in 2024, the number of registered POS terminals had increased by 289,154, from 3,441,287 in January 2024 to 3,730,441 by March 2024.

Overall, between the end of Q1 2023 and Q1 2024, Nigeria witnessed an additional 1,193,019 POS terminals, marking a 47.02% increase.

Despite this increase in the number of registered POS terminals, the first quarter of 2024 saw POS transaction volumes reach 314 million, which is a significant drop of 73.81 million, or 19.03%, from the 387.81 million transactions recorded in the first quarter of 2023.

Regulatory Measures and Industry Response

The Corporate Affairs Commission (CAC) recently stated that POS agents of major fintechs in Nigeria, including OPay, Palmpay, and Moniepoint, among others, must have registered their businesses by July 7, 2024.

However, it extended the deadline by 60 days, giving operators until September 5, 2024. The CAC said the registration is aimed at safeguarding the businesses of fintechs and customers, as well as strengthening the economy.

Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) condemned the mandated registration, describing it as an attempt to tax more Nigerians to generate revenue for the government.

Fintech

PalmPay Issues July 7 Deadline for POS Operators to Submit CAC Certificates

Published

3 weeks ago

July 5, 2024

Samed Olukoya

PalmPay has announced a firm deadline of July 7, 2024, for all Point of Sale (POS) operators using its platform to register with the Corporate Affairs Commission (CAC) or submit their CAC certificates.

This mandate aims to ensure compliance with Section 863 (1) of the Companies and Allied Matters Act 2020 and the 2013 Central Bank of Nigeria (CBN) guidelines on Agent Banking.

In a statement released on Thursday, PalmPay emphasized the importance of adhering to these legal requirements.

“Following CAC’s directive for POS operators to register and submit their CAC details on or before July 7, 2024, PalmPay is encouraging its business users who have not yet complied with the directive to do so promptly,” the statement read.

This initiative comes in the wake of a two-month registration deadline issued by the Federal Government through the CAC, mandating POS companies to register their agents, merchants, and individuals.

The directive is part of broader efforts to bring regulatory compliance and transparency to Nigeria’s burgeoning fintech sector.

To facilitate the registration process, PalmPay has integrated the CAC registration portal into its Business App.

This integration allows operators to seamlessly register their businesses and submit the required documents, ensuring a smoother compliance process.

Umuteme Enakeno, Head of Marketing and Communication at PalmPay, reiterated the company’s support for the CAC directive.

“PalmPay fully supports the CAC’s directive. We provide 24/7 customer support and conduct weekly meetings to guide operators through the process,” Enakeno stated.

He also highlighted that operators can seek assistance through PalmPay’s customer support channels, including phone, email, or in-person visits to any of the 36 state offices across Nigeria.

PalmPay has urged all its business customers to submit or register their CAC details before the deadline.

“Register your business via the PalmPay Business App: Ensure that all necessary documents and information are provided accurately before submitting your application. Update your PalmPay account once you get the certificate to reflect your new corporate status,” Enakeno advised.

Failure to comply with the CAC registration requirement will result in the freezing of PalmPay accounts, the company warned.

This stringent measure underscores PalmPay’s commitment to aligning with national regulatory standards and fostering a compliant fintech ecosystem.

Meanwhile, the Association of Mobile Money and Bank Agents in Nigeria, representing POS operators, has indicated plans to challenge the mandatory CAC registration in court, questioning its legality and potential impact on their operations.