Moniepoint Microfinance Bank, Nigeria’s leading digital financial services provider and definitive bank for businesses, has been honored with the prestigious Best Hospitality Industry Support – Fintech Award at the 2024 Hotel Industry Excellence and Sustainability Award (HIESA). This recognition underscores Moniepoint’s commitment to empowering businesses within the hospitality industry through innovative financial solutions.

L – R Chibuikem Diala, Executive Director, International Hospitality Tourism and Eco-Sustainability Forum; Ekene Nnabuihe, Chief Executive Officer, Boulevard Hotel; Isoken Aigbomian, Regional Sales Manager, Enterprise Sales, Moniepoint and Bemigho Awala, Public Relations Manager, Moniepoint during Moniepoint’s award win as Best Hospitality Industry Support – Fintech Award at the HIESA awards ceremony which held at the Ladi Kwali Hall, Abuja Continental Hotel.

As a major artery in Nigeria’s booming hospitality sector, Moniepoint provides a range of digital financial services that streamline financial operations, improve guest experiences with digital payment and contribute to the overall growth and sustainability of the industry.

The tourism and hospitality sector in Nigeria holds significant economic importance as it contributes in part to the country’s GDP and stimulates economic growth via improved revenue generation, attracting FDIs, job creation, cultural preservation and sustainable development. It will be recalled that consulting giants, PWC had forecast that Nigeria will experience a robust growth of 12% in Nigeria’s hospitality industry.

Speaking on the rationale for Moniepoint’s award, Chibuikem Diala, Executive Director, IHTEF, noted that Moniepoint has become a symbol of innovation, dedication and a testament to the resilience, expertise, partnership that is inherent in developing homegrown brands for the good of the hospitality sector in Nigeria.

“Moniepoint has been chosen by industry leaders because of its innovative contributions towards seamless financial transactions in the hospitality industry. It is worthy of note that Moniepoint as a financial technology brand with inventive solutions have helped to revolutionize financial services in hotels, restaurants, lounges, etc, and for small businesses especially those within the hospitality, fast foods, travel and tourism ecosystem in Nigeria who now experience very minimal processor failure disputes, considerably reduced downtime and track-able transactions, thereby providing effective tools to run hospitality businesses with ease, uncommon simplicity, security and profitability,” he said.

Commenting on the award, Babatunde Olofin, Moniepoint MFB’s Managing Director, expressed delight while noting that “we are honored to receive this award from HIESA which is an eloquent testimonial to the collaborative work that we do at Moniepoint. We believe that a thriving hospitality industry is essential for Nigeria and we remain committed to fostering a thriving ecosystem through continued innovation. Our customers remain at the centre of our universe and we’ll continue to ensure that we power their dreams in more ways so that they can experience financial happiness.”

The HIESA is a highly respected award program that acknowledges the exceptional efforts of organizations and individuals propelling the hospitality and tourism sector forward. By recognizing excellence in areas like leadership, innovation, and service quality, HIESA paves the way for a more robust and sustainable industry.

The awards ceremony was organized as part of the 7th edition of International Hospitality Tourism and Eco-Sustainability Forum (IHTEF) held at the Ladi Kwali Hall, Abuja Continental Hotel on April 25th, 2024. The IHTEF is a hospitality focused intellectual marketplace, a ‘platform of minds’ that brings together thought leaders, influential government figures, project developers, hotel managers, visionaries, investors, hotel owners, consumers and sustainability enthusiasts. With the theme, “Emerge Together; Reimagining a Green Hospitality Economy”, the forum examined how hospitality businesses should conduct themselves in the light of the emerging green economy while x-raying the intersections between hospitality circular economy, effective resource maximization, and quality skills and standards needed for a new hospitality economy.

Some of the guests at the ceremony included the Honourable Minister for Tourism, Mrs Lola Ade-John (Special Guest of Honour), other industry leaders include IHTEF Africa’s conference advisor, Mr Trevor Ward of W Hospitality Group, Turkey, Director Lodging & Development, Marriott West Africa; Mr Adedayo Adesugba, Vice Chair, Association of Tourism and Hospitality Consultants of Nigeria (ATHCON); Mrs. Oluwasoromidayo George, Director Corporate Affair & Sustainable Business, Nigeria Bottling Company  Mr Ekene Nnabuihe, CEO Boulevard Hotel Group; Dewald Kruger, The Envoy Abuja; Mrs Kehinde Daniel, Kots Catering; Ms Idy Ekwo, Hospitality Connect, Worldwide; Alain Salameh, General Manager, Hawthorn Suites by Wyndham; and Toni Cheikwafah of Beer Barn.

In recognition of the bank’s strategic importance to Nigeria’s financial services sector, Moniepoint MFB has received several accolades including the prestigious Rising Star Family Business Award Pwc/Businessday Family Business Summit; Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards, the Most Outstanding Microfinance Bank in Consumer Engagement at the Brandcom Awards, NITDA’s Digital Nigeria 2023 winner for the Fintech Category. 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.

Moniepoint’s win at the 2024 HIESA signifies its unwavering commitment to playing a vital role in the Nigerian hospitality industry’s success story. The company looks forward to building on its achievements and amplifying its positive impact in the years to come.

Unity Bank Plc has engaged students from all the geopolitical zones of the federation as it facilitated financial literacy training in 15 schools as part of activities to mark the 2024 Global Money Week.

The Financial Literacy Training was held as a strategy for driving financial inclusion of the Central Bank of Nigeria and Bankers Committee. Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun participated in the programme by facilitating training on financial literacy at NYSC Demonstration Secondary School, Calabar, Cross River State recently.

Mrs Somefun, who was represented by Unity Bank’s Chief Compliance Officer, Mrs. Patricia Ahunanya, provided the students with invaluable insights on the path to wealth creation, including imbibing savings habits, investing, and adopting money management skills early.

Her interaction with the students was aimed at instilling financial discipline and financial management skills for the attainment of financial independence and security while promoting a savings and investment culture. During the session, Mrs. Somefun acknowledged outstanding students and presented them with awards.

The Global Money Week (GMW) is an annual campaign dedicated to raising global awareness about the importance of promoting financial literacy among young people from an early age. The initiative focuses on equipping them with the knowledge, skills, attitudes, and behaviours essential for making informed financial decisions, leading to financial well-being. Each year, a minimum of 40,000 organizations participate in this endeavour, collectively impacting over 60 million children globally.

In Nigeria, the Central Bank of Nigeria, CBN, Banker’s Committee in collaboration with Junior Achievement Nigeria, coordinates the activities for Global Money Week, which sees the participation of financial institutions with nationwide coverage.

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Central Bank of Nigeria (CBN) has issued a directive to four fintech companies, instructing them to halt the onboarding of new customers pending further notice.

The affected fintechs—OPay, Palmpay, Kuda Bank, and Moniepoint—have been linked to allegations of accounts being used for illicit foreign exchange transactions.

Representatives from the companies confirmed that the CBN’s order is related to these allegations.

However, they noted that the directive might be misdirected, as the majority of the implicated accounts belonged to commercial banks, not fintech platforms.

“I can confirm that 90% of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10% are with fintechs. Why then has the CBN not extended this directive to the commercial banks? We face a widespread issue here, and targeting fintechs seems like an unfair focus on the more vulnerable targets,” one of the sources explained.

The Economic and Financial Crimes Commission (EFCC) recently secured a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, also approved the commission’s request to complete the investigation within 90 days.