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Foreign Affairs Minister Amb. Tuggar Lauds Moniepoint as a Nigerian Fintech Success Story

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In a move that bolsters investor confidence in Nigeria’s burgeoning fintech sector, the Honourable Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, visited the UK offices of Moniepoint Inc., a leading Nigerian financial institution, during his high-level working visit to the United Kingdom.

The visit, aimed at strengthening diplomatic ties and fostering strategic cooperation between Nigeria and the UK, underscored Nigeria’s commitment to driving economic growth and innovation. Ambassador Tuggar’s focus on Moniepoint highlighted the company’s remarkable journey and its pivotal role in Nigeria’s financial landscape.

During his tour, Ambassador Tuggar lauded Moniepoint as a “true Nigerian success story,” emphasizing its status as a “fintech unicorn with a multibillion-dollar valuation.” He highlighted the company’s impressive growth, citing its 2000+ employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.

“Nigeria is at a vantage position in the fintech and financial services sector,” Ambassador Tuggar stated. “With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem.”

The Minister acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and BII, further validating its position as a leader in the fintech space. He stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.

In his welcome remarks, CEO Moniepoint Inc. Tosin Eniolorunda reiterated Moniepoint’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans. He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation.

“By empowering individuals and businesses with financial tools that are innovative and efficient, we believe that technology can be a powerful catalyst for economic growth and social development. This visit by His Excellency Ambassador Yusuf Maitama Tuggar signposts the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships. We recognize the critical role that international cooperation plays in advancing innovation, especially within the fintech sector. As a country, Nigeria has immense potential, and through strategic alliances with global stakeholders, we can unlock new opportunities that benefit both local and international communities,” Eniolorunda stated.

Continuing, he said, “At Moniepoint, we are deeply aligned with the Nigerian government’s vision to enhance strategic cooperation in areas like trade, investment, and technology. We are eager to continue contributing to the development of our country’s digital economy while fostering meaningful collaborations that will leave a lasting legacy for generations to come.”

Moniepoint’s market leadership has been acknowledged by several industry watchers and analysts. As the country’s largest merchant acquirer, it powers the majority of Point of Sale (POS) transactions, processing over 1 billion transactions monthly with a total payments volume exceeding $22 billion. This enables countless small and medium-sized enterprises (SMEs), particularly those in the informal sector, to digitize their operations and participate in the evolving African economy.

Moniepoint executives at the event include Felix Ike, Co-Founder and Chief Technology Officer, Moniepoint Inc; Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc; Ross Strike, Senior Vice President, M&A & Investor Relations; Ravi Jakhodia, CEO, Moniepoint UK; Bayo Olujobi, Chief Financial Officer, Moniepoint MFB.

Important dignitaries who accompanied the Foreign Minister on his visit to Moniepoint’s UK office include Dotun Olowoporoku, Managing Partner, Starta; Gbenga Ajayi, Partner and Head of Africa, QED Investors and other senior officials from the Nigeria High Commission in London and Foreign Affairs Ministry. It would be noted that this visit reinforces the message that Nigerian companies are not only capable of achieving significant domestic success but also of expanding their footprint internationally, contributing to the nation’s economic development and global reputation.

Formerly known as TeamApt Inc., Moniepoint, founded in Lagos in 2015 by Tosin Eniolorunda and Felix Ike, has rapidly grown into a comprehensive digital financial services provider. Offering payments, banking, credit, business management tools, and cross-border payment solutions, Moniepoint serves over 10 million businesses and individuals across Nigeria and Africa.

Moniepoint Inc has been recognized as Africa’s fastest-growing fintech in 2023 and 2024 by the Financial Times of London. It has also won the National Inclusive Payment Initiative Award and Financially Inclusive Fintech of the Year from the Central Bank of Nigeria as well as SME Microfinance Bank of the Year at the BusinessDay Banks & Other Financial Institutions BAFI Awards to mention a few.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Why Nigeria Must Embrace .ng Now – NiRA Reveals Five Critical Steps

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Nigeria Internet Registration Association (NiRA) has outlined five strategic pathways to accelerate the adoption of the .ng domain and position it as a critical driver of Nigeria’s digital economy.

Why Nigeria Must Embrace .ng Now - NiRA Reveals Five Critical Steps

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Oluwaseyi Onasanya, Chief Operating Officer of NiRA, presented the framework at a Media Advocacy and Capacity Building Workshop held on April 16.

Onasanya described the .ng domain as a key component of Nigeria’s digital sovereignty, noting that the country has about 65 per cent internet penetration and over 35.6 million Micro, Small and Medium Enterprises (MSMEs) contributing nearly 48 per cent to the Gross Domestic Product (GDP).

She said the first pathway involves mandating the use of .ng domains across all Ministries, Departments and Agencies (MDAs), as well as subnational entities, government vendors and tax remitters.

According to her, this would ensure that all official digital communications with government institutions are conducted through .ng platforms, while also linking domain usage to Corporate Affairs Commission (CAC) registration and procurement processes.

The second strategy focuses on a nationwide awareness campaign tagged “Own Your .ng, Own Your Future,” aimed at promoting the domain as a symbol of national identity, trust and economic value.

Onasanya said the third pathway calls for leadership from the private sector, urging banks, telecommunications companies, startups and SMEs to adopt .ng domains and integrate them into onboarding processes.

She added that the fourth strategy seeks to position .ng as a secure and regulated alternative to foreign domains, enhancing consumer confidence, improving local search visibility and strengthening jurisdictional control.

The fifth pathway centres on expanding the digital ecosystem by strengthening registrar networks, simplifying user experience and integrating .ng domains into internet service providers, digital platforms and national performance metrics.

Onasanya warned that Nigeria’s domain adoption rate remains low compared to global peers, noting that the country has approximately one domain per 855 citizens, far behind countries like Germany, the United Kingdom and China.

She cautioned that low adoption could lead to capital flight, as businesses continue to rely on foreign domain platforms in an increasingly digital global economy.

She also called on the media to drive awareness, shape public perception and promote adoption by highlighting the economic value of .ng domains across sectors.

“Without media, .ng stays technical. With media, it becomes economic,” he said.

NiRA said that over 240,000 .ng domains have been registered so far, with projections indicating continued growth as Nigeria targets a $1 trillion economy by 2030.


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Tech Shake-Up: Snap Cuts Hundreds as AI Drives Efficiency Push

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Snap Inc., the parent company of Snapchat, has announced the layoff of about 1,000 employees as part of efforts to improve efficiency through artificial intelligence.

Snap Cuts 1,000 Jobs, Cites AI-Driven Efficiency Push

Evan Spiegel, chief executive officer, disclosed this in a memo on Wednesday, noting that the cuts represent about 16 per cent of the company’s full-time workforce and include the elimination of more than 300 unfilled roles.

Spiegel said advancements in artificial intelligence were enabling teams to reduce repetitive tasks, increase productivity and accelerate project execution.

“We believe that rapid advancements in artificial intelligence enable our teams to reduce repetitive work, increase velocity and better support our community, partners and advertisers,” he said.

He added that smaller teams using AI tools had already delivered meaningful progress across key initiatives.

The California-based firm said the restructuring would help cut over $500 million in annual costs by the second half of the year, providing a clearer path to profitability.

Spiegel described the decision as difficult, expressing regret over the impact on affected employees.

“This is an incredibly difficult decision, and I am deeply sorry to the colleagues who will be leaving us,” he said.

Snap joins a growing number of technology companies downsizing their workforce while citing productivity gains from artificial intelligence.

The company has undergone multiple rounds of layoffs in recent years amid stiff competition from rivals such as Instagram, TikTok and YouTube.

Meanwhile, activist investor Irenic Capital Management recently disclosed a 2.5 per cent stake in Snap, calling for cost-cutting measures, including a review of its Spectacles smart glasses unit.

Shares of Snap rose by more than 7.5 per cent following the announcement, although the stock remains down compared to earlier in the year.

Data from Layoffs.fyi shows that more than 72,000 employees have been laid off by nearly 90 tech companies globally so far in 2026.


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NBC Warns Broadcasters Against Bullying Guests, Passing Opinions as Facts

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National Broadcasting Commission (NBC) has cautioned broadcast presenters against bullying guests during live interviews or presenting personal opinions as facts, warning that such actions will attract sanctions.

NBC Warns Broadcasters Against Bullying Guests, Passing Opinions as Facts

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In a statement issued on Friday, the commission said it had observed a rise in violations of the sixth edition of the Nigeria Broadcasting Code across news, current affairs and political programmes.

“Broadcast platforms are increasingly being deployed in ways that depart from their core obligation to inform the public with accuracy, balance and professionalism,” the NBC said.

The commission noted that some anchors and presenters were deviating from professional standards by denying fair hearing to opposing views and compromising neutrality during broadcasts.

It stressed that such conduct violates provisions of the broadcasting code, which require impartiality and fair representation of all sides on issues of public interest.

“Henceforth, any anchor or presenter found to have expressed personal opinion as fact, bullied or intimidated a guest, denied fair hearing to opposing views, or otherwise compromised neutrality, shall be deemed to have committed a Class B breach,” the statement added.

The NBC also raised concerns over the growing use of broadcast platforms by political actors to promote divisive, inflammatory and unverified content.

It emphasised that broadcasters bear full editorial responsibility for all material aired, including live programmes, and cannot transfer that responsibility to guests.

The commission reiterated its commitment to enforcing strict compliance with the broadcasting code, warning that violations involving hate speech, incitement and imbalance would attract appropriate sanctions.


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