Moniepoint MFB, Africa’s fastest-growing financial institution according to the Financial Times, has relaunched its personal banking referral program to enrich its customers as they enjoy the Moniepoint experience with family and friends.

The referral program is designed to reward users every time their friends or family perform a transaction on Moniepoint after signing up with their referral link. Through this, millions of people will earn well over N100,000 from referrals alone.

Moniepoint’s technology has powered over 3 million businesses across Nigeria, and with its reliable infrastructure now in the hands of personal users, it now enables seamless payments for many across the country. With referrals linked to transfers, a leading payment method for many in Nigeria, this referral program will provide extra income for many of its users.

Commenting on this development, Babatunde Olofin, Managing Director of Moniepoint MfB, noted that the customer-centric referral program supports the bank’s focus on driving financial inclusion while helping to accelerate its vision of creating a society where everyone experiences financial happiness.

“We know how important seamless financial transactions are, and we’ve seen first-hand the power of peer to peer recommendations and how word-of-mouth referrals can grow a customer base and increase revenue.

“Given our strong customer obsession and the strings of commendations which we have received that validate the work we do in providing peerless financial services, we want to provide our customers with rewards even as they continue to share these positive experiences with the Moniepoint brand,” Olofin said.

Each current and new personal account holder has been provided with a unique referral code which is identical to their account username and is visible in the Referral Section on the Personal Banking app. This code/link can be shared with anyone, who, upon signing up and transacting with the Moniepoint Personal Banking app, will contribute to rewards for the referrer.

For every outward interbank transaction conducted by referred customers in the next 12 months, participants will receive a commission. This transparent and straightforward incentive structure ensures that participants reap tangible benefits for actively promoting the Moniepoint Personal Banking app.

Referrers can also track the total earnings and referral history from their referral in the “Earn from Referrals” icon in the app while earnings can be transferred to the user’s main account once a minimum of N50 has been earned.

Moniepoint MFB has worked with the Central Bank of Nigeria to strengthen the security of the banking industry in the past month, pausing its onboarding. It has now resumed signing up users with a commitment to providing its users with a secure, convenient and rewarding financial experience.

The referral program is just one of the many ways the company is innovating to empower Nigerians and make financial services more accessible.

It will be recalled that Moniepoint MFB has in the last few months demonstrated peerless commitment to customer focus and satisfaction as evidenced by the opening of its Lekki Admiralty Road office, as well as the roll out of a USSD code, *5573# which offer users a fast, secure, and user-friendly platform to conduct their banking activities with ease.

According to media reports, Moniepoint Inc. currently processes the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries, processing over $182 billion in annualized TPV and as a profitable enterprise, it is Africa’s largest fintech by transaction volume.

Fidelity Bank Plc said that s it has concluded plans to raise N127.1 billion by way of rights issue to existing shareholders and a public offer, which is a combined subscription.

Dr Nneka Onyeali-Ikpe,

The bank said this in a statement made available to newsmen on Wednesday in Lagos.

It said that the combined offer was part of the bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for commercial banks by the Central Bank of Nigeria (CBN).

The bank expressed optimism that the fresh capital would support its drive for sustainable growth and diversification of its earnings base.

The bank said that the signing ceremony of the combined offer was held in Lagos, revealing that its shareholders had already approved the rights issue and public offer at its Extra-Ordinary General Meeting held on Aug.11, 2023.

“Under the rights issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of one new ordinary share for every 10 ordinary shares held as of Jan.5, 2024, at N9.25 per share, totalling N29.6 billion.

“For the public offer, 10 billion ordinary shares of 50 kobo each will be offered to the general investing public at N9.75 per share, totalling N97.5 billion.

“Stanbic IBTC Capital is the lead Issuing House to the combined offer, whilst the joint issuing Houses include Iron Global Markets Ltd. and Cowry Asset Management Ltd.

“Others are Afrinvest Capital Ltd., FSL Securities Ltd., Futureview Financial Services Ltd., Iroko Capital Market Advisory Ltd., Kairos Capital Ltd. and Planet Capital Ltd,” Iit added.

According to the bank, the acceptance and application lists for the rights issue and public offer are expected to open on June 20 and close on July 29.

Dr Nneka Onyeali-Ikpe, managing director of Fidelity Bank, said that the proceeds of the combined offer would be channelled to investment in Information Technology infrastructure.

Onyeali-Ikpe revealed that the proceeds would also be invested in regional expansion and product distribution.

She noted that the rights circular for the issue, which contained a provisional allotment letter and the participation form, would be mailed directly to shareholders of the Bank.

The managing director stated that printed copies of the public offer prospectus could be obtained at the offices of Fidelity Bank and the issuing Houses during the public offer application period.

“All existing shareholders and prospective investors are advised to read documents and consult a Stockbroker, Fund/Portfolio manager, accountants, bankers and solicitors among other professional for guidance, where necessary,” she said.

Mr Oladele Sotubo, chief executive of Stanbic IBTC Capital, commended Fidelity Bank’s management for their commitment towards executing the combined offer.

He lauded the management for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks.

Sotubo thanked the bank for the confidence reposed in Stanbic IBTC Capital to lead and advise on the landmark transaction.

He expressed confidence that the deal would encourage others to tap into the equity capital markets to raise funds to meet their strategic business needs.

Fidelity Bank Plc is a full-fledged commercial bank, operating primarily through branches and service centres across Nigeria, with authorisation from the CBN to operate internationally through branches located in foreign countries.

The bank provides a wide-range banking and other financial services to over 8.3 million corporate and individual customers from 250 businesses in the country with a total asset base of N6.2 trillion, as at Dec.31, 2023.

Nigerian Deposit Insurance Corporation (NDIC) on Wednesday said it would go after debtors of Heritage Bank owing the bank about N700bn.

Bello Hassan, managing director of the Corporation gave the figure during a chat with journalists in Abuja.

Recall that the Central Bank of Nigeria (CBN) had on Monday took a significant step to ensure stability in the banking sector by revoking the license of Heritage Bank Plc.

This decision had raised questions and concerns among customers, stakeholders, and the general public.

The CBN, in its mandate to ensure a sound financial system in Nigeria, revoked the license of the bank with immediate effect.

This action was taken under the powers granted by Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

Speaking on the move, the NDIC Boss said that based on preliminary assessment of the books of the bank, the amount of depositors fund is about N650bn.

The NDIC boss assured customers of the bank that if the N700bn loan is recovered, it would effectively cover the N650bn that customers have deposited with the bank.

He said, “From our preliminary assessment, we have found out that Heritage Bank has N650bn deposits and loans is about N700bn and if we recover this amount, no depositor will lose their deposit

“We assure depositors that there is no need to panic and tbat they will get their money bank.”

The NDIC has been appointed as the liquidator of Heritage Bank. Customers with insured deposits will be paid up to the insured limit of N5m. There had been fears that customers of amounts exceeding the insured limit may be at risk.

But speaking on the development, Hassan said there is no need for panic.

He said there are 2.3 million depositors of Heritage Bank, adding that about 99.9 per cent of that figure have less than N5m as deposits.

According to him, only about 4,000 depositors have about N5m and above in the bank.