In an era where global tech giants dominate headlines, two Nigerian entrepreneurs are quietly revolutionizing financial services across Africa, proving that world-class innovation can emerge from homegrown talent and local institutions.

Tosin Eniolorunda and Felix Ike, co-founders of Moniepoint Inc, have built one of Africa’s fastest-growing fintech companies, not despite their exclusively Nigerian education, but in many ways, because of it.

Their journey from the lecture halls of Obafemi Awolowo University and the University of Lagos to the TIME100 Most Influential Companies list stands as a powerful testament to the caliber of talent nurtured within Nigerian universities and the transformative potential of locally-rooted vision.

Tosin Eniolorunda’s path exemplifies how Nigerian educational institutions can cultivate entrepreneurial excellence. After earning his degree in Mechanical Engineering from Obafemi Awolowo University, he didn’t follow the well-trodden path abroad but instead chose to build solutions for Nigerian challenges within Nigeria itself. This decision proved prescient.

Understanding the unique financial ecosystem and infrastructure gaps firsthand from the work at TeamApt Ltd where they were building from majority of the country’s banks, Tosin pioneered several industry firsts: introducing instant POS transfers to Nigeria, launching the country’s first virtual account services, and constructing a vertically integrated payments processing switch with full switching and processing licenses.

These feats and technological achievements must be viewed from the prism that these were deeply contextual innovations born from intimate knowledge of local needs, the kind of understanding that comes from being educated and embedded in the communities one serves.

Felix Ike’s contribution complements this vision with technical brilliance equally rooted in Nigerian educational excellence. Graduating with first-class honors in Computer Science from the University of Lagos, Felix brought to Moniepoint the kind of engineering rigor required to build mission-critical financial infrastructure.

As Chief Technology Officer, he has architected systems that are not just functional but scalable, resilient, and secure enough to serve over 10 million businesses and individuals across Nigeria and Africa. His work demonstrates that Nigerian universities are producing software engineering leaders capable of building world-class technology that can compete on the global stage with technology that processes millions of transactions daily and underpins the financial dreams of an entire continent.

Since its founding in 2015, Moniepoint has evolved into Africa’s largest distributor of financial services in Nigeria, with presence across all 774 local government areas. The company’s all-in-one financial ecosystem offering seamless payments, banking, credit, and business management solutions reflects a sophisticated understanding of what African businesses and individuals actually need to thrive.

The accolades have followed: recognition by TIME as one of the 100 Most Influential Companies in 2025, listing among CNBC’s top UK fintech firms, and ranking in the Financial Times’ Africa’s Fastest-Growing Companies for three consecutive years.

The Moniepoint story as an indigenously rooted but globally compliant player challenges prevailing narratives about where innovation must originate and what credentials are necessary for building transformative companies. Tosin and Felix’s success illustrates that Nigerian universities, when their graduates are empowered with vision, opportunity, and determination, can produce founders who don’t just participate in the global economy but reshape it.

Ecobank Nigeria, a member of Africa’s leading pan-African banking group, has assured customers of uninterrupted access to banking services throughout the year-end holiday period via its secure and robust digital platforms. The Bank also urged customers to remain vigilant against fraud and scams during the festive season.

Ecobank Bank

Speaking on the development, Victor Yalokwu, Head, Products & Analytics, Consumer & Commercial Banking, Ecobank Nigeria, said the Bank’s digital channels – including the Ecobank Mobile App, Ecobank Business App, USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, RapidTransfer, Ecobank Cards, ATMs, PoS terminals, and over 35,000 Ecobank Xpress Point (Agent Banking) locations nationwide – will remain fully available to support customers throughout the yuletide and year-end holiday period.

He noted that customers will continue to enjoy a wide range of services during the period, including local and international funds transfers, bill payments and airtime top-ups, merchant payments, balance inquiries and account statements, as well as cardless cash withdrawals via ATMs.

According to Yalokwu, “Ecobank encourages customers to leverage these digital solutions for safe, fast, and efficient banking, especially during the festive season when convenience and reliability are essential.

“While physical branch operations may be subject to adjusted working hours in line with public holidays, customers can be assured that Ecobank’s digital platforms are designed to deliver uninterrupted service and enhanced security at all times.

“Ecobank remains committed to providing innovative financial solutions and exceptional customer service, and we wish all our customers a joyful festive season and a prosperous New Year.”

Yalokwu also cautioned customers to remain vigilant against fraudsters and scammers during the period. “Before you wrap up the year, tighten your security. December brings online sales, travel, and year-end distractions—this is exactly when scammers are most active. From fake festive deals to cloned merchant sites and suspicious messages, staying vigilant helps keep your money safe.”

He advised customers to shop only on trusted websites, never share their PINs, passwords, or one-time passwords (OTPs), avoid banking on public Wi-Fi networks, be cautious of urgent or emotionally charged messages, and regularly review their account activity.

A new ₦50 charge on electronic money transfers above ₦10,000 is to take effect from Jan. 1, 2026, following preliminary system adjustments observed across several banking platforms ahead of the New Year.

CBN

The levy, tied to government stamp duty regulations, is separate from and in addition to regular bank transfer fees already borne by customers.

Industry sources told the News Agency of Nigeria (NAN) on Friday in Lagos that while existing bank charges would remain unchanged, customers initiating qualifying transfers would now pay both their normal transfer fees and the extra ₦50 stamp duty per transaction.

In a major shift to the current practice, the ₦50 levy which was previously borne by receivers of funds will now be paid by senders.

This implies that for every electronic transfer above ₦10,000, the sender will bear the full cost of the stamp duty alongside the standard transaction fees charged by their bank.

According to the emerging charge structure sighted on some banking platforms, the new levy applies only to transactions above ₦10,000 and will be deducted on a per-transaction basis.

Transfers below ₦10,000 remain exempt, while movements of funds between accounts owned by the same individual within the same bank are also not affected.

Analysts, however, warn that for millions of Nigerians who rely on frequent small-value transfers to meet daily needs, the additional government charge, layered on existing banking costs, could deepen financial strain for households already operating on thin margins.

Customers have in recent weeks raised concern over what they describe as a steady rise in transaction-related deductions, noting that the quiet rollout of the new ₦50 levy has heightened anxiety.

They observed that January is traditionally one of the most financially challenging months for households, driven by school fees, rent renewals, food inflation and post-holiday obligations, and questioned the timing and limited public communication around a change that directly affects routine financial activity.

Digital transfers have become central to everyday life in Nigeria, underpinning business settlements, informal trade, family remittances and emergency support.

With more than 70 per cent of transfers estimated to fall below ₦20,000, financial experts say the cumulative impact of a ₦50 charge on each qualifying transaction, when combined with existing bank fees, will significantly raise monthly transaction costs for individuals and micro and small enterprises.

For many Nigerians, the concern extends beyond the levy itself to the broader pattern of rising financial pressure that has eroded household resilience over time.

They point to the combined weight of escalating food prices, high transportation costs, stagnant incomes and a range of service charges that, in their view, “pile up quietly in the background”.

Stakeholders fear that introducing an additional government-backed charge at the start of the year, and doing so with minimal public sensitisation, may reinforce perceptions that more cost-heavy policies could be introduced in 2026 without adequate engagement or clarity.

“Why is such a significant cost being quietly introduced at the start of the year? Why was there no widespread announcement or public sensitisation? And what other policy shifts might be coming that Nigerians have not yet been informed about?” one Lagos-based small business owner asked in a chat with NAN.

As Jan. 1 approaches, many households say they are bracing for yet another financial burden in an economy where, for them, every naira already feels stretched beyond its limit.

They called on relevant authorities and regulators to provide clear guidance on the new charge structure, explain its legal basis, and ensure that customers are adequately informed about how it will affect their daily transactions.