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FairMoney MFB Rallies Stakeholders to Investors Conference in Lagos

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FairMoney Microfinance Bank, Nigeria’s leading digital bank, has rallied stakeholders in the financial sector to a one day investors conference aimed at discussing the financial technology landscape in Nigeria, particularly its sustainability in years to come.

L – R: Seun Onayiga, Head Investment Banking, West Africa – Renaissance Capital; Nichole Yembra, Founder and Managing Partner – Chrysalis Capital; Laurin Hainy, CEO and Co-Founder of FairMoney; Sonnie Ayere, GMD/CEO – DLM Capital Group; Bayo Rotimi, MD/CEO – Greenwich Merchant Bank and Yaw Mante, Head, Finance – FairMoney, at the FairMoney investor’s conference.

The event held on Thursday, November 18, 2021 at the Federal Palace Hotel, Lagos, Nigeria, had fund managers, HNI’s, investors, fintech aggregators and Pension Fund Administrators in attendance.

The digital bank disclosed that it has disbursed over N71 billion in loans so far in 2021, more than double the amount in 2020 with a bid to drive financial inclusion in Nigeria.

In his welcome address, Laurin Hainy, CEO and Co-Founder of FairMoney, highlighted that they successfully raised an equity round of over $40 million in April 2021, launched a N10 Billion private note program, received a microfinance bank licence from the CBN and obtained an Investment Grade Rating from Global Credit Ratings (GCR), all in one year.


L – R: Patryk Kalisz, Head of Controlling and Reporting, FairMoney; Siddharth Kulkarni, Executive Sponsor, Lending, Nigeria at FairMoney; Nicolas Berthozat, Co-Founder FairMoney and Juris Rieksts-Riekstinš, Head of Risk, Nigeria, at FairMoney at the FairMoney investor’s conference.

He further emphasized that “the conference was conceived to provide an avenue for capital market operators, investors, fintech players, and regulators to converge on financial inclusion solutions that drive growth and deep focus on our customers.”

Another highlight of the event was a panel session with industry experts like Sonnie Ayere; GMD/CEO – DLM Capital Group, Bayo Rotimi; MD/CEO – Greenwich Merchant Bank, Nichole Yembra; Founder and Managing Partner – Chrysalis Capital, Yaw Mante;Head, Finance – FairMoney as panelist.

The session was moderated by Seun Onayiga; Head Investment Banking, West Africa – Renaissance Capital.

FairMoney was incorporated in 2017 with operations in Nigeria and India. In the past 4 years of operation, FairMoney MFB has grown its customer base to over 5 million users, and 1.9 million bank accounts.

L – R: Oluwatomide Oluwole, Finance Manager, FairMoney; Henry Obiekea, VP Capital Markets, FairMoney; Yaw Mante, Head, Finance – FairMoney and James Edeh, Head, Compliance, FairMoney, at the FairMoney investor’s conference

As a digital consumer & SME lender, and provider of financial services in Nigeria, Fairmoney MFB has created a product that offers near-instant digital loans 24/7 directly via its mobile app.

The primary digital product offering covers loans in tenor from 15-days to 18 months to MSMEs and consumers. It’s end-to-end application to loan offer process takes 5 minutes and is fully digital with no physical touchpoints.

 

 

 


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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

E-Financial

CBN Says OPay, Moniepoint, Others can Start Onboarding New Customers Soon

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Central Bank of Nigeria (CBN) has said that mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint will resume the enrolment of new customers “in another couple of months”.

CBN Says OPay, Moniepoint, Others can Start Onboarding New Customers Soon

Olayemi Cardoso, governor, stated this on Tuesday at the 295th Monetary Policy Committee (MPC) of the apex bank in Abuja when the MPC jacked up interest rate from 24.75 per cent to 26. 25 per cent.

Cardoso, said the apex bank has engaged many of the players on the need to strengthen their operations.

He said to block money laundering and illicit flows, the apex bank brought up “remedial measures that will help that sector to tighten up on onboarding and even existing clientele base”.

“I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past and then you will see that sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework,” he said.

In April, the apex bank stopped fintech companies from onboarding new customers, a move that has been seen as a clampdown on the financial sub-sector by the Cardoso-led CBN.

When asked why the apex bank took the decision, the CBN chief said reports that the CBN has decided to clamp down on fintech firms are “furthest from the truth”.

He said “the fintechs have not been singled out for any exceptional kind of treatment”, adding that the CBN remained proud of the exploits of fintech firms in the last number of year and the apex bank would continue to support and strengthen them.

“However, regulation is very critical in a sector that seems to have grown so incredibly rapidly,” Cardoso said, citing illicit flows within the sub-sector.

“More recently, we had course to take a deep dive look at the whole issue of illicit flows and money laundering particularly within the non-heavy regulated banking system and we all know some of the issues that came out with cryptos and some of the messages we put out after that, which of course, gave us some course to know that there is the need for heightened surveillance.”

He said the apex bank has had major handshake with security agencies to identify the places to tighten regulations and surveillance in the sub-sector.

Cardoso said, “For that reason, we were concerned with respect to how we saw the issue of anti-money laundering and illicit flows as they made their way within the various sub-sectors of the financial industry and we felt there was a need for us to take a breather and work with different players to strengthen regulations, not by any means to throw them out of business.

“Let me re-emphasise that as at this point in time, we have not revoked the licenses of any of the fintech organisations.”


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Flutterwave Refutes N11Bn Loss Due to Security Breach

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Flutterwave, African fintech company, has debunked allegations in the media that it lost N11 billion ($7.25 million) due to a security compromise.

Flutterwave Refutes N11Bn Loss Due to Security Breach

Flutterwave, led by Olugbenga Agboola, Nigerian tech millionaire has rejected accusations is the only Africa-focused Company to make CNBC’s 2024 Disruptor 50 List

In response to the avalanche of claims, Flutterwave said that it discovered suspicious activity on one of its customer platforms in April 2024. The corporation maintains that it aggressively prevented any loss of customer monies.

As a security precaution, Flutterwave will contact select customers to move their accounts and recommends that all customers implement multifactor authentication, 3D security, and IP whitelisting.

This recent incident raises security worries for the corporation, which accepts payments in over 30 currencies from 40 countries.

In March 2023, reports arose saying hackers stole N2.9 billion ($6.3 million) from Flutterwave. The corporation quickly rejected the charges, reaffirming its commitment to client fund protection.

Flutterwave was ordered by a Nigerian court to recover N19 billion ($12.5 million) for unlawful POS transactions that affected 6,000 accounts across 35 banks and financial institutions.

This came after a months-long inquiry into a technical malfunction that enabled the fraudulent transfers.

Agboola founded Flutterwave in 2016, and it has since been a forerunner in Africa’s ongoing payments revolution. The company, with headquarters in San Francisco and

Lagos, is a notable success story in the continent’s developing fintech sector.

Flutterwave entered the Rwandan and Egyptian markets in 2023, which was a golden year for expansion. It formed a strategic relationship with IndusInd Bank Ltd., a top Indian financial services provider.

The corporation announced a $50 million investment in the Kenyan market to secure an operating license.

These results highlight Flutterwave’s twin goals of transforming Africa’s payments ecosystem and developing a foothold in international markets.

In 2023, Flutterwave formed a strategic relationship with Microsoft, founded by Bill Gates and Paul Allen, American billionaires.

This effort intends to empower at least 10 million small and medium-sized firms (SMEs) across Africa, with a concentration on Nigeria.

The partnership harnesses the power of the fintech sector to boost economic growth and improve people’s lives by promoting financial inclusion.

This collaboration expands on the two companies’ current technological arrangement, which was signed earlier in 2023.


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E-Financial

CBN raises interest rate to 26.25%

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Monetary policy committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which benchmarks interest rates, from 24.75 percent to 26.25 percent.

This comes after Nigeria’s inflation rate rose to 33.69 percent amid the surge in food prices.

Olayemi Cardoso, CBN’s governor, announced the monetary policy rate adjustment at a news conference on Tuesday, May 21, during the committee’s 295th meeting in Abuja.

The monetary policy rate (MPR) is the baseline interest rate in an economy, which banks use to set their interest rates.

This is the third consecutive time the apex bank will be raising the benchmark rate this year. At the March MPC meeting, the benchmark rate had been increased by 200 basis points from 22.75 per cent to 24.75 per cent.


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