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Fighting Fraud Related Issues in Financial Ecosystem Requires Collaboration – Moniepoint Boss

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L-R Head of Partnerships, Moniepoint Inc., Efemena Ogie; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Group CEO, Moniepoint Inc., Tosin Eniolorunda and Executive Director, Lagos & South West, Fidelity Bank, Ken Opara during a visit by the Moniepoint team to Fidelity Bank HQ in Lagos.
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Nigeria’s financial system has come under renewed scrutiny against the backdrop of the increase in the value of electronic payment transactions in Q1 2023 and the challenges posed by bad faith actors who exploit gaps in the payment systems even as Nigerian financial institutions have reported ₦159 billion ($201.5 million) lost to fraud since 2020.

L-R Head of Partnerships, Moniepoint Inc., Efemena Ogie; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Group CEO, Moniepoint Inc., Tosin Eniolorunda and Executive Director, Lagos & South West, Fidelity Bank, Ken Opara during a visit by the Moniepoint team to Fidelity Bank HQ in Lagos.

There is a need for all players in the financial services sector to come together in tackling these challenges.

Tosin Eniolorunda, Group CEO, Moniepoint Inc., during a courtesy visit to the Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe in Lagos.

Onyeali-Ikpe, who welcomed the Moniepoint boss, used the opportunity to reaffirm her bank’s appreciation for the patience and understanding demonstrated during its banking channel integration optimization which resulted in service disruptions and the inability of Moniepoint customers to receive financial inflow.

It will be recalled that Fidelity Bank had recently announced to its customers and the general public, the resumption of interbank transfers to all licensed financial institutions in the country.

This was following speculative reports from various media publications that the bank had imposed transaction restrictions on some neo banks operating in the country.

During conversations around the growth of the digital payments segment and contributions of the financial services to Nigeria’s socio-economic development, Eniolorunda used the occasion to stress the point that Moniepoint as a responsible and compliant organization takes customer KYC very seriously. “KYC is not merely an acronym but indeed a cornerstone in establishing trust, ensuring security, and complying with regulatory standards.

All accounts created on our platform have BVN verification and in addition to this we perform a liveliness check at the point of onboarding. This is a comparison of the account holder’s life picture and the BVN image as a way to reduce impersonation,” Eniolorunda maintained.

He continued, “we have zero tolerance for fraud and typically go all out to ensure that we track fraudsters and fraudulent transactions on our platforms.

“We have deployed and utilize robust fraud detection systems and technologies that can analyze patterns, identify anomalies, and detect suspicious activities in the system.

“As such we are better empowered to identify potential fraud incidents and trigger alerts for further investigations and remedial actions.”

As partners in deepening the CBN’s mandate of ensuring provision of adequate and convenient financial services to consumers and guaranteeing their protection as well as the various undercurrents in the financial services industry, Moniepoint and Fidelity agreed to work closely together to develop a tightly knit mechanism to stem the menace of fraudulent transactions and collaboratively push through in addressing payment challenges in the country.

L-R Head of Partnerships, Moniepoint Inc., Efemena Ogie; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Group CEO, Moniepoint Inc., Tosin Eniolorunda and Executive Director, Lagos & South West, Fidelity Bank, Ken Opara during a visit by the Moniepoint team to Fidelity Bank HQ in Lagos. 


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E-Business

Jumia CEO says Black Friday Signals Nigeria’s E-Commerce Maturity

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At the close of 2025, Temidayo Ojo, the CEO of Jumia Nigeria, reflected on a year-end shopping season that points to the growing maturity of the country’s e-commerce market. “Black Friday is no longer a single, short-lived spike in activity,” he said.

“It has become a familiar, anticipated moment in the retail calendar, where consumers shop deliberately and with confidence.”

Preliminary KPIs for the two months ended November 30, 2025, show strong year-on-year growth in both orders and Gross Merchandise Value (GMV), with GMV growth outpacing order growth. This indicates that customers are placing fuller, more considered baskets rather than shopping in fragmented transactions. Nigeria ranked among Jumia Group’s better-performing markets, with engagement remaining steady throughout the Black Friday period rather than spiking briefly and tapering off.

A key factor behind this performance is the growing familiarity of consumers with online shopping. Customers are increasingly leveraging platform features such as saved carts, brand stores, and price comparison tools to plan purchases in advance. This trend suggests that digital commerce is becoming embedded in everyday habits rather than being viewed as a one-off event.

Ojo also highlighted the role of Jumia’s JForce network in connecting digital commerce to local communities. “Our agents are critical to ensuring that customers across Nigeria, including secondary cities and smaller communities, have access to variety, consistent pricing, and reliable delivery,” he said. “During peak periods like Black Friday, JForce agents can respond faster, serve more customers efficiently, and build stronger local relationships. This isn’t just a distribution channel—it’s a pathway to sustainable income and inclusion.”

Reflecting on the overall performance, the CEO concluded: “What we’re seeing this year-end is steady engagement across categories, stronger consumer confidence, and partners like our JForce agents benefiting from increased activity.

“It confirms that Nigeria’s e-commerce ecosystem is maturing, growing in a more structured and resilient way. As the December Holiday Sale continues, we expect these patterns of familiarity, trust, and participation to sustain momentum and drive both commerce and community impact across the country.”


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Galaxy Backbone Tops FG’s Website Performance Ranking

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Galaxy Backbone Limited (GBB) has been ranked first overall in the 2025 Federal Government Website Performance Scorecard.

Galaxy Backbone Tops FG's Website Performance Ranking

This is a landmark achievement for Nigeria’s digital economy.

The ranking, conducted by the Bureau of Public Service Reforms (BPSR), is the definitive benchmark for digital excellence and transparency across all Ministries, Departments, and Agencies (MDAs).

Professor Ibrahim Adepoju Adeyanju, managing director and CEO of Galaxy Backbone, received the award during a ceremony in Abuja.

He described the feat as a validation of the agency’s“Nigeria First”data sovereignty strategy and its relentless pursuit of service excellence.

This recognition comes as the Federal Government intensifies its push to achieve a fully paperless civil service by December 31, 2025.

GBB has been the primary architect of this transition through its 1Gov Enterprise Content Management (ECM) platform, which now hosts the operations of almost all federal MDAs.

The award adds to a growing list of accolades for Galaxy Backbone in 2025, following its recent win of the “International Standard Excellence Award for Best IT Service Provider.”

As the central hub for government shared services, GBB’s performance serves as a blueprint for other agencies currently undergoing digital transformation.

With its expanded fiber-optic backbone now covering over 13 states and its secure cloud solutions, Galaxy Backbone remains the cornerstone of Nigeria’s vision to become a leading digital nation by the end of the decade.

 


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Nigeria Police Arrest Okitipi, Nigerian Allegedly Linked to Microsoft 365 Hack

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Okitipi Samuel, a Nigerian man, has been taken into custody by the Nigeria Police Force for his alleged role in a global cyberattack on Microsoft 365 users.

Nigeria Police Arrest Okitipi, Nigerian Allegedly Linked to Microsoft 365 Hack

Benjamin Hundeyin, Force public relations officer, disclosed this on Thursday in Abuja while briefing journalists on the outcome of investigations carried out by the National Cybercrime Centre of the Nigeria Police Force.

Hundeyin said the centre, under the leadership of Ifeanyi Uche, its director and Commissioner of Police, commenced investigations in collaboration with Microsoft, the Federal Bureau of Investigation, the United States Secret Service, and the United Kingdom’s National Crime Agency.

According to him, investigations revealed that a phishing toolkit known as “Raccoon 0365” was used to create fake Microsoft login portals to harvest user credentials and unlawfully access email accounts belonging to corporate organisations, financial institutions, and educational institutions in several countries.

“This investigation commenced following credible intelligence received from Microsoft USA through the FBI, indicating that a malicious phishing toolkit known as Raccoon0365 was being used to create fake Microsoft login portals, harvest user credentials, and unlawfully access the email accounts of corporate organisations, financial institutions, and educational establishments,” Hundeyin said.

He added that between January and September 2025, several reports of unauthorised access to Microsoft 365 accounts were traced to phishing emails designed to mimic legitimate Microsoft login pages, enabling business email compromise, internal phishing, data breaches, and other cyber-enabled fraud.

Hundeyin said digital forensic analysis and cryptocurrency tracing identified wallets connected to the illegal operation.

He noted that operatives were deployed to Lagos and Edo states, leading to the arrest of three suspects identified as Joshua, James, and Okitipi Samuel between September 20 and October 4, 2025.

“Following extensive digital forensic and technical intelligence analysis, the centre conducted cryptocurrency tracing that identified suspicious wallets connected to cash-out schemes.

“Acting on actionable intelligence, operational teams were deployed to Lagos and Edo states, resulting in the arrest of Joshua, James, and Okitipi Samuel. Searches at their residences led to the recovery of mobile devices, laptops, and other digital exhibits linked to the fraudulent scheme,” he said.

Hundeyin identified Okitipi Samuel, also known as “0365” and Moses Felix as the principal suspect and developer of the phishing infrastructure.

“The primary suspect, Okitipi Samuel, also known as Moses Felix, has been identified as the developer and operator of the phishing infrastructure. Investigations revealed that he managed a Telegram channel used to sell phishing links in exchange for cryptocurrency and hosted fake login pages on Cloudflare using stolen or fraudulently obtained email addresses,” he said.

He added that investigations confirmed Samuel unlawfully used the email details of one of the arrested individuals without consent to register some of the accounts used in the operation.

The police spokesperson said further investigations revealed that the identities of Joshua and James were used without their consent.

“There was no evidence linking them to the creation or operation of the phishing scheme. They were victims of identity theft,” Hundeyin said.

He said a prima facie case had been established against Samuel for identity theft, unlawful access to computer systems, creation and distribution of malicious software, unauthorised interference with network data, and aiding and abetting fraud.

Hundeyin added that the suspect would be charged under relevant provisions of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2024.

He said the suspect would be prosecuted in Nigeria, noting that the country has the capacity to enforce its cybercrime laws, although extradition could be considered if formally requested through due process.

Hundeyin assured Nigerians that the police, under the leadership of Kayode Egbetokun, inspector-general of Police,  would continue to protect the country’s digital ecosystem and urged citizens to practise good cyber hygiene by being cautious when clicking links and sharing personal information online.

Speaking separately, Ifeanyi Uche, director of the National Cybercrime Centre,  urged Nigerians to exercise caution online.

Uche advised members of the public to avoid clicking on links from unknown or unexpected sources, noting that such links often contain malware or phishing tools designed to compromise devices and personal data.

He warned that indiscriminate clicking of links or responding to unsolicited emails could lead to unauthorised access to personal and corporate accounts, urging citizens to “wash their cyber hands” by verifying sources before taking action online.


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