E-Financial
Moniepoint Gives Details of How its Redefining Payments in Nigeria with Flexible Options
Moniepoint, a leading fintech company has said that beyond redefining payments and technology and the payment industry, it also ensures that it provides its businesses and partners with several flexible payment options so they can receive payments from their customers.
Moniepoint started with a virtual account service that automated payment or transfer and allowed customers and businesses to make and receive payment seamlessly through transfers.
But speaking during a lead presentation at the inaugural edition of Payments Forum Nigeria (PAFON 1.0) held last week at Oriental Hotel, Lagos, Ikenna Ndugbu, Chief Compliance Officer at Moniepoint said for instance, Monnify, its payment platform, offers a wide variety of payment options to businesses.
Represented by Isoken Aigbomian, the Regional Sales Manager, Moniepoint, Ndugbu said: “There is the online payment platform, there’s the in-person payment option, and then there is the cash payment via our agent network, which I think Moniepoint has the largest agent network.
“We have a wide variety of payment options that we offer to businesses today. Today our online payment options cascade to all sectors, from agriculture to savings to investment. We have several businesses that we currently provide online APIs where they can receive car payment transfers, pay for their phone bills; where customers can process transactions seamlessly via different channels.”
Ndugbu further stated that the bank has its disbursement API that allows businesses to carry out bulk transfers to customers in real-time, seamlessly, without any manual verification required.
“These options that we offer businesses stand us out as a force to reckon with in the payment space today. Monnify, our payment gateway, is among the top three payment platforms for businesses today,” he said.
Explaining further what Moniepoint has brought to the payment space, he said, “When in 2019 we were approached by an organisation that we had recorded for a while, they reached out to us and told us in the payment space they were mainly card processors, they were only processing card transactions.
“And in 2019, if everyone is familiar with the payment space, a lot of customers were very jittery about putting their card skills out there. That was truncating the payment experience, reducing the turnaround time for customers to complete their way, take out this blocker, and have the operation.
“So, what we did was we looked inward and popular means of payment in Nigeria transfer. We worked with our engineers and we’re going to build an infrastructure that automates a notification on transfers.”
Ndugbu said that what this meant was that when the customer makes a payment transfer, the business will not need to manually verify the payment before they can give value.
“So, essentially as a business or as a payment processor, Monnify has the flexibility to incorporate the business’s unique use case and fashion out a service or a payment process that would suit that which is key for business operations,” he said.
Moniepoint’s Micro-Finance Bank (MFB) received its license in February 2022 and has helped over 3 million people and businesses with banking, payment processing, access to loans and business management tools.
It is believed that with these solutions, businesses on the Moniepoint platform process about 8 trillion Naira monthly.
Moniepoint MFB operates the largest distribution network for financial services in Nigeria, and over 33 million people use their cards on its POS terminals monthly across the 774 local government areas in Nigeria.
L-r: Olusola Odediran, Chief Information Security Officer, NIBSS/representative of Chairman, Committee of Chief Information Security Officers of Nigerian Financial Institutions; Chike Onwuegbuchi, co-founder, TechCastle Foundation; Adekunle Ajayi, Product Manager, Cloud and Digital Solutions, inq. Digital Nigeria Ltd; Abidemi Akinola, Chief Compliance Officer, Remita; Efemena Ogie, Head, Partnership, Monipoint Inc., and Peter Oluka, Editor, Techeconomy, during, the Payments Forum Nigeria (PAFON 1.0) event on, ‘Payments: Trust, Security and Privacy in AI era’ held in Lagos recently.
Ecobank, a pan-African financial services group, has partnered with Google Cloud in a deal to improve financial services with advanced analytics, AI and driving digital empowerment across Africa.
This collaboration will focus on leveraging Google Cloud’s advanced technologies and AI to enhance Ecobank’s digital offerings to accelerate the digital transformation of the Bank.
The partnership agreement is designed to empower individuals, support the growth of small and medium-sized enterprises (SMEs) in the region, and contribute to the overall economic development of Africa.
“Our collaboration with Google Cloud is a leap forward in Ecobank’s digital transformation journey. We look forward to leveraging Google Cloud’s world-class technology to unlock new possibilities for individuals and businesses to grow and scale across Africa,” said Jeremy Awori, group chief executive officer of Ecobank.
“This collaboration signifies our shared intent to explore building a more connected and financially inclusive future for the continent.”
Thomas Kurian, CEO, Google Cloud, stated that Google Cloud and Ecobank have a shared vision for using technology to help deliver financial empowerment to more people and businesses in Africa.
“We look forward to exploring the ways our cutting-edge AI, powerful data analytics, and scalable infrastructure can support Ecobank’s efforts to fuel the continent’s economic development and digital future.”
The collaboration aims to simplify and streamline money transfers, both domestically and across borders. By leveraging Google Cloud’s capabilities, including its powerful data analytics platform, BigQuery, for AI-driven insights, Ecobank will aim to develop solutions that improve access to finance for SMEs, simplify payment acceptance, and provide valuable data-driven insights to help businesses scale across more than 33 countries in Africa.
Stanbic IBTC Holdings Plc has announced the successful close of the N148.7 billion Rights Issue subscription exercise following the completion of the verification exercise by the Central Bank of Nigeria (CBN) and final clearance by the Securities and Exchange Commission (SEC).
Stanbic IBTC Holdings said the Rights Issue was oversubscribed by 21.9 percent, adding that the holding company has injected N140 billion into Stanbic IBTC Bank.
Kunle Adedeji, acting Chief Executive, Stanbic IBTC Holdings Plc while commenting on the just concluded rights issue programme said that “The turnout and participation of existing shareholders taking up their rights was impressive such that the rights issue was oversubscribed by 21.9percent to the tune of N181.4 billion. Our shareholders’ interest shows the confidence they continue to have in the brand,” he said.
“We appreciate the support of the Central Bank of Nigeria, The Securities and Exchange Commission, the Lead Issuing house, Joint Issuing houses and other stakeholders in the successful completion of the recapitalisation exercise.
“We are optimistic about future opportunities, as the injection of new capital will position us to take advantage of them to enable us to deliver to our shareholders. To all shareholders, we are grateful for your unwavering belief and support for the Stanbic IBTC Brand and your willingness to continue this journey with us,” Adedeji said.
Having received an injection of N140 billion from the parent company, the Chief Executive of the Banking subsidiary, Wole Adeniyi, remarked that “the injection of the new capital into the banking subsidiary is a positive development. This will enable the Bank to seize additional opportunities within the industry and enhance our Single Obligor Limit (SOL).
“We deeply appreciate the dedication and hard work of our regulators, issuing houses, and all other stakeholders. We extend our sincere gratitude for your continued support.”
Access ARM Pensions has urged Nigerian civil servants to embrace small but consistent voluntary contributions to their Retirement Savings Accounts (RSAs), describing the habit as a simple and effective way to build long-term financial security.
The call was made by Mr. Afolabi Folayan, Executive Director, Technical, Access ARM Pensions, during his keynote address at the International Civil Service Conference in Abuja.
Speaking on the theme, “Building Financial Resilience for the Nigerian Civil Service of the Future,” Folayan emphasised the need to rethink retirement planning beyond statutory deductions.
He said: “We must turn concern into strategy. As leaders of the pension ecosystem, our job is to build a system that is not just safe, but smart. Not just secure, but inclusive. Not just mandatory, but meaningful. Civil servants should be able to top up their pensions anytime, even with just N1,000 from their phones. Over time, compound interest takes care of the rest.”
He highlighted several core challenges civil servants face when preparing for retirement, including inflation, currency depreciation, inadequate financial literacy, and rising post-retirement obligations. According to him, voluntary top-ups offer a simple yet effective strategy to cushion future economic shocks.
Folayan further acknowledged the achievements of the Contributory Pension Scheme (CPS) which currently boasts over N23.3 trillion in assets, but noted that much of the investment remains concentrated in government securities, which may yield below inflation in the long run.
Recognising that retirement is no longer a passive stage of life, Folayan underscored the need for pension systems to evolve alongside the realities of Nigerian retirees.
He added: “Retirement today is not the quiet twilight it once was. It is dynamic. Retirees are caregivers, business mentors, community leaders etc. They face rising medical costs, ongoing family responsibilities, and often still want to contribute- in new ways. Our pension system must meet them where they are, not just where they were.”
Folayan also called for pension funds and employers to collaborate on more integrated retirement solutions. He proposed the creation of financial wellness hubs offering budgeting tools and retirement planning support; health partnerships that provide access to affordable medical care, including critical illness coverage; and accessible mortgage schemes designed specifically for civil servants’ income profiles.
He also urged that technology should be leveraged to empower contributors, suggesting mobile-friendly platforms that include pension growth simulators, life-stage guidance tools, biometric login for added security, and real-time transparency on balances, fees, and investment performance.
“We stand at crossroads. We can continue with a system that delivers the minimum or we can build one that delivers the dignity every civil servant deserves. A system that rejuvenates trust in public service, innovates for financial inclusion, and accelerates us toward long-term economic resilience,” he stated.
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