Beyond service provision, the Bank is cementing its identity as the homegrown, technological backbone of the real economy, built by Nigerians to solve the specific complexities of the local commercial landscape.

Speaking on the Bank’s evolving strategy, Ezekiel Sanni, senior vice president (SVP), Distribution Network Sales, Moniepoint MFB, said the Bank’s approach is built on a clear understanding that agency banking must be anchored on consistent enterprise support, trust building, and real economic value for agents, merchants and their customers.

“Agency banking has grown significantly in reach, but the next phase of growth will be defined by quality of service and depth of engagement,” Sanni said. “At Moniepoint MFB, we have built a model that prioritises not just access, but meaningful, routine local support for the merchants and communities we serve while our engineering is a commitment to the stability that these businesses need to thrive.”

At the core of this approach is the deployment of dedicated field-based managers who work closely with agents, providing hands-on, on-the-ground support tailored to their daily operations.

Unlike conventional systems, where engagement often ends after onboarding, Moniepoint MFB maintains continuous interaction with agents, driving product usage, resolving operational challenges, and strengthening long-term partnerships.

By combining digital infrastructure with a strong physical presence, the Bank has created a hybrid service model that delivers both scale and human connection.

This proximity enables faster issue resolution and supports always-on mentorship, where merchants receive ongoing business guidance, real-time operational support, and on-the-job training, particularly in critical areas such as fraud detection and anti-money laundering (AML) regulatory compliance.

“When you are close to the agent, you are in a position to go beyond providing a service to building capability,” Mr. Sanni added. “Our teams work alongside agents to strengthen their operations, improve compliance awareness, and ultimately protect both their businesses and the broader financial system.”

According to the Bank, the impact of this approach extends beyond agents and merchants to last-mile customers, who benefit from more reliable service, safer transactions, and greater confidence in the financial system they interact with daily.

Moniepoint MFB’s model has been further strengthened by its track record over the past few years as the bona fide operating system for small businesses.

The Bank has integrated value-added services, such as inventory management, savings product, and access to working capital loans, into its platform, embedding itself in merchants’ day-to-day operations and significantly increasing the value delivered.

“Our aspiration has been to become indispensable to the businesses we serve,” Ezekiel noted. “When your banking partner is also supporting your inventory, helping you navigate other obligations, and providing access to capital, the relationship becomes stronger and more impactful.”

The Bank’s strong performance metrics reinforce this positioning as Nigeria’s largest merchant acquirer, powering 8 out of every 10 in-person payments made across the country, driven by reliability, fast transaction processing, rapid settlement cycles, and a range of other benefits.

This consistency has also helped build a reputation for reliability, which the Bank describes as a key competitive moat in a market where agents often consolidate around a single provider.

“In many cases, agents are effectively choosing a long-term partner they trust to be stable, responsive, and dependable. That is the trust we have deliberately built, that continues to differentiate us even as we work hard to contribute meaningfully to the broader growth and development of the financial ecosystem,” Mr. Sanni added.

The Bank reiterated that it sees agency banking not just as a channel but as critical infrastructure for economic participation and an enduring financial inclusion.

Moniepoint’s commitment is to keep strengthening that infrastructure, supporting merchants, empowering customers, and continuing to serve as the reliable, indigenous engine that keeps Nigeria’s real economy moving.

The announcement was made by Yemi Solaja, director of the Other Financial Institutions Supervision Department (OFISD) at the CBN, during the annual Conference of the Committee of Heads of Banks’ Operations (CHBOs) in Lagos.

Under the new licences, operators such as Moniepoint Microfinance Bank, OPay, Kuda Bank, Palmpay and Paga are now authorised to operate legally across all 36 states and the Federal Capital Territory, reflecting the nationwide scale they have already achieved through digital channels and extensive agent networks.

Closing the Regulatory Gap

The licence upgrades address a growing mismatch between earlier geographic licence tiers and the actual operations of fintech platforms that have organically expanded far beyond regional limits.

Solaja underscored that the transition to national status is conditional, granted only after firms satisfy regulatory benchmarks around governance, compliance, capital adequacy, and operational robustness.

The CBN’s move is part of a broader effort to strengthen oversight of digital finance while supporting financial inclusion and the country’s ongoing shift toward a cashless economy.

What it Means for Fintechs and Users

With national licences, affected fintechs and MFBs are now subject to stricter regulatory standards, including:

• Higher capital requirements: National MFBs must now maintain a minimum capital base of around ₦5 billion, up from the previous ₦2 billion threshold.
• Enhanced compliance and reporting obligations, aimed at boosting customer protection and systemic stability.
• Mandated physical service points in key locations, despite predominantly digital operations, to ensure support and dispute resolution for customers,  particularly those in the informal sector.

The CBN also sees the licensing alignment as a way to close gaps in regulatory oversight and bring digitally led financial services within a framework that matches their economic impact and social reach.

Industry Response

Analysts and sector participants have welcomed the upgrade as a positive regulatory calibration that recognises the maturity of Nigeria’s fintech ecosystem while promoting safer, more resilient financial services.

By aligning licences with operational realities, the CBN aims to support sustainable growth, deepen consumer trust, and ensure that innovation moves in lockstep with prudential safeguards.

The transaction is still pending a green light from the Central Bank of Kenya (CBK), which has the final say on licensed financial institutions in the country.

For Moniepoint, this deal is a recalibration of strategy after a failed bid to acquire KopoKopo, a Kenyan payments firm, which fell through under unclear circumstances. 

If this acquisition succeeds, the company will gain a regulatory shortcut and immediate access to a functioning microfinance operation in one of Africa’s most dynamic financial landscapes.

Sumac, which started out in 2002 and earned its deposit-taking licence in 2012, currently holds a market share of roughly 4.3% and manages over 43,000 active loan accounts. 

Despite its medium size, Sumac operates in a sector where five players dominate over 80% of the market. It is not a major disruptor, but for Moniepoint, that’s not the point. This is about having a legal structure in place and boots on the ground.

The CAK, in its clearance decision, said, “According to the parties’ submissions, the transaction will not result in negative public interest issues. Specifically, there will be no employment loss and all current employees will be retained under current terms.”

With regulatory bodies now sensitive to foreign acquisitions, Moniepoint has managed to present a deal that ticks all the boxes; no job losses, no monopoly issues, and no disruption to consumer pricing or product access.

The deal also shows how fintechs are avoiding the long route of starting operations from scratch. Instead, they’re buying smaller, regulated entities to fast-track entry into new markets. 

Moniepoint isn’t alone in this approach, Access Bank recently finalised its acquisition of National Bank of Kenya, and KCB Group acquired Riverbank Solutions for KSh 2 billion.

Founded in 2015, Moniepoint is headquartered in the U.S. but operates primarily out of Nigeria. Through its subsidiaries, including Moniepoint Microfinance Bank and TeamApt, the firm has built a strong reputation in digital banking. Now, it wants to replicate that growth in Kenya, starting with microfinance.

Kenya’s mobile money market is massive, valued at over $67 billion. While Sumac itself is not a digital-first bank, Moniepoint sees potential in layering its tech-driven services over Sumac’s existing framework. That’s where the growth could come from.

A spokesperson confirmed, “Regulatory approval has been received from the Competition Authority of Kenya for a potential transaction with Sumac Microfinance Bank. Further updates will be given as appropriate.”

By this appointment, Mr. Olujobi is to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness.

Bayo Olujobi brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the bank’s executive team.

Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint Inc successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.

It will be recalled that in February 2024, Moniepoint MFB and Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years. In August 2023, Moniepoint MFB entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year.

Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank (a member of Standard Bank Group), where he served as the Chief Financial Officer and also as a Non-Executive Director, Stanbic IBTC Capital. With close to twenty years of experience in the financial sector, Bayo, who is a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development & strategy and treasury management.

His strategic vision and leadership have been instrumental in driving financial performance and operational efficiency at both Stanbic IBTC and Asset and Resource Management Company (ARM) where he previously worked.

The CTP designation is the gold standard for competency in the finance profession and is recognized as the leading credential in corporate treasury worldwide which signposts that the individual can effectively execute critical functions related to corporate liquidity, capital and risk management.

“We are delighted to welcome an accomplished and business savvy professional like Bayo to the Moniepoint family,” said Tosin Eniolorunda, group CEO, Moniepont Inc. “His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate and consolidate on our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals.”

Bayo holds a Master of Business Administration, MBA from the Cranfield School of Management, UK as well as a Bachelor’s of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student. Bayo’s financial nous has also been globally acknowledged as the recipient of the Financial Services CFO of the Year (West Africa), and Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2021 and 2022 respectively.

“I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement,” Bayo Olujobi said.

Moniepoint MFB managing director, Babatunde Olofin added,

“We are pleased to have Bayo join us and contribute to the Bank’s continued success. His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as mentor to peers and colleagues. I look forward to working with him and the super talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”

This recognition underscores Moniepoint’s commitment to empowering businesses within the hospitality industry through innovative financial solutions.

As a major artery in Nigeria’s booming hospitality sector, Moniepoint provides a range of digital financial services that streamline financial operations, improve guest experiences with digital payment and contribute to the overall growth and sustainability of the industry.

The tourism and hospitality sector in Nigeria holds significant economic importance as it contributes in part to the country’s GDP and stimulates economic growth via improved revenue generation, attracting FDIs, job creation, cultural preservation and sustainable development.

It will be recalled that consulting giants, PWC had forecast that Nigeria will experience a robust growth of 12% in Nigeria’s hospitality industry.

Speaking on the rationale for Moniepoint’s award, Chibuikem Diala, executive director, IHTEF, noted that Moniepoint has become a symbol of innovation, dedication and a testament to the resilience, expertise, partnership that is inherent in developing homegrown brands for the good of the hospitality sector in Nigeria.

“Moniepoint has been chosen by industry leaders because of its innovative contributions towards seamless financial transactions in the hospitality industry. It is worthy of note that Moniepoint as a financial technology brand with inventive solutions have helped to revolutionize financial services in hotels, restaurants, lounges, etc, and for small businesses especially those within the hospitality, fast foods, travel and tourism ecosystem in Nigeria who now experience very minimal processor failure disputes, considerably reduced downtime and track-able transactions, thereby providing effective tools to run hospitality businesses with ease, uncommon simplicity, security and profitability,” he said.

Commenting on the award, Babatunde Olofin, Moniepoint MFB’s Managing Director, expressed delight while noting that:

“We are honored to receive this award from HIESA which is an eloquent testimonial to the collaborative work that we do at Moniepoint. We believe that a thriving hospitality industry is essential for Nigeria and we remain committed to fostering a thriving ecosystem through continued innovation. Our customers remain at the centre of our universe and we’ll continue to ensure that we power their dreams in more ways so that they can experience financial happiness.”

The HIESA is a highly respected award program that acknowledges the exceptional efforts of organizations and individuals propelling the hospitality and tourism sector forward.

By recognizing excellence in areas like leadership, innovation, and service quality, HIESA paves the way for a more robust and sustainable industry.

The awards ceremony was organized as part of the 7th edition of International Hospitality Tourism and Eco-Sustainability Forum (IHTEF) held at the Ladi Kwali Hall, Abuja Continental Hotel on April 25th, 2024.

The IHTEF is a hospitality focused intellectual marketplace, a ‘platform of minds’ that brings together thought leaders, influential government figures, project developers, hotel managers, visionaries, investors, hotel owners, consumers and sustainability enthusiasts.

With the theme, “Emerge Together; Reimagining a Green Hospitality Economy”, the forum examined how hospitality businesses should conduct themselves in the light of the emerging green economy while x-raying the intersections between hospitality circular economy, effective resource maximization, and quality skills and standards needed for a new hospitality economy.

Some of the guests at the ceremony included the Honourable Minister for Tourism, Mrs Lola Ade-John (Special Guest of Honour), other industry leaders include IHTEF Africa’s conference advisor, Mr Trevor Ward of W Hospitality Group, Turkey, Director Lodging & Development, Marriott West Africa; Mr Adedayo Adesugba, Vice Chair, Association of Tourism and Hospitality Consultants of Nigeria (ATHCON); Mrs. Oluwasoromidayo George, Director Corporate Affair & Sustainable Business, Nigeria Bottling Company  Mr Ekene Nnabuihe, CEO Boulevard Hotel Group; Dewald Kruger, The Envoy Abuja; Mrs Kehinde Daniel, Kots Catering; Ms Idy Ekwo, Hospitality Connect, Worldwide; Alain Salameh, General Manager, Hawthorn Suites by Wyndham; and Toni Cheikwafah of Beer Barn.

In recognition of the bank’s strategic importance to Nigeria’s financial services sector, Moniepoint MFB has received several accolades including the prestigious Rising Star Family Business Award Pwc/Businessday Family Business Summit; Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards, the Most Outstanding Microfinance Bank in Consumer Engagement at the Brandcom Awards, NITDA’s Digital Nigeria 2023 winner for the Fintech Category.

Moniepoint Inc was listed for the second year running amongst the 100 most promising private fintech companies by CB Insights and the reputable Financial Times named it Africa’s second fastest-growing company.

Moniepoint Inc also received critical acclaim as the “Most Outstanding Fintech Company in Financial Inclusion at the Brandcom Awards.

Tosin Eniolorunda, Group CEO, Moniepoint Inc,  was named the 2024 Legit Business Leaders Awards in recognition of his outstanding contributions to Nigeria’s economy.

Moniepoint’s win at the 2024 HIESA signifies its unwavering commitment to playing a vital role in the Nigerian hospitality industry’s success story.

The company looks forward to building on its achievements and amplifying its positive impact in the years to come.

Efemena Ogie, head of Partnerships at Moniepoint Inc., gave this commitment at the Fintech Forum organized by the Nigeria Information Technology Reporters Association (NITRA) in Lagos.

According to Ogie, it was in line with this commitment that the company developed an innovation of point of sale (PoS) alert for mobile transfers.

According to him, this is helping businesses using Moniepoint’s PoS machines to receive instant credit alerts when their customers make transfers to their accounts. He said this has also taken the customers’ burden of waiting for merchants to receive alerts before they can leave.

Ogie said: “We had to think outside the box to make life easy when you want to make payments. If you go to a supermarket and you forget your card and you want to make a payment, you will have to make a transfer. But at some point, you have to wait until the merchant gets an alert before you can leave. You can just get angry at that point because your account has been debited. We saw that there is a better way to do that, so what we did was that instead of waiting, when you do a transfer, the alert should just hit the PoS, and that transaction will be seen as a card transaction and the merchant is able to print your receipt right there.”

Ogie added that more innovations are coming into the payment space in Nigeria, especially with the ongoing implementation of the Central Bank of Nigeria’s Payment System Vision 2025.

“In a couple of months from now, you’re going to see some massive innovation in the payment space because if you look at the CBN’s Payment System Vision 2025, in the documents, you have things like big data, artificial intelligence, contactless payments, and open banking. As we are talking, the CBN has also released the guidelines for open banking, so it’s not something that will happen in 10 years but it’s happening right now. The CBN has also released the circular for contactless payments. At Moniepoint, we are already working for our customers, we are already thinking outside the box to see how we can deploy services around these platforms.”

Fidelity Bank Restores Transfers to Moniepoint, PalmPay, others

In his opening remarks at the forum with “Harnessing Nigeria’s Fintech Potentials: Challenges and Opportunities” as the theme, Mr. Chike Onwuegbuchi, the NITRA Chairman, said fintech has become the most exciting sector in the ICT industry, and in Nigeria as a whole. He added that the focus on the sector which is seen as the engine of financial dealings, economic growth, and transactional unification, was to present and aid various other sectors from the grassroots to international business/trade.

Also speaking, Mr. Bemigho Awala, the PR Manager at MoniePoint Inc., used the forum to share perspectives around how opportunities in Nigeria’s fintech space can be robustly captured. He cited the need for increased talent development in the industry while signposting the Moniepoint NITHub initiative as an exemplar.

Big Boost for Tech Talent Development in Nigeria as Moniepoint and Nithub UNILAG team up

Awala also made the case for innovative systems, enhanced due diligence and innovative solutions that meet market demand as critical pillars that undergird the emergence of a fintech ecosystem that works for all stakeholders.

He said: “Know Your Customer (KYC) has become a cornerstone in establishing trust, ensuring security, and complying with regulatory standards. KYC is not merely an acronym; it represents a crucial set of processes designed to verify and authenticate the identity of customers engaging in financial transactions. As a responsible and compliant organisation, we will continue to explore innovative tools and methodologies while actively collaborating and cooperating with all stakeholders in the financial services value chain to reduce the menace of fraud-related transactions.”

Key points

• Moniepoint card and app available to 33 million terminal users across Nigeria;
• Uses Moniepoint’s reliable infrastructure to guarantee successful transactions;
• Easy-to-use dispute system for failed transactions – gives Nigerians control for first time;
• Merchants benefit when consumers use Moniepoint via faster payments, easy dispute resolution processes, and cashback on transactions;
• Cards issued by Mastercard and Verve, amongst others;
• App allows users to make transfers, pay bills and buy airtime + debit cards can be used at ATMs, POS terminals, and online; and
• Follows Moniepoint’s sponsorship of BB Naija Season 8.

Moniepoint Microfinance Bank, the leading business banking platform in Nigeria has disclosed its entry into the personal banking market with the launch of a consumer app and debit card.

Moniepoint Inc., through one of its subsidiaries in Nigeria, leads the in-person payments market and with this personal banking solution, Moniepoint Microfinance Bank, another subsidiary of Moniepoint Inc., will be extending its reliable banking infrastructure from the businesses it serves to their customers and employees.

Millions of people will enjoy seamless and reliable payments with Moniepoint Microfinance Bank debit cards, at the over 1.5 million businesses who currently use its platform. These debit cards will be issued through global payment processors, including Mastercard and Verve.

The app will enable users to make transfers, pay bills and buy airtime, while its debit cards can be used at ATMs, POS terminals, and online. Merchants will also benefit from seamless transactions when customers use Moniepoint cards.

The Moniepoint Microfinance Bank team’s expertise in building banking solutions is evident in its personal banking app with the introduction of a new card dispute resolution system. This system will enable users to log disputes for failed card transactions, and track them till they get a full reversal, thus giving Nigerians control over dispute resolution for the first time.

Aligning with its sponsorship of this year’s season of Big Brother Naija, the app will also feature various games. These games will see users earn points with each transaction and compete in pursuit of grand prizes of millions of Naira each week.

Ope Adeyemi, SVP for Channels and Sales Tools at Moniepoint, said:

“Launching a personal banking product means we can connect businesses and their customers more effectively, backing them with our reliable infrastructure and services. We have always been committed to providing financial happiness, so it was a natural next step when dealing with so many businesses, to also offer our reliable services to their customers and employees. By taking this step, we are determined to power the dreams of millions of people across the continent.”

Other services such as salary advances, will be rolled out in the coming months.

The launch of Moniepoint Microfinance Bank’s personal banking product follows its strong performance in the business banking market. Its parent company, Moniepoint Inc.  was ranked by the Financial Times as Africa’s second-fastest growing company (and fastest-growing fintech) in its annual “Africa’s Fastest Growing Companies” survey.