This prestigious event which was hosted by the Central Bank of Nigeria (CBN) had in attendance, several key stakeholders in the financial services industry that include Deputy Governor, Financial System Stability, Central Bank of Nigeria, Philip Ikeazor, director-general, National Pension Commission (PenCom), Omolola Oloworaran, Country Manager and Area Business Head for West Africa, Mastercard, Folasade Femi-Lawal, and Chairman of Committee of e-Business Industry Heads (CeBIH), Ajibade Laolu-Adewale among others.

Themed “Inclusive Growth: Harnessing Inclusion for Economic Development,” this year’s conference brought together global experts, policymakers, and industry leaders to explore strategies for advancing financial access and fostering economic development.

Moniepoint’s stellar contributions and nationwide impact in promoting financial inclusion across underserved communities were celebrated alongside its innovative products and solutions that bridge gaps and provide a secure, fast and transparent way to access digital financial services .

In addition to this accolade, in recent weeks Moniepoint has received several other industry awards, further cementing its position as a leader in driving financial inclusion and economic empowerment across Nigeria.

Commenting on the awards and wins, Tosin Eniolorunda, CEO Moniepoint Inc, said,

“These recognitions underscore our commitment to engineering financial happiness via solutions that empower individuals, small businesses and communities at large. At Moniepoint, we believe that financial inclusion is not just a goal but a necessary foundation for sustainable economic growth and development. We are honored to contribute and support the Federal Government’s aspirations and agenda to become a trillion dollar economy by 2030 and we remain dedicated to making a meaningful impact.”

He continued,

“the laurels and accolades are a strong validation of the hard work and dedication that our DreamMakers put into powering the dreams of millions of Nigerians, and it will continue to fuel our passion for driving excellence in Nigeria’s financial services sector. It’s just Day One for us and we will continue to develop solutions that make financial services more accessible to all.”

Scoring an uncommon hattrick, Moniepoint Inc was listed for the third year in a row in the seventh edition of CB Insights annual Fintech 100, a list of the 100 most promising private fintech companies in the world and described as high-momentum companies shaping the future of financial services.

At the prestigious BusinessDay Banks & Other Financial Institutions BAFI Awards 2024, now in its 12th year, which highlights excellence and innovation within the financial services sector and celebrates the institutions that have set new standards in performance, customer service, and leadership, Moniepoint Microfinance Bank won the award for “SME Microfinance Bank of the Year” and Tosin Eniolorunda emerged as the Fintech CEO of the Year.

At the Phillips Consulting (pcl.) Digital Jurist Awards 2024, which celebrates the remarkable achievements of organizations that have exemplified innovation and excellence in leading digital transformation across various sectors in Nigeria, Moniepoint was recognised for Best Digital and Best Website in the Microfinance Bank sector, while winning the award for the Overall Best OFI in Digital Banking Solution Delivery (Vision Category) at the NEXUS 2024 Gala and Awards Night organized by Qore, a leading fintech infrastructure and Banking-as-a-Service platform provider.

Moniepoint Inc. is Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools since 2019.

As Nigeria’s largest merchant acquirer, it powers most of the country’s Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes $17 billion monthly for its customers while operating profitably.

Mayaki’s appointment was following the resignation of Mr. Asue Ighodalo, effective December 31, 2023.

In a statement released by the Company Secretary, Temitayo Adegoke, “The resignation of our erstwhile Chairman is in line with the best corporate governance practices as Mr. Ighodalo has offered himself for public service.”

Ms. Adegoke continued by saying, “Mr. Mayaki takes on the leadership of the Board to continue the progressive growth and lead the Bank onto even greater success.”

Mayaki assumes the board’s leadership after serving as a non-executive director. His extensive background spans the practice of Law with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He further served as the pioneer Vice President Legal & Compliance of ARM Limited, Country Head of Legal and Group Company Secretary for all Shell Petroleum companies in Nigeria, and Deputy Managing Director of Addax Petroleum Nigeria.

He sits on the Governing Council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organisation, Chestrad, from where he has championed the establishment of several programs in Nigeria to support health systems, social development, women and the girl child.

An alumnus of the prestigious University of Ibadan, as well as Harvard and INSEAD business schools, Mayaki’s background in Law, Finance and Investment and overall career experience further strengthens the Bank’s dedication to strong corporate governance.

In recent times, Sterling Bank has enhanced its focus on innovation and digitization, introducing specialized products such as Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to the unique needs of the Nigerian market.

Furthermore, the Bank has forged a partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to develop the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.

Renowned for its now famous HEART of Sterling strategy; which focuses on investments in Health, Education, Agriculture, Renewable Energy and Transportation; the Bank featured on the prestigious top 100 fastest growing companies in Africa, as published by the globally recognised Financial Times all in 2023.

With its optimism about Nigeria, irreverent brand voice and enviable talent management practices, Sterling has been the most recognised awardee of the Great Place To Work Institute over the last 5 years and was named earlier this year as the Overall Best Place To Work In Nigeria.

The event brought together esteemed stakeholders from the financial services industry across Africa, including government representatives, regulatory bodies, Commercial Banks, FinTechs, and other financial institutions.

Nexus 2023 served as a platform for Qore to showcase its innovative suite of software solutions while offering attendees a glimpse into the future of technology for financial services.

The event aimed to empower leaders of Qore’s existing and potential financial institution clients by providing them with invaluable insights to craft strategies for growth and expansion in the evolving digital landscape

Following an inspiring welcome address by the Co-founder and CEO, Emeka Emetarom, Qore’s impressive array of products took the spotlight at the event, showcasing their commitment to innovation and excellence.

The comprehensive product portfolio, encompassing Digital Core Banking Automation, Omnichannel Self-Service Solutions, Lending Automation, Card Issuance Automation, and Merchant Services/Agent Banking solutions, captivated attendees with world class features and state-of-the-art user interfaces.

Among the standout offerings was Pryme, the card issuance solution that was skillfully reprogrammed for the event.

Its ability to swiftly register attendees and instantly issue access cards at the venue left an impactful impression on all who witnessed its efficiency.

Qore’s products were thoughtfully highlighted through product-specific breakout sessions and workshops, providing attendees with the opportunity to engage in meaningful discussions, exchange ideas, and offer invaluable feedback.

In what was perceived as a bold and unprecedented move, Qore COO and co-founder Mudiaga Umukoro announced the company’s plans to roll out an enterprise grade core banking system, targeted at commercial banks, and positioned to break the strangle-hold that foreign core banking software providers, the likes of Infosys, Temenos, and Oracle, have on the commercial banks.

In his presentation, and to the delight of the audience, Mudiaga stated that the decision to provide an alternative to the incumbents servicing the commercial bank space resulted from a desire to spare the country needless foreign exchange outflows on account of payments for solutions that have better homegrown alternatives.

To enrich the overall experience, Qore collaborated with reputable partners (Zone, eBanqo, Bankingly and Turaco) who also showcased their own remarkable products.

These partners, who represent the first set of value-added service providers on Qore’s soon-to-be-released Banking-as-a-Platform (BaaP) service, brought forth specific value propositions in payment solutions, AI powered chatbot systems, Insurtech, and more, augmenting the event’s offerings and leaving attendees truly impressed.

Qore’s commitment to delivering exceptional products was evident throughout the event, leaving no doubt about their dedication to customer satisfaction and technological advancement. The event provided a platform for knowledge-sharing, networking, and fostering future collaborations, solidifying Qore’s position as a leader in the industry.

During the Nexus 2023 event, Qore proudly introduced the Nexus Awards, aimed at recognizing and honoring financial institutions that actively contribute to the mission of digitizing and automating banking in Africa.

These prestigious awards signify Qore’s commitment to celebrating the achievements of forward-thinking institutions that are paving the way for a technology-driven banking ecosystem in Africa.

The winners of the inaugural Nexus Awards in the Commercial Banks category are as follows:

• United Bank for Africa (UBA): Proficiency Award for the Best Commercial Bank in Service Delivery Automation
• First City Monument Bank (FCMB): Courage Award for the Most Technology Pioneering Commercial Bank
• Sterling Bank: Innovation Award for the Most Innovative Commercial Bank
• First Bank: Mission Award for the Best Commercial Bank in Driving Technology Adoption Across the African Continent
• Guaranty Trust Holding Company (GTCO): Vision Award for the Overall Best Commercial Bank in Digital Banking Solution Delivery
• Access Bank: Purpose Award for the Best Commercial Bank in Financial Inclusion
  

  In the Other Financial Institutions and Fintech category, the winners are:

• Stellas Microfinance Bank (MFB): Innovation Award for the Most Innovative Fintech (OFI Category)
• 9 Payment Service Bank (9PSB) : Award for the Best Overall Digital Enabled Bank/ Fintech (OFI Category)
• Grooming Microfinance Bank (MFB): Purpose Award for the Best Fintech in Financial Inclusion (OFI Category)
• Alerzo Pay: Vision Award for the Overall Best Fintech in Digital Banking Solution Delivery (OFI Category)

These winners have demonstrated exceptional dedication and leadership in leveraging technology to transform and enhance banking services in Africa. Qore extends its warmest congratulations to the deserving recipients of the Nexus Awards.

“Qore believes in the power of collaboration and innovation to shape the future of banking in Africa. Nexus 2023 provided a unique platform for industry players to come together, exchange ideas, and pave the way for a prosperous tomorrow,” said Emeka Emetarom, CEO of Qore. “We are proud to have hosted this event and are grateful to all our esteemed partners, attendees, and the financial institutions that continue to drive the digitization and automation of banking in Africa.”

Some photographs from the event:

This subject was among the central topics discussed at the recent regional BankOne conferences, which took place in the Eastern, Western, and Northern regions of Nigeria.

These conferences organized by Qore were designed to showcase the impact of automated digital solutions when adopted by Microfinance Banks despite prevailing region-specific challenges these Financial Institutions face.

Qore – Banking-as-a-Service (BaaS) Solution that Automates Operations for Financial Institutions

The Northern conference which held at the Green Palm Desert hotel in Kano, spoke to Unlocking New Possibilities for Microfinance in Northern Nigeria, leveraging digital solutions.

Current users of Qore’s Banking-as-a-Service suite of solutions shared their experiences on their digital journeys.

Highlighting the before and after stories Mr. Asongo Abraham Ph. D; the Chief Operating Officer at Standard Microfinance Bank Ltd; Yola, detailed the transformation the bank underwent after adopting Qore suite of solutions including the cloud-native Core Banking Solution (BankOne), the Payments and Transfers enablement platform and the Agent Banking Solution.

The Eastern conference held at Casoni Hotel, port Harcourt and themed Understanding the Importance of Digital Transformation for Microfinance Banks, shed light on the role of digital technology in key banking operations including Business Development, Customer operations and especially Internal Control.

The Managing Director of Ekondo Microfinance Bank, Calabar, took time to elaborate on the bank’s growth, post adoption of the BankOne digital banking suite of solutions.

The Western conference held in Lagos focused on the need for automated digital processes, the significance of open banking, and the dynamic role of APIs (Application Programming Interfaces) in fostering collaboration. In attendance were key stakeholders and representatives from Microfinance practitioners across the regions.

Qore’s Ambitious Move to Drive Digital Banking Across Africa

Discussions centered around leveraging emerging technologies like blockchain, artificial intelligence, big data Internet of Things etc.

Conversations also revolved around how APIs enable seamless integration between financial institutions and fintech partners, leading to enhanced services and products for customers.

Speaking at the conference, Mudiaga Umukoro, Co-founder and Chief Operating Officer of Qore during his presentation, stated:

“The traditional paradigm of banking is undergoing a radical shift. Banking systems can no longer be confined to traditional structures; the advent of new concepts like Banking-as-a-Service, Embedded Banking, De-fi etc. are fundamentally altering how we perceive financial services”.

He added, “To fully realize their potential, financial institutions must embrace modern API –enabled technology platforms, which are empowered with framework for collaborations within the banking and payment ecosystem.”

He also noted that Qore’s commitment to the complete automation and digitalization of the industry is underscored by numbers -18 commercial banks, 450 microfinance Banks, 1 million cards issuances monthly and over 10 million hosted accounts.

Also speaking at the event, Yvonne Ige; the Vice President, Core Banking & Self-service Channels Business at Qore, stated “We firmly believe that the future of the financial industry lies in embracing innovation, and the recent BankOne regional conferences have reinforced this belief.

The importance of transitioning from traditional banking structures to a more collaborative, tech-driven model cannot be overstated.

At Qore, we are dedicated to empowering financial institutions with the essential API-backed framework to facilitate collaboration within the fintech space. As we look ahead, we recognize that artificial intelligence will power most transactions in the next decade, making full digitalization, tech-readiness, and agility vital for financial institutions to thrive.

The conference provided a platform for attendees to explore the pressing needs and immense benefits of adopting a digital banking approach.

With the financial landscape rapidly evolving across Africa, the discussions centered around how financial institutions can leverage open APIs to accelerate innovation, drive collaboration, adapt to current trends and create new opportunities for growth.

BankOne is the leading core banking software serving over 500 financial institutions in 7 countries across Africa. BankOne, for over a decade, has become well known for its capacity to shorten implementation time and provide services automation for banking services.

BankOne is one of the Banking-as-a-Service (BaaS) platforms of Qore. Until October 2022, Qore was an internal strategic unit of Appzone.

At least the experience(s) during the recent naira redesign policy of the Central Bank of Nigeria (CBN), exposed the need for fast and effective payment methods, and open banking services that offer the best deals for the customer.

In turn, banks have a rich new range of opportunities to use data to improve services, grow their customer base, and aggregate users on their platforms for powerful network effects that drive long-term value.

Retail banks are already making good progress in catering to these needs by developing more efficient products and services. As a result, even commercial banks are beginning to recognize the need to revamp their offerings before a new wave of disruptors starts to vigorously encroach on their market.

The Ekondo Case Study

For traditional banks, it’s a case of move fast, or be lost in the tide of transformation. This was the case for one of BankOne’s (A solution powered by Qore) clients – Ekondo Microfinance bank.

The financial industry in Nigeria has been influenced by technology over the years and because of Qore’s contribution to the financial sector, financial institutions can now scale digitally and operate at their peak levels as a result. Take Ekondo as an example;

This Qore’s customer – was trying to scale up operations and overcome challenges they faced with their operations. The bank wanted to move fast, leveraging its established status and reputation, and knowing that as more people use the service, the more prevalent it would become in the local market.

Ekondo was established in 1997 with a mission to uplift the economic condition of indigent people and has grown into a leading Microfinance Bank (MFB) serving the people of Cross River State, Nigeria. During this mission, the African Financial Institution, faced challenges such as managing technological deficits, rising operational costs, and expansion.

To overcome these obstacles, Ekondo onboarded BankOne, a cloud-based banking system powered by Qore. BankOne revolutionized Ekondo’s operations, navigating regulations, driving operational cost leadership and sustainability, and enabling growth and expansion.

All these improvements translated into real growth of the bank’s user base.In total, Ekondo roared in the market, and the imminent threat of local disruptive competitors was strategically countered.

Thanks to the modular architecture of Qore’s BankOne, solutions can be modified, upgraded, or swapped out rapidly, enabling your bank or FinTech to develop new and update old products much faster, without taking on any of the dreaded operational risk of sourcing new partnerships normally implies.

Product developers can rapidly test what works and what doesn’t by substituting alternative approaches with ease from a menu of potential models – ideal for banks looking to update their product offerings to keep pace with market demands at a moment’s notice.

Qore – Banking as a Service (Baas) Solution

It is important to remind you that Qore is Africa’s foremost Banking-as-a-Service (BaaS) solution built to achieve end-to-end automation of African financial institution operations and enable the delivery of services to end customers via digital and alternative channels.

The company was carved out from the Pan African fintech software provider group, Appzone in 2022 to become a single business entity 

Qore is deploying disruptive digital technologies to enable financial inclusion, automate banking, and facilitate payments. With solutions like those outlined below, Qore is building tomorrow, today and is set to be the Digital Banking Platform dominating the new era of fully digital Banks in Africa;

BankOne: Africa’s foremost core banking software that has automated and fully digitized banking processes for over 500 FIs. BankOne is fully API-enabled.

Cluster: Agency banking, and merchant service created to support the creation of wealth by enabling merchants to receive payments seamlessly

Pryme: A self-service card issuance solution. With Pryme, bank customers can get their debit cards in less than 5 mins (even during weekends). Leading commercial banks like GTBank are currently using Pryme’s CVM (card vending machines) to enable their customers to self-issue cards seamlessly. 

Recova: Optimizing the digital lending ecosystem across Africa, by providing solutions for complete automation of lending activities from loan origination to recovery.

The starting point is to agree to reinvent how your bank – FinTech – deliver. Qore Banking-as-a-Service (BaaS) solution enable the rest.

The startups include Pocket Food, Access Tech, Printivo, Startup Lagos, Eko Institute of Technology, Kirgawa, Qore, Imperial EdTech, Bunce, Etaps, and Innovia Labs.

GITEX Africa Morocco is the largest and most influential tech and startup event in Africa. The prestigious event, renowned for showcasing technological advancements, innovations, and digital transformation, provides a platform for these Nigerian startups to pitch their ideas, connect with investors, and network with industry leaders on a global scale.

The presence of the Executive Governor of Lagos State, Babajide Sanwo-Olu at the GITEX Africa Digital Summit, underscores the Lagos State Government’s unwavering support for the startup ecosystem.

Governor Sanwo-Olu had a speaking session where he shared his vision for fostering innovation and driving the digital transformation of Lagos State.

He highlighted the remarkable growth of Africa’s tech start-up sector and emphasized that Nigerian tech start-ups surpassed the $4 billion mark in 2022, with Lagos playing a leading role in the continent’s digital transformation.

The Governor emphasized that Africa’s rise in technology is unstoppable. From Nairobi to Cape Town, and from Rwanda to Morocco, the continent is emerging as a global tech hub, attracting both local and international investments.

He then called for continued collaboration between the public and private sectors to harness Africa’s limitless potential.

His presence serves as a strong testament to the government’s commitment to nurturing the growth of startups and positioning Lagos as a hub for technological advancements in Africa.

The event was also attended by Tunbosun Alake, the Special Adviser to the Governor of Lagos State on Innovation and Technology, who emphasized the government’s dedication to driving technological advancements and fostering an innovation-driven economy.

The Lagos State Government delegation, led by the Commissioner, Ministry of Science & Tech, Hakeem Fahm and Permanent Secretary, Ministry of Science and Technology, Engr. (Mrs) Ibilola Kasunmu provided guidance and support to the sponsored startups throughout their journey at GITEX Africa Morocco.

GITEX Africa Morocco brings together the brightest minds, entrepreneurs, and investors from around the world to explore the rapidly advancing tech landscape in Africa.

With a focus on AI, Cybersecurity, Fintech, Cloud Computing, and Connectivity, the event offers invaluable insights and opportunities to shape inclusive digital societies and drive technological advancements across various sectors.

The Lagos State Government’s sponsorship exemplifies its unwavering commitment to empowering the local startup ecosystem and positioning Nigerian entrepreneurs on the global stage.

By investing in these talented startups, the government aims to create a conducive environment for innovation to thrive, foster economic growth, and position Lagos State as a hub for technological advancement in Africa.

Supported by Eko Innovation Centre, an innovation hub focused on driving the growth of startups and promoting digital transformation in Nigeria, the chosen startups represent the forefront of innovation in Nigeria.

These startups will have the unique opportunity to present their groundbreaking ideas, engage in interactive showcases, attend outcome-focused conferences, witness product launches, and network with industry experts.

This exposure at GITEX Africa Morocco will undoubtedly accelerate their growth, opening doors to potential partnerships, collaborations, and investment opportunities.

What would you say has changed in the African financial services ecosystem over the past five years, especially as the industry’s growth is still being driven by digital transformation?

Disruptive in 1 word. We watched the transformation to true Digital Banking. For the first time, we started to see that we did not really need branches to consume banking services. NeoBanks rose up and succeeded which was strange. Then we started to consume banking services from Institutions that were not banks. Suffice it to say that our perception of banking and our perception of banks was (and continues to be) transformed at an alarming rate.

How is Qore positioned to lead innovation for meaningful advancement in the industry, given the competitive landscape for digital finance?

Digital Finance is at a very interesting point in its history. Never has it been surrounded by so much opportunity but also never has it been so challenged in Nigeria and Africa. On one hand, we have the highest number of Financial service providers ever, offering innovative products; we also have financial services stretching its territory into retail commerce (as a result of embedded banking and banking-as-service).

On the other hand, we have a high rate of financial exclusion and inefficiencies in operations (especially in lending). Qore intends to bridge this gap over the next few years by empowering these Microfinance Institutions with the exact same technology (and better technology)
that the biggest and most tech-savvy FinTechs and Banks have.

Why did you decide to register Qore as a separate legal entity?

Appzone has always existed as a venture builder with fingers in a lot of different pies. Right now though, there is a need to focus on certain deep challenges on the continent. A separate business entity with its own Executive management team
and resources is the best way to create that focus.

What is the main goal of Qore, and how does it help Africa transition to a digital banking future?

Qore’s overall objective is a completely automated and connected Financial Services ecosystem in Africa. Once every financial transaction on the continent is digital, we would have met our goal

Tell me a little more about the culture of your business and how it affects the value you offer.

Our core values are technical proficiency, innovation, courage, humility, and an entrepreneurial spirit. You can see how these values drive our culture and ultimately our output. Qorents (nickname for Qore’s team) are extremely competent though humble, entrepreneurs, innovative and courageous in the wake of enormous challenges.

What have been the main growth factors for the Qore company, historically?

Innovation and a willingness to roll up our sleeves and delve into the depth and intricacies of technology no matter how complicated and complex, have made us unique and driven our growth. We focus on the backend infrastructure and rails that most organizations rather avoid. We built a cloud-native Core Banking Application that no one else on the continent has bothered to. We have built a Financial Switch that most people rather purchase externally. This unique orientation has created the products that fuel our growth.

How are you advancing digitization of financial services in Africa through the use of strategic partnerships?

Pushing out our products into Africa, we intend to leverage and partner with distribution networks that already exist instead of reinventing the wheel. Many global brands have seen what we have built and are eager to work with us toward proliferating our services across the continent.

How has Qore affected the Nigerian and African financial services ecosystem over the past ten years?

Interesting question as we have been at the forefront of digitization of financial services since our inception in more ways than I can outline here. Our Banking-as- a-Platform service, BankOne defined the standard for financial services in the

Microfinance sector of Nigeria. Before getting into the market, digital services in Microfinance were a myth. Due to what the product has done, it’s now a standard. It’s no wonder most of the industry relies on the platform today. Our product Viacard created the culture of instant card issuance in Nigeria.

Before then it was standard to wait a week or two for your debit card. Now it takes 15 minutes. Our Pryme product disrupted Viacard and now Debit Card issuance (aka Card Vending Machine, CVM ) is self-service just like ATM cash withdrawal BankOne also facilitated the very first electronic transaction from a Microfinance Institution in the Gambia.

How are you continuing this transformation in the face of the emergence of neo-banks and digital rivals, given that your organization was a major player in the initial digitization phase of Nigeria’s financial sector?

It’s simple-we are enabling the NeoBanks and Fintechs. Most of them are operating with Microfinance licenses and building their niche services on top of our rails. From the Core Banking Applications to our API networks and lending automation tools, it’s easier for them to create more impact by leveraging what exists rather than reinventing the wheel. Together we win always.

How are you positioned to realize your vision for Africa’s developing financial ecosystem?

I have said this before, every financial transaction will be digital. Some will occur without our awareness. This will happen pretty soon.
The main challenge right now though, is that lots of financial services providers are running in a manual or semi-manual mode. This is due to a lack of affordable and accessible technology. We have started changing that.

Interestingly many Neobanks are springing up with Microfinance licenses and leveraging our infrastructure to target the same segment. Together, this future will come sooner rather than later.

How does Qore help small and medium-sized enterprises in Africa experience tremendous growth?

It is clear fact that SMEs are better financed by Microfinance banks and now Fintechs and Neobanks. As we empower them with our technology, SMEs have the enablement to do what they do best