Shettima Commends Moniepoint, Restates FG’s Commitment To Financial Inclusion

The Federal Government has hailed the contributions and remarkable achievements of Africa’s fastest-growing financial institution, Moniepoint Inc in the financial technology sector, its commitment to advancing financial inclusion, and its ongoing collaborations with law enforcement agencies to combat financial fraud. 

This was stated by the Vice President, Senator Kashim Shettima, when he received the Moniepoint’s leadership team led by its Chief Executive Officer, Tosin Eniolorunda, on a courtesy visit at the Presidential Villa. 

The Moniepoint delegation included, Babatunde Olofin, MD Moniepoint Microfinance Bank; Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc; Ross Strike, SVP, Investor Relations and M&A; Efemena Ogie, Head of Partnerships; Abdulmumin Tijjani, Regional Manager, North West;  and Ravi Sharma, Partner, Lightrock Global – a global private equity and investors in Moniepoint Inc. 

During the course of the visit, CEO, Moniepoint Inc, Tosin Eniolorunda expressed gratitude to the Vice President for making time to meet with the team, underscoring the administration’s dedication to digital innovation and financial inclusion.

He emphasized Moniepoint’s commitment to Nigeria’s financial ecosystem, stating that the fintech giant has grown into Africa’s latest unicorn this year, a testament to its resilience and innovation.

He detailed Moniepoint’s contributions to financial inclusion, including providing digital banking solutions to millions of Nigerians, particularly underserved communities, and empowering small and medium-scale enterprises (SMEs).

Highlighting their robust collaboration with law enforcement agencies such as the Nigeria Police Force, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC), Mr. Eniolorunda reiterated Moniepoint’s commitment to using intelligence-driven technology to fight financial fraud and strengthen trust in the digital payment system.

“At Moniepoint, we are big believers in driving collaborations across the entire eco-system and this is premised on collaboration being the cornerstone of progress. Our engagement here underscores our intentionality to enhance government to business relationship in a way that powers the dreams of millions of many more Nigerians. Together, we can unlock opportunities, transform lives, and build a more inclusive economy for all”, Eniolorunda said. 

The Vice President congratulated the Moniepoint team on achieving unicorn status, lauding their innovative approach to leveraging technology to solve financial challenges.

He acknowledged the company’s impressive growth trajectory, its workforce of over 3,000 employees, and its contribution to the country’s vision of building a $1 trillion economy.

In his remarks, the Vice President highlighted the diversity within Moniepoint’s team, describing it as a “kaleidoscope of colors” and reflecting the beauty of Nigeria’s multicultural and multi-regional identity.

He was particularly pleased with the inclusion of individuals from various regions and backgrounds, including a notable representation of women in leadership and operational roles.

While celebrating Moniepoint’s achievements, the Vice President emphasized the need for stronger auditing measures to prevent misuse of the platform, especially by fraudsters and criminal elements.

He urged Moniepoint and other fintech platforms to remain vigilant and proactive in addressing these challenges.

He acknowledged the company’s impressive journey over the past five years as Moniepoint and their earlier contributions as a software solutions company for banks, applauding their resilience and innovation.

In closing, the Vice President encouraged Moniepoint to continue expanding its global footprint, referencing his ongoing support for similar initiatives such as Amal Hassan’s Outsource to Nigeria project.

He assured the Moniepoint team of his unwavering support, promising to be their “chief promoter” in advancing the brand’s visibility on the global stage.

It will be recalled that Moniepoint partnered with the Corporate Affairs Commission to formally onboard over two million businesses while targeting 30m businesses over the next five years.

It also launched Nigeria’s Informal Economy Report in July this year, in conjunction with SMEDAN and the Federal Ministry of Industry, Trade and Investments to provide a policy thrust for advancing Nigeria’s informal economy in the light of its huge contributions to the nation’s GDP.  

The courtesy visit marks another milestone in the partnership between the Nigerian government and private sector innovators like Moniepoint, who are key players in the administration’s drive to build a robust digital economy and foster financial inclusion across the nation.