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Moniepoint Attains Unicorn Status as Google, Others Inject Fresh $110m

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Moniepoint-Logo_Coloured

By Adedapo Adesanya

Moniepoint has attained a unicorn status, with its value now over $1 billion after it received fresh funding of about $110 million from investors, including Google, a statement made available to Business Post on Tuesday disclosed.

The Nigeria-based fintech received the new capital injection from a funding round led by the London-based private equity firm, Development Partners International, and supported by Google’s Africa Investment Fund.

Moniepoint, which had already previously raised $55 million from investors, operates in the fast-growing fintech market in Nigeria and will use the money to support its expansion.

Moniepoint alongside other payment platforms recorded massive growth as a Central Bank of Nigeria (CBN) cashless policy and Naira redesign forced many Nigerians to adopt digital transactions.

Moniepoint alongside OPay and PalmPay became the leading fintech seizing on barriers in traditional banking services to cater to Nigeria’s rising digital savvy population due to the nature of fast transactions, ease of entry, and simple user experience.

Moniepoint’s financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth – a vital necessity given about 83 per cent of employment across Africa is in the informal economy.

Kenya, East Africa’s largest market, could be the next market the fintech is targeting.

“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure.

“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.

“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here,” the chief executive of Moniepoint, Mr Tosin Eniolorunda, was quoted as saying in the statement.

“We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest-growing companies. A profitable business led by an excellent leadership team with a clear strategic vision, Moniepoint is well-positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.

“DPI has a long track record of supporting businesses like Moniepoint to achieve their next stage of scale. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success.

“We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payment services,” a Partner at Development Partners International, Adefolarin Ogunsanya, stated.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Banking

GTCO Distributes 3,000 Gas Cylinders to Obafemi Owode Residents

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GTCO cooking gas cylinder

By Aduragbemi Omiyale

Over 3,000 residents of the Obafemi Owode Local Government Area of Ogun State have been given a unit each of a 3kg gas cylinder by Guaranty Trust Holding Company (GTCO) Plc under its Waste for Gas initiative launched recently.

The cooking tool was distributed mostly to women in the community after conducting thorough assessments by visiting beneficiaries’ homes to ensure that the support reached those who genuinely needed it.

The financial institution said the items would provide access to gas-powered cooking solutions and simplify daily routines by freeing up time for other productive activities that support financial stability.

It expressed optimism that the cooking gas cylinder will make a meaningful impact in the community and enhance the quality of life for households.

“The Waste for Gas initiative is about making life easier for families, giving them more time to focus on important activities such as education, work, or personal development.

“Beyond this, our goal is to continuously develop sustainable initiatives that empower individuals, strengthen communities, and contribute to socioeconomic growth,” the chief executive of GTCO, Mr Segun Agbaje said.

Also, the Chief Communication Officer of GTCO, Ms Oyinade Adegite, said, “We visited various households across the local government and were surprised to find that some residents had already gone borrowing from money lenders just to afford gas cylinders, while some others were considering doing the same.”

She urged beneficiaries to use the cylinders for their intended purpose and not resell them, adding that GTCO would return for the second phase of the program. The bank’s decision to expand the initiative would depend on how well the items are utilized.

Expressing gratitude for the initiative, Obafemi Owode Local Government Chairman, Mr Ogunsola Adesina, stated that the intervention would significantly improve the standard of living in the area.

He also appealed to GTCO to establish a branch within the community to alleviate the banking challenges residents currently face.

In his remarks, the Olu of Owode-Egba, Mr Kolawole Aremu Sowemimo, advised beneficiaries not to sell the gas cookers and assured them that discussions were underway to establish discounted gas refill stations within the community.

Additionally, the Iyaloja General, Mrs Ganiyat Oyelakin, cautioned beneficiaries to use the gas cookers safely to prevent accidents. Residents were also educated on the proper handling and maintenance of their gas cylinders.

One of the beneficiaries, Mrs Risikat Ayoka, thanked GTCO for the initiative, saying, “We are excited. This gesture will make us stop using firewood for cooking.”

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Union Bank, ICAN Explore Potential Areas of Collaboration

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ICAN Union Bank

By Aduragbemi Omiyale

The managements of Union Bank of Nigeria and the Institute of Chartered Accountants of Nigeria (ICAN) are looking at ways to join forces for growth.

Recently, the executives of ICAN were at the head office of the financial institution tucked in the iconic Stallion Plaza in Lagos.

This visit underscores ICAN and Union Bank’s mutual commitment to advancing the accounting profession and contributing to the overall growth of Nigeria’s financial sector.

The president of ICAN, Mr Davidson C.S Alaribe, appreciated the warm reception and highlighted the importance of such engagements in promoting professional excellence and ethical standards within the accounting and finance sectors.

In his remarks, the Chief Financial Officer of Union Bank, Mr Oluwagbenga Adeoye, emphasised the bank’s commitment to supporting initiatives that enhance the professional development of accountants and ICAN members.

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Banking

Senate Accuses CBN of Stalling N30trn Ways and Means, ABP Investigations

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CBN IMTOs

By Adedapo Adesanya

The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of frustrating its investigation into the N30 trillion Ways and Means Advance and the Anchor Borrowers’ Programme (ABP) under former President Muhammadu Buhari’s administration.

The committee made the accusation after receiving an interim report from its consultants at a meeting where they expressed frustration over the central bank’s failure to provide crucial documents required for the probe.

The panel, which was inaugurated a year ago by Senate President, Mr Godswill Akpabio, stated that the delay has significantly stalled progress on the investigation.

The chairman of the committee, Mr Isah Jibrin, criticised the CBN for withholding vital information, despite multiple requests, revealing major infractions with the preliminary reports of the lender.

He dismissed speculations that the Senate had been compromised or gone to sleep, reaffirming its commitment to ensuring accountability and transparency in the management of public funds.

“The information we have here is not different from what we have heard all along. What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report,” he told reporters.

“But we’ve been compelled to make available this interim report to the general public so that they know that we let them know where the problem is, and the problem is that the Central Bank of Nigeria has denied us consistently the documents that we need to complete this assignment. That is the truth.

“It was at the CBN sometimes, I met Bala the deputy governor. And they promised, but nothing came out of it. The Clerk has been there several times. Nothing has come out of it.

“The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.”

The committee issued a strong warning to the CBN representatives, emphasizing the need for full disclosure of how the funds were utilized to address Nigeria’s economic challenges.

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