By Barnabas Esiet.
The Federal Government has commended Moniepoint Inc, Africa’s fastest-growing financial institution, for its remarkable achievements in the financial technology sector.
The government also reiterated its commitment to advancing financial inclusion and combating financial fraud.
Vice President Kashim Shettima received the Moniepoint leadership team, led by CEO Tosin Eniolorunda, at the Presidential Villa.
The team included Babatunde Olofin, MD Moniepoint Microfinance Bank; Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc; and Ravi Sharma, Partner, Lightrock Global.
Eniolorunda expressed gratitude to the Vice President for the meeting, highlighting the administration’s dedication to digital innovation and financial inclusion.
He emphasized Moniepoint’s commitment to Nigeria’s financial ecosystem, citing its growth into Africa’s latest unicorn this year.
Moniepoint has made significant contributions to financial inclusion, providing digital banking solutions to millions of Nigerians, particularly underserved communities, and empowering small and medium-scale enterprises (SMEs).
The company has also collaborated with law enforcement agencies to combat financial fraud and strengthen trust in the digital payment system.
The Vice President congratulated Moniepoint on achieving unicorn status, praising its 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.
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.
Moniepoint has partnered with the Corporate Affairs Commission to onboard over two million businesses, targeting 30 million businesses over the next five years.
The company also launched Nigeria’s Informal Economy Report in July this year, in conjunction with SMEDAN and the Federal Ministry of Industry, Trade and Investments.
The courtesy visit marks another milestone in the partnership between the Nigerian government and private sector innovators like Moniepoint.
The government is committed to building a robust digital economy and fostering financial inclusion across the nation.
As the Vice President noted, Moniepoint’s diversity is a “kaleidoscope of colors” reflecting the beauty of Nigeria’s multicultural and multi-regional identity.
The company’s inclusion of individuals from various regions and backgrounds, including women in leadership and operational roles, is a testament to its commitment to diversity and inclusion.
The Presidency’s commendation of Moniepoint is a significant endorsement of the company’s innovative approach to financial inclusion.
As the government continues to support private sector innovators like Moniepoint, Nigeria is poised to make significant strides in building a robust digital economy and fostering financial inclusion across the nation.
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