Moniepoint CEO Pushes Credit-Driven Growth as CBN Launches Nigeria Payments Vision 2028 – Nigeria Updates- Breaking News, Nigerian News, Politics, Sports, Entertainment and Business – Nigeriaupdates.com
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Moniepoint CEO Pushes Credit-Driven Growth as CBN Launches Nigeria Payments Vision 2028

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Nigeria’s financial technology sector should focus on using payment data to expand access to credit for small businesses, according to Moniepoint founder and Group Chief Executive Officer, Tosin Eniolorunda.

Speaking during the launch of the Central Bank of Nigeria’s (CBN) Nigeria Payments System Vision (PSV) 2028 in Abuja, Eniolorunda said the country’s next phase of financial services growth will come from building lending products on top of existing payment infrastructure.

The comments come as the CBN seeks to accelerate financial inclusion, innovation and resilience through its new payments roadmap, which aims to expand access to financial services and strengthen Nigeria’s digital economy.

“I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions,” Eniolorunda said.

Why It Matters

Nigeria has emerged as one of Africa’s largest fintech markets, driven by rapid growth in digital payments, mobile money services and agent banking networks.

Despite this progress, access to credit remains a major challenge for many micro, small and medium-sized enterprises (MSMEs), which contribute significantly to employment and economic activity.

Industry analysts say limited collateral requirements, inadequate credit histories and high lending risks have historically prevented many small businesses from accessing formal financing.

Eniolorunda argued that payment platforms already generate valuable transaction records that can help lenders better understand business performance and make faster lending decisions.

“One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier.”

CBN Targets Deeper Financial Inclusion

At the launch event, Olayemi Cardoso, Governor of the Central Bank of Nigeria, said the PSV 2028 framework builds on decades of progress in digital payments and aims to deepen financial inclusion.

According to Cardoso, Nigeria has developed one of the continent’s most innovative payment ecosystems, supported by fintech innovation and widespread adoption of digital financial services.

“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent.”

The governor said financial inclusion must remain a national priority, noting that millions of Nigerians are still outside the formal financial system.

“Inclusion and not exclusion must define our future.”

Cardoso added that the PSV 2028 framework seeks to raise financial inclusion levels to 95%, potentially bringing tens of millions of additional Nigerians into the formal banking ecosystem.

Industry Leaders Call for Collaboration

The panel discussion featured several key figures from Nigeria’s financial services sector, including Abubakar Suleiman, Chief Executive Officer of Sterling Bank Plc, who moderated the session.

Other participants included Premier Oiwoh of Nigeria Inter-Bank Settlement System, Deremi Atanda of Remita Payment Services Limited and Uche Uzoebo of Shared Agent Network Expansion Facilities.

Eniolorunda stressed that achieving the ambitions of PSV 2028 would require cooperation across the financial ecosystem.

“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision.”

His remarks echoed concerns raised by Cardoso about avoiding inconsistent policy implementation and ensuring continuity in financial sector reforms.

What It Means for Small Businesses

For millions of Nigerian entrepreneurs, the discussion goes beyond payments and technology.

The ability to access affordable credit can determine whether businesses expand, hire workers or survive economic pressures.

Experts say that if payment data can be effectively used to assess risk and creditworthiness, more businesses could gain access to loans without relying solely on traditional collateral requirements.

The approach aligns with global fintech trends where transaction histories, digital records and alternative data are increasingly used to support lending decisions.

Moniepoint’s Growing Role in Business Finance

Moniepoint has built its reputation through payment infrastructure, agent banking and business banking services targeted at small businesses.

The company says it disbursed more than ₦1 trillion in loans to Nigerian MSMEs in 2025, reflecting growing demand for digital financial services and alternative credit solutions.

Industry observers note that the company’s push for credit-based innovation aligns closely with key objectives outlined in the PSV 2028 roadmap, including open banking, infrastructure resilience and broader economic integration.

What Happens Next?

The success of PSV 2028 will likely depend on how effectively regulators, banks and fintech firms collaborate to translate policy goals into practical financial services.

If successful, the framework could accelerate financial inclusion, improve access to credit and strengthen Nigeria’s position as a leading fintech hub in Africa.

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NESCAFÉ Next Level Promo Rewards 41,000 Nigerians, Boosts Young Entrepreneurs

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Grand prize winners observe coffee production during a guided tour of Nestlé Nigeria's Agbara Factory.
L–R: Winner, Yusuf Najimdeen; Winner, Jennifer Sunday; Managing Director, Nestlé Nigeria, Wassim Elhusseini; Winner, Nwojiji Chukwu Emeka; Category Lead Nescafe, Jean-Pierre Duplan; and Winner, Ani Ikechukwu Olalanya at the presentation ceremony for the NESCAFÉ Next Level Promo.

More than 41,000 Nigerians have received rewards through the NESCAFÉ Next Level Promo, with four consumers winning business grants, professional equipment and entrepreneurship training aimed at helping them grow their businesses.

The nationwide campaign, organised by Nestlé Nigeria under its NESCAFÉ brand, ran from April to June 2026 and attracted more than 240,000 entries. Participants purchased promotional sachets of NESCAFÉ Original 3-in-1, entered unique codes and competed for airtime, cash prizes and business support.

The four grand winners were selected from different parts of Nigeria, highlighting the nationwide reach of the campaign.

They are Yusuf Najimdeen from Plateau State, Jennifer Sunday from Kaduna State, Nwojiji Chukwu Emeka from Ebonyi State and Ani Ikechukwu Olalanya from Lagos State.

Each winner received a business grant, professional tools suited to their trade—including software development, make-up artistry, photography and fashion design—and access to specialised masterclasses to strengthen their entrepreneurial skills.

Why it matters

Small businesses remain a major source of employment and income in Nigeria, but many entrepreneurs struggle to access finance, equipment and training.

Corporate-backed initiatives that combine financial support with skills development are increasingly being used to encourage entrepreneurship, particularly among young Nigerians facing limited employment opportunities.

While promotional campaigns are often designed to reward customer loyalty, programmes that provide business development support can have a longer-term economic impact by helping beneficiaries expand their enterprises.

Nestlé says campaign supports consumer aspirations

Wassim Elhusseni, Managing Director and Chief Executive Officer of Nestlé Nigeria Plc, said the promotion reflected the company’s commitment to creating value beyond selling products.

“At Nestlé, our purpose is to enhance the quality of life for everyone, today and for generations to come. While we deliver on this purpose through the nutritious, high quality products we provide, we also strive to create meaningful value for our consumers and the communities we serve. The NESCAFÉ Next Level Promo is one of the ways we express this commitment, rewarding the loyalty and trust of our consumers while supporting their aspirations with opportunities that can make a lasting difference.”

Jean-Pierre Duplan, Category Lead, Coffee, Nestlé Nigeria, said the campaign recognised the ambitions of many consumers.

“At NESCAFÉ, we understand that behind every cup is someone pursuing a goal, building a business or working towards a better future. The NESCAFÉ Next Level Promo was designed to reward the loyalty of our consumers while providing meaningful support that empowers them to take the next step in their entrepreneurial journey. It reflects our belief that when ambition is supported with the right opportunities, great things can happen.”

Winner: ‘I never imagined it would change my life’

Jennifer Sunday, one of the grand prize winners from Kaduna State, said buying a single sachet of NESCAFÉ unexpectedly transformed her business prospects.

“When I bought a sachet of NESCAFÉ, I never imagined it would change my life. Today, I have received a business grant, a professional make-up kit and the opportunity to learn from industry experts through a masterclass. This experience has given me hope and renewed my confidence to keep building my business. I sincerely thank NESCAFÉ for this incredible opportunity.”

Expert perspective

Business development specialists say access to finance alone is often insufficient for small businesses to thrive. Combining funding with mentorship, professional training and industry exposure can improve the chances of business survival and growth.

Analysts also note that consumer promotions tied to entrepreneurship are becoming more common as brands seek to build stronger relationships with customers while contributing to economic development.

Industry and public perspective

Marketing experts say campaigns that offer practical business support rather than one-off cash prizes are likely to leave a stronger impression on consumers and enhance brand loyalty.

For aspiring entrepreneurs, initiatives that provide equipment, training and networking opportunities may be more valuable than financial rewards alone, particularly in sectors where start-up costs are high.

Inside the Agbara factory

As part of the programme, the grand winners toured Nestlé Nigeria’s Agbara Factory, where they observed the production processes and quality standards involved in manufacturing NESCAFÉ products.

The visit gave the winners an opportunity to understand how the coffee brand is produced while strengthening consumer confidence in the manufacturing process.

What’s next

Nestlé Nigeria said the conclusion of the promotion marks another step in its broader youth empowerment strategy.

The company said the campaign complements its My Own Business (MYOWBU) initiative, which provides aspiring entrepreneurs with business skills, confidence and opportunities to establish sustainable enterprises.

If expanded, initiatives that combine consumer engagement with entrepreneurship support could provide additional opportunities for young Nigerians seeking to build successful businesses.

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Rite Foods Wins National Sustainability Award for Clean Energy, Eco-Friendly Manufacturing

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Rite Foods officials receiving the National Sustainability Achievement Awards 2026.
Picture- Dennis Aidelodje (centre), Corporate Affairs and Sustainability Manager, Rite Foods Limited, receives the National Sustainability Awards 2026 for Best Food Processing Carbonated Drink Formulation and Clean Energy Company of the Year from representatives of the National Sustainability Achievements Awards during the presentation ceremony in Lagos.

Rite Foods Limited has been recognised with two honours at the National Sustainability Achievement Awards 2026, earning national recognition for its commitment to sustainable manufacturing and clean energy.

The company received awards for Best Food Processing Carbonated Drink Formulation and Clean Energy Company of the Year 2026, following recommendations by the awards’ Technical Committee.

The recognition comes at a time when businesses across Nigeria are facing growing pressure to reduce carbon emissions, improve energy efficiency and adopt environmentally responsible production methods.

Why it matters

Manufacturing remains one of Nigeria’s largest contributors to economic growth but is also among the sectors facing increasing expectations to balance industrial expansion with environmental protection.

Awards recognising sustainable business practices are becoming more significant as investors, consumers and regulators pay closer attention to Environmental, Social and Governance (ESG) standards and the United Nations Sustainable Development Goals (SDGs).

Organisers of the National Sustainability Achievement Awards, ESG Impact Consulting Limited, said winners were selected based on measurable achievements in environmental stewardship, business impact and contributions towards sustainable development.

Company says sustainability drives every decision

Reacting to the recognition, the Managing Director of Rite Foods Limited, Seleem Adegunwa, said the awards reflect the company’s long-term commitment to responsible manufacturing.

“This recognition inspires us to continue raising the bar in responsible manufacturing, innovation, and sustainable business practices. At Rite Foods, sustainability is not simply an initiative, it is a guiding principle that shapes our operations, our investments, and our vision for the future.”

Adegunwa said the company would continue investing in cleaner technologies, efficient use of resources, operational excellence and community-focused initiatives designed to create long-term value.

According to the company, sustainability is integrated into every stage of its operations, from production processes and energy management to product innovation and stakeholder engagement.

Industry perspective

Environmental and sustainability analysts say Nigerian manufacturers that invest in energy-efficient technologies and responsible production methods are increasingly positioning themselves for long-term competitiveness.

They note that businesses embracing ESG principles often enjoy stronger investor confidence, improved operational efficiency and greater consumer trust, particularly as sustainability becomes more important in global supply chains.

What this means for consumers

For consumers, the recognition signals increased attention to safer production processes, efficient manufacturing and environmentally conscious business practices.

Industry observers also say continued investment in sustainable production could encourage innovation while helping reduce waste and improve resource management across Nigeria’s food and beverage sector.

Recognition adds to growing list of awards

The latest recognition adds to a series of recent honours received by Rite Foods.

The company was recently named Best Foods and Beverage Brand at the Global Brands Awards organised by the UK-based Global Brands Magazine.

Its Managing Director, Seleem Adegunwa, was also recognised as Industrialist of the Year 2025 by Vanguard Media Limited for his leadership and contributions to Nigeria’s fast-moving consumer goods (FMCG) industry.

What’s next?

With sustainability becoming a major benchmark for manufacturers worldwide, industry analysts expect more Nigerian companies to increase investments in renewable energy, cleaner production technologies and environmentally responsible operations.

For Rite Foods, the latest awards reinforce its ambition to remain a leading indigenous manufacturer while aligning business growth with environmental responsibility.

Expert View

A sustainability policy analyst says awards alone are not enough to measure environmental performance but can encourage companies to strengthen transparency, improve reporting standards and invest in cleaner production technologies.

The analyst adds that continued progress will depend on measurable reductions in emissions, efficient resource use and independent sustainability reporting.

Industry/Public Perspective

Manufacturers say recognitions that promote sustainability encourage healthy competition and could accelerate wider adoption of green technologies across Nigeria’s manufacturing sector, particularly as energy costs continue to rise.

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Fidelity Bank Joins $3bn SNEPCo Finance Scheme to Boost Indigenous Oil, Gas Contractors

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Executives of Fidelity Bank and SNEPCo sign a $3 billion contractor finance agreement in Lagos.
L–R: Mr. Abolore Solebo, Executive Director, Corporate Bank, Fidelity Bank Plc; Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc; Mr. Ronald Adams, Managing Director, SNEPCo; and Mr. Tunde Oduwole, Group Finance Director, SNEPCo, during the signing of the Memorandum of Understanding for the $3 billion contractor finance facility in Lagos.

Nigeria’s indigenous oil and gas contractors are set to benefit from improved access to financing after Fidelity Bank Plc joined a new $3 billion Contractor Finance Facility launched by Shell Nigeria Exploration and Production Company Limited (SNEPCo) alongside nine other commercial banks.

The financing programme, unveiled in Lagos, is expected to provide contractors executing projects for SNEPCo with access to credit in both naira and US dollars, helping them finance projects, improve delivery timelines and expand local participation in Nigeria’s energy industry.

Why it matters

Limited access to affordable financing has long been one of the biggest challenges facing indigenous oil and gas contractors in Nigeria.

Many local firms struggle to secure loans because of the size and risks associated with energy projects, often delaying contract execution and limiting local participation despite Nigeria’s local content policy.

Industry analysts say structured financing backed by existing contracts and guaranteed payment arrangements could encourage banks to lend more confidently while enabling contractors to compete for larger projects.

The initiative also supports the objectives of Nigeria’s local content policy by helping more Nigerian-owned companies participate in the country’s oil and gas value chain.

Fidelity Bank pledges continued support

Speaking during the Memorandum of Understanding signing ceremony, Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, reaffirmed the bank’s commitment to financing Nigeria’s strategic energy sector.

“On behalf of the board and management of Fidelity Bank Plc, we want to thank Shell Nigeria Exploration and Production Company Limited for enrolling us for this contractor finance facility. At Fidelity Bank, we are committed to ensuring that we provide financing that is needed to help Nigeria maximise its oil and gas assets.

“As we all know, the oil and gas industry is a major contributor to the GDP of Nigeria and it is very critical that we have the financing required to get projects up and running.

“We have supported the oil industry significantly and we commit to continue to support contractors and the entire ecosystem.”

The bank said its participation aligns with its long-standing strategy of supporting key sectors of the Nigerian economy through structured financing.

According to Fidelity Bank, it has previously financed major energy infrastructure projects, supported indigenous companies operating in the liquefied petroleum gas (LPG) segment and backed several local content development initiatives.

SNEPCo explains how the facility works

SNEPCo Managing Director Ronald Adams said the financing arrangement was designed to strengthen implementation of the Nigerian Oil and Gas Industry Content Development Act.

According to him, the participating banks provide capital while SNEPCo contributes project contracts and payment domiciliation arrangements that reduce lending risks.

He added that contractors are expected to deliver quality project execution, creating a financing structure built on shared accountability between all parties.

Expert perspective

Energy finance experts say contractor financing remains one of the most important tools for increasing indigenous participation in Nigeria’s petroleum industry.

They note that reducing financing constraints could help local companies purchase equipment, mobilise personnel more quickly and execute projects without prolonged delays, ultimately improving productivity across the sector.

Economists also say stronger financing for indigenous firms could increase local value retention, create employment opportunities and stimulate investment across Nigeria’s broader economy.

Industry reaction

Stakeholders within Nigeria’s oil and gas industry have welcomed the initiative, describing it as a practical solution to one of the sector’s longstanding financing challenges.

They believe the combination of bank financing, secured contracts and payment guarantees could improve contractors’ access to working capital while strengthening confidence among financial institutions.

What it means for Nigeria

Nigeria continues to encourage greater local participation in its oil and gas industry through reforms aimed at increasing domestic ownership and capacity.

Industry observers say improved financing could accelerate project delivery, strengthen local content development and contribute to national energy security by enabling indigenous firms to execute more complex contracts.

What’s next?

Following the signing of the Memorandum of Understanding, eligible indigenous contractors executing projects for SNEPCo are expected to begin accessing financing under the facility.

Banks participating in the programme are expected to work with contractors to structure funding based on project requirements, contract values and repayment arrangements tied to project payments.

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