MONIEPOINT INC RANKED AS AFRICA’S FASTEST GROWING FINANCIAL INSTITUTION BY THE FINANCIAL TIMES FOR THE SECOND CONSECUTIVE YEAR | Nigeria Updates- Breaking News, Nigerian News, Politics, Sports, Entertainment and Business - Nigeriaupdates.com Nigeria Updates
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MONIEPOINT INC RANKED AS AFRICA’S FASTEST GROWING FINANCIAL INSTITUTION BY THE FINANCIAL TIMES FOR THE SECOND CONSECUTIVE YEAR

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…World’s leading financial publication confirms Moniepoint’s rapid revenue growth

 

 

Moniepoint Inc, parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd has been ranked by the Financial Times, one of the world’s leading business news organizations, recognized internationally for its authority, integrity, and accuracy as Africa’s fastest-growing financial institution.

 

 

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released today. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall.

 

 

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

 

 

Moniepoint Inc has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. It will be recalled that in August 2023, Moniepoint MFB entered the personal banking market offering reliable banking services to millions of individuals across Nigeria. The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.

 

 

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

 

 

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “we are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

 

 

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

 

 

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation. 2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

 

 

 

According to David Pilling, FT Africa Editor, “The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

 

 

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed. Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides has earned it local and international plaudits.

 

 

In 2023, for the second year running, Moniepoint Inc was named amongst the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the Pwc/Businessday Family Business Summit; while bagging the Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards.

 

 

Industry analysts have averred that as a strongly embedded and systemic institution in the digital payment services segment, with an eye on the future, Moniepoint Inc is poised to continue to deliver innovative solutions that promote inclusivity, drive sustainability and create new vistas in the markets where they operate.

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Ecobank’s “Adire Lagos” Exhibition Kicks Off with Over 100 Exhibitors

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The annual Ecobank “Adire Lagos” exhibition has commenced with great enthusiasm, featuring over 100 exhibitors showcasing their Adire textiles.

 

The four-day event, held at the Ecobank Pan African Centre in Victoria Island, Lagos, aims to promote culture, tourism, and micro, small and medium enterprises (MSMEs) while leveraging the African Continental Free Trade Area (AfCFTA).

 

This year’s exhibition, the third in the series, has attracted international exhibitors like Adire Oodua, Tampoori, and Jide Batik, among others.

The event provides a platform for entrepreneurs, shoppers, and Adire enthusiasts to network and celebrate the rich cultural heritage of Adire textile.

 

Speaking at the opening ceremony, Ecobank Nigeria’s Executive Director, Commercial Banking, Kola Adeleke, reiterated the bank’s commitment to supporting the creative industry and MSMEs, with the goal of promoting local brands and facilitating international trade.

 

The exhibition has received widespread acclaim from exhibitors and attendees alike, solidifying Ecobank’s position as a key driver of tourism, culture, and the creative industries in Nigeria.

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Dangote Reveals Mafia’s Attempts to Sabotage $19bn Refinery

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Aliko Dangote, Africa’s richest man, has disclosed that his $19 billion refinery project faced numerous sabotage attempts from the “oil mafia”.

 

Speaking at the Afreximbank annual meetings in Nassau, The Bahamas, Dangote revealed that he had repaid $2.4 billion of the $5.5 billion borrowed for the project.

 

Dangote stated that he was aware of potential resistance but underestimated the intensity of the opposition.

 

He likened the “oil mafia” to being stronger than the “drug mafia”, citing repeated attempts to disrupt the refinery’s construction.

 

Despite these challenges, Dangote remains determined, attributing his resilience to his lifelong fighting spirit.

 

He acknowledged that the transition from relying on imported fuel to local refining has been met with resistance from international oil companies (IOCs).

 

Dangote expressed confidence that the refinery, which has a capacity of 650,000 barrels per day, will ultimately succeed, benefiting Nigeria, the sub-region, and sub-Saharan Africa.

 

He views the current obstacles as temporary, stating, “We’ll get there.”

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Wema Bank Addresses False Information Alleging Impending License Seizure and Bank Closure

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In recent weeks, a wave of misinformation has targeted the Nigerian financial services industry, specifically alleging that several commercial banks, including Wema Bank, are at risk of losing their banking licenses and being closed. We categorically confirm that this claim is false and contrary to the reality of Wema Bank’s financial strength.

 

**The False Premise**

 

A statement, purportedly signed by the National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, claimed that Wema Bank is among the banks slated for impending license seizure by the Central Bank of Nigeria (CBN). The statement advised pensioners and the general public to close their Wema Bank accounts as a precaution against the alleged closures.

 

**The Truth**

 

Wema Bank is in robust financial health and at no risk of license seizure or closure. Our financial performance underscores our strength and stability, as affirmed by stakeholders and auditors at our 2023 Annual General Meeting (AGM). Despite economic fluctuations in Nigeria, we are on course to meet the N200bn minimum capital requirement stipulated by the CBN for a commercial bank license with national authorization. Over the past months, we have raised an additional N40bn in fresh capital and are on track to meet the target within 18 months.

 

Our financial strength is demonstrated in our 2023 financial report and Q1 2023 financial results. Key highlights include:

 

– A 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn.

– A 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn.

– A 70.63% increase in Gross Earnings from N132.30bn to N225.75bn.

– A 53.64% increase in Loans disbursed from N521.43bn to N801.10bn.

– A 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn.

– A remarkable 220.53% increase in Earnings per share from N87.2 to N279.5.

 

Additionally, our Non-Performing Loan rate stands at 4.31%, one of the lowest in the industry. Our stable financial future has been verified by the Pan-African rating agency Agusto & Co, which recently upgraded our rating to Bbb+ with an ESG Score of 2 and a confirmation of a stable outlook. Despite financial headwinds, our Q1 2024 financial results indicate we are on track to surpass our 2023 results by the end of 2024.

 

Given our positive financial record and solid standing, the claims made are baseless and unfounded.

 

**Measures Taken**

 

We have petitioned security officials to investigate the Nigeria Union of Pensioners and will be taking legal action against the perpetrator(s) of this libelous statement.

 

Wema Bank remains committed to providing optimum returns for every stakeholder and will not condone the spread of false information that could cause public panic.

 

We assure our customers and stakeholders that Wema Bank is well-equipped to continue its operations as a commercial bank with national authorization. We will maintain our positive financial trends, expand our reach, and provide all our shareholders and stakeholders with optimum returns.

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