\n\nFiling your tax early as a small business comes with numerous benefits that can easily be missed out on if overlooked. The\n \nFederal Inland Revenue Service\n often emphasises the importance of filing taxes early to avoid issues like identity theft and penalties. \nWhile filing your taxes early might seem complicated, it is a smart decision every business owner should make to boost credibility and proper financial management. \nIn this guide, we'll explore what you need to know before filing your taxes with the FIRS, the steps, and the benefits included.\nWhat Does it Mean to File Your Tax as a Business in Nigeria?\nTax filing is an obligation that every working person in Nigeria must fulfil to the government. It involves reporting your expenses, income, and tax liabilities to the FIRS to enable the government to provide public services. \nIn Nigeria, every \nemployed individual\n must file taxes after the end of a tax year (\nMarch 31)\n, while \nself-employed persons/businesses\n do so \nsix months after an accounting year\n. Furthermore, taxes such as the \nValue Added Tax\n should be filed before the \n21st of every month \nto avoid missing deadlines and penalties. \nSmall businesses with a turnover of less than N25 million are not required to pay Company Income Taxes. They are, however, obligated to pay other taxes such as VAT, withholding taxes, stamp duties, pay-as-you-earn, capital gains tax, etc. \n"Understanding the\n type of business you run\n, be it a sole proprietorship, Limited liability company, Partnership, etc, enables you to file your taxes correctly."\nWhy Should You File Your Taxes Early?\nFiling your taxes early with the FIRS as a business in Nigeria offers you many benefits, some of which include the following;\n1. You can Avoid Legal Penalties\nOne of the major risks of filing your taxes late as a business owner is the accumulation of penalties the FIRS imposes. \nThese penalties, which can add up to 5% of unpaid taxes monthly, can drain your business resources and cause you to spend more than budgeted. You can easily avoid these legal penalties by filing your taxes promptly and in an organized manner.\n2. Proper Financial Planning\nThe ability to predict your business's cash flow is ideal for making sound financial decisions. By filing your taxes early, you can better plan your business expenses and tax estimates for the future without disrupting your day-to-day operations. \nYou can also claim any refunds that the FIRS may owe you after an audit and use them as extra cash to run your business. \n3. Unlock Incentives and Tax Refunds\nSometimes, the government can offer incentives or refunds for your business if you comply with tax policies. By filing your taxes early enough, you can qualify for these benefits and enjoy the extra financial rewards.\n4. Avoid Tax Identity Theft\nOften, scammers can use your details, such as your TIN, to file taxes falsely under your name, claim benefits, and keep the refunds. These scammers typically try to file the taxes early enough, even before you can file a legitimate return. \nResearch by an NGO, the Anti-Corruption Agencies of Nigeria, states that Nigerians have lost an estimated $18 billion in\n internet fraud and non-payment of taxes\n. Fortunately, you can avoid such scams and stay informed of your tax activities by filing your taxes early and properly.\n5. It Helps You Keep Track of your business Goals and Reports\nFiling your taxes on time gives you a clear picture of your business' performance, profit/loss reports, and general overview. \nBy properly understanding your business, goals, and cash flows, you can better plan for the next tax year and make adequate preparations and modifications. \n\n\nOpen an account now!\n\nHow to File Your Taxes with the FIRS\nThanks to the advancement in technology, you can now file your taxes electronically (\ne-filing portals\n) or in person at the nearest FIRS office. To properly file your taxes, you'll have to provide the following documents;\nTax identification number (TIN) or RC number.\nAudited financial statements comprising profit/loss statements, financial position and notes.\nCompleted tax return forms.\nCapital allowance schedules with a detailed breakdown of capital allowances claimed on carrying asset classes.\nTax computation schedule showing the reconciliation of profits to taxable profits and all adjustments\nTax exemption and compliance certificates in cases of tax reliefs and exemptions\nWithholding tax credit notes for deducted taxes on the company's income.\nSupporting documents/ schedules like the previous year's losses carried forward, claimed deduction evidence, etc.\nOnce you have your documents ready, you can file your taxes with the FIRS by following the steps below;\nGather all your required documents.\nDownload and fill the applicable tax forms for manual filing, such as Form C08A, C08B, C08C, OR C08D. If you are filing electronically, you can fill out these forms on the portal.\nLogin to the FIRS self-filing system to file your tax returns\nProperly report your sources of income and claim any eligible reliefs or deductions.\nAccurately calculate your taxable income and tax liability.\nEnsure that you obtain an acknowledgement or receipt for your records.\nQuote your TIN correctly on your tax forms and payments. A valid TIN makes you eligible for tax clearance certificates.\nConclusion\nProperly conducting required activities such as tax filing is essential for your business. By filing your taxes early, you can avoid penalties and identity theft and have a clear overview of your business goals. \nYou can also ensure the smooth running of your business finances by using payment processing platforms and business bank accounts such as \nMoniepoint \nto ensure reliability, speed, and safety.

Why Should You File Your Taxes Early as a Small Business in Nigeria?

\n\nFiling your taxes as a small business owner in Nigeria might seem like a headache, but it doesn't have to be! Paying taxes in Nigeria, regardless of your business size, is an obligation, and failure to do so comes with consequences like penalties, heavy fines, or a total shutdown. \nYou might ask, "What do I need to file my taxes as a small business in Nigeria?" We've got you covered! In this article, we'll explore the documents you need to file your taxes, the various types of taxes, and how to properly file your taxes. \nDo Small Businesses Pay Taxes in Nigeria?\nYes, small businesses pay taxes in Nigeria just like their larger counterparts, and the government uses these taxes at various levels to provide public amenities. \nThe types of taxes small businesses pay range from value-added taxes(VAT) to pay-as-you-earn, capital gains tax, withholding taxes, stamp duties, etc. \nIt is, therefore, essential for you to have a proper understanding of the type of business you run so as to file your taxes properly.\nWho do Businesses Pay Taxes to in Nigeria?\nIn Nigeria, businesses and individuals pay taxes to the government at any of the three levels, i.e., the Federal, State, and Local government. Let's simplify this further;\n1. The Federal Inland Revenue Service (FIRS)\nThe \nFIRS\n is the federal government's central tax-collecting body in Nigeria. It is responsible for collecting taxes such as VAT, company income tax(CIT), stamp duty, capital gain tax, and others. \n2. State Inland Revenue Services (SIRS)\nA state's inland revenue service collects taxes at the country's state level. Each state has its own SIRS body that collects taxes from various businesses within its jurisdiction. The types of taxes the state collects include Business premises tax, Personal income Tax, Development levies, and so on.\n3. Local Government Revenue Committees (LGRCs)\nAt the local government level in Nigeria, the LGRCs are responsible for collecting taxes from businesses under their jurisdiction. Some of the rates and levies they collect include motor park levies, kiosks and shop rates, merriment and road closure levies, refuse disposal public convenience levies, etc.\n\n\nOpen an Account Now!\n\n5 Business Taxes in Nigeria\nThe type of tax you pay in Nigeria as a business owner depends on your type of business, location, revenue, and size. Let's explore seven common taxes you're likely to encounter in Nigeria. \n1. Company Income Tax (CIT)\nThe FIRS charges taxes known as CIT on the revenue of limited liability companies in Nigeria. The amount payable as CIT for a company depends on its yearly turnover:\nCompanies with a turnover of less than N25 million are not required to pay CIT.\nCompanies with a turnover of N25 million to N100 million are required to pay 20% CIT.\nCompanies with a turnover of over N100 million must pay 30% CIT.\nAs a business, you are required to file your annual CIT returns and pay them within the last six months of your financial year. Furthermore, failure to do so on time comes with a penalty of 25,000 naira fine in the initial month and 5,000 naira for each following month.\n2. Value Added Tax (VAT)\nThis type of tax can also be referred to as a sales tax, and it's a type of consumption tax every Nigerian business owner deals with. A VAT refers to levies imposed on goods and services sold to the public by businesses. \nHowever, VAT isn't applied to all items sold, and some exemptions include pharmaceutical and medical products, basic food items, agricultural produce, educational materials, etc. Not paying your VAT comes with a penalty of 5% yearly plus interest, a non-compliance fine of N10,000 and a subsequent N5,000 monthly.\n3. Personal Income Tax (PIT)\nA personal income tax is levied on the earnings of individuals living in Nigeria. Additionally, as a business owner, you are legally required to pay a PIT on your business revenue. \nAlso, you are obligated to deduct a PAYE (Pay As You Earn) from your employees' salaries and remit it to the relevant tax body before the 10th of every month. The amount you pay for your PIT depends on your income bracket, and it's within the range of 7% to 24%. \n4. Stamp Duty Tax\nThe government imposes tax on the transfer of legal documents and instruments, such as buildings, homes, patents, copyrights, and securities. \nStamp duty is levied on instruments that must be stamped within 40 days of their initial execution, and the amount depends on the type of instrument. Different instruments have varying stamp duties, such as fixed and ad valorem rates, which increase with the transaction's value.\nWhat Documents are Required to File Taxes in Nigeria\nThe type of taxes you pay as a business owner in Nigeria depends on the\n \ntype of your business\n and its specific tax. Nevertheless, to file any type of tax, here is the list of documents you'll need;\nTax identification number (TIN) or RC number.\nAudited financial statements comprising profit/loss statements, financial position and notes.\nCompleted tax return forms.\nCapital allowance schedules with a detailed breakdown of capital allowances claimed on carrying asset classes.\nTax computation schedule showing the reconciliation of profits to taxable profits and all adjustments\nTax exemption and compliance certificates in cases of tax reliefs and exemptions\nWithholding tax credit notes for deducted taxes on the company's income.\nSupporting documents/ schedules like the previous year's losses carried forward, claimed deduction evidence, etc.\nHow to File Your Taxes as a Small Business in Nigeria\nTo properly \nfile your business tax return\n in Nigeria, simply follow the steps below;\nGather all your required documents.\nDownload and fill the applicable tax forms for manual filing, such as Form C08A, C08B, C08C, OR C08D. If you are filing electronically, you can fill out these forms on the portal.\nLogin to the FIRS self-filing system to file your tax returns\nProperly report your sources of income and claim any eligible reliefs or deductions.\nAccurately calculate your taxable income and tax liability.\nEnsure that you obtain an acknowledgement or receipt for your records.\nQuote your TIN correctly on your tax forms and payments. A valid TIN makes you eligible for tax clearance certificates.\nConclusion\nNow that you've seen the steps needed to file your taxes as a Nigerian business, it's essential to do so early to avoid penalties and identity theft. \nRemember, having a reliable business bank account and payment option enables you to run a smooth and efficient business. Simply sign up on\n \nMoniepoint MFB\n to get started. \n

What Do I Need to File My Taxes as a Small Business in Nigeria?

So, obviously, we can't give you an actual peek behind the curtain for -privacy reasons -but here's a bit of context: in today’s data-driven world, our digital footprints are everywhere, and safeguarding that information has never been more critical. Financial institutions, in particular, are heavily regulated because they handle some of the most sensitive data out there. But who actually ensures that companies are keeping our information safe?\nThis is where an IT & Data Privacy Auditor comes to play  —a role you probably don’t hear about as much as finance auditors but is equally essential. This time, I sat down with Moniepoint’s digital gatekeeper, Abdulganeey, to get a closer look at how he protects our systems from the inside out.\n\nHere’s how my conversation with Abdulganeey went: \nHow would you explain what you do to a layman? \nImagine going to a Moniepoint business with your ATM card to make a payment. You see the business owner using a small terminal to help you with your transaction, but there’s a lot more happening behind that terminal than meets the eye. That’s where technology comes in: the behind-the-scenes work ensures your transaction is secure, fast, and compliant with regulations.\nSimply put, a series of “services” (or checks) happen in the background when you hand over your card. For example, once you enter your PIN, there’s a process to verify it’s correct before the transaction can proceed. Think of it as different “checks” or “approvals” happening in a split second to ensure everything is working securely and accurately.\nMy role is to ensure that all these technological systems and services operate securely, meet regulatory standards, and protect user data. For instance, when people use Moniepoint, they share sensitive information like card details and PINs. So, we follow rules like PCI DSS (for card transaction security), ISO standards (for general tech security), CBN regulations (from Nigeria’s Central Bank), and Nigerian data privacy laws. Each of these is a set of rules that help protect the data and keep everything running smoothly.\nFinally, I also help ensure that only the right Moniepoint staff can access certain parts of the system. For example, if someone only needs to view information, they shouldn’t have permission to make changes or access other sensitive parts of the system. It’s about keeping things secure and organised to protect the technology and customer data as best as possible.
\nSo, what’s the coolest part of being an IT & Data Privacy Auditor? \nWhat is the coolest part of being an IT and data Privacy Auditor? Honestly, it's the respect and authority that come with the role. You know, when people hear “auditor,” it can be a bit intimidating. But there’s also a certain respect tied to it. Because of my role, I can approach anyone in the organisation to ask for the information I need, and by virtue of what we call the audit charter, they have to provide it. \nThe audit charter is essentially a document that allows auditors to request information whenever necessary. So, in a way, it’s a bit of a “flex.” I can simply say, “I need this information,” and they’re obliged to help. It’s an interesting aspect of the role because it ensures we have access to everything we need to keep systems secure and compliant, and no one can turn down an audit request!\nOh wow! But are there times when you feel people don’t understand the importance of what you do? \nHonestly, data privacy is the part of my role that often feels most overlooked. I've had discussions with colleagues, especially those in operations, who don’t fully grasp its importance. \nHere’s a simple example to illustrate it: when you apply for a job, you’re considered a "data subject.” This means you have significant rights over how your data is handled, though many people don’t realise just how much control they have. \nFor instance, as a data subject, you could ask the employer to avoid using automated systems to review your application and request manual processing instead. If they disregard this and still use automation, you’d have grounds to take legal action and likely win. \nThis example highlights the power of consent, an aspect of data privacy that often gets underestimated. Whenever someone shares personal information, they should be asked for consent, clarifying who can access or process it and under what conditions. However, many people don’t realise these rights, which is why data privacy deserves more attention and respect.\nBefore processing anyone’s data, we usually look out for key factors like consent, legitimate interest, public interest, performance of contract, legal obligation, and vital interest. A practical example of us at Moniepoint is our careers page. If you apply for a job on the careers page, you will see the “GDPR consent.” This allows Moniepoint to use the applicants' data for recruitment purposes. \nTalking about Moniepoint and being compliant, we also ensure that we have all the needed certifications such as the \nNigerian Data Protection Commission (NDPC)\n certification and ISO certifications. This shows that we are consistently vigilant about our data privacy practices. \n
\nInteresting. I know that you collaborate extensively with various teams, so what teams/departments are your “go-to partner in crime” for keeping data secure?\nIn my role, I collaborate closely with several core departments to effectively address data privacy and security issues. My go-to partners for fighting data breaches are primarily the Operations team, which includes the Network and Infrastructure team, and the Information Security team. They play a critical role in implementing security measures and maintaining the integrity of our systems.\nI also frequently work with the Compliance team to ensure we adhere to all relevant regulations and standards. Legal is another important department, especially when we need to discuss Service Level Agreements (SLAs) and the legal implications of data handling. Additionally, I engage with the People Operations team to address controls from a staff perspective.\nWhile I often interact with these teams, note that there's no department we don’t collaborate with in some capacity. However, the frequency and depth of collaboration are strongest with the teams I mentioned, particularly when it comes to proactively preventing data breaches and ensuring the security of our systems.\nLet’s talk about our customers. How would you say your work helps our customers sleep better at night? \nMy work directly contributes to our customers' peace of mind by ensuring their personal information is handled with the utmost care and security. In the financial sector, we often collect sensitive data, including customers’ dates of birth, home addresses, BVN, and NIN, so implementing robust controls is essential.\nOne of the key processes we have in place is user access review. This involves evaluating which staff members have access to sensitive customer information and to what extent. By examining their roles against the permissions they hold, we can determine if their access is appropriate. This role-based access control helps us restrict access to sensitive data only to those who truly need it for their job functions. \nBy taking these measures, we not only safeguard our systems but also reassure our customers that their data is not just collected but protected. This level of diligence in data management helps instil confidence in our customers, allowing them to have peace of mind knowing that we are committed to preventing any misuse of their information.\nTo wrap up, if your life were to be a spy movie what movie would it be? Or if your life were to have a theme song, what would it be? \nIf my life were to be a spy movie, it would resemble \nCaptain America\n. Just like Captain America, my job revolves around security and protecting people. He’s always looking out for others and ensuring their safety, which aligns closely with my role in IT and data privacy.\nAs for a theme song, I'm having a bit of trouble recalling specific security-related songs, but I think something that embodies protection and vigilance would fit perfectly. It’s a tough call, but any song that highlights themes of heroism and safeguarding others would resonate with my mission in my work.\n
\nAway from work now, when you’re not fighting data breaches, how do you unwind? \nWhen I'm not busy fighting data breaches, I usually unwind by sticking to my phone. I have a keen interest in technology news, especially developments in artificial intelligence, which I find particularly exciting. I make an effort to stay updated on what's happening in the tech world and in Nigeria, even though I'm not always that interested in local news.\nI also enjoy playing games, although I tend to get tired of them quickly. Overall, I find that keeping connected with technology helps me relax and stay engaged with my interests outside of work.\n
\nThank you Abdulganeey! This was a delightful conversation!\nIf you'd like an actual peek behind our curtains, \nvisit our careers page\n to join us!\n

A peek behind our data curtains - meet our IT & Data privacy auditor

\n\nDid you know that in 2022, shoppers spent a whopping \n$211.7 billion during the Black Friday\n season? \nThis is why small business owners worldwide leverage Black Friday as an opportunity to boost sales. But here's a heads-up! The massive sales don't just happen by chance. \nDespite the promo codes and marketing strategies, you need a\n \nreliable and speedy payment option\n to receive and make payments. \nLet's explore five practical Balck Friday marketing strategies you can explore this year. But firstly, where did Black Friday and Cyber Monday originate from?\nBlack Friday and Cyber Monday Brief History.\nVarious stories surround the origin of Black Friday, with the word "black" having varying meanings. \nA common narration describes this season as the period after Thanksgiving when businesses would record a profit boost (marked as black in accounting) after a massive year-round loss (marked by red). \nAnother generally accepted tale tells of a situation in Philadephia in the 1950s when huge crowds of people would rush into the city in anticipation of the big Army-Navy football. This ultimately created traffic jams and chaos, which the police would try really hard to control. \nIn today's retail world, people refer to the last Friday of November and the following weekend; for 2024, Black Friday will happen on the 29th of November. On the other hand, Cyber Monday is the first Monday following Black Friday and is used to spread promos and offers online.\nBlack Friday Marketing Ideas for Your Small Business\n1. Organise a Friendly Black Friday Contest\nAre you looking for a way to attract customers this Black Friday? You can easily create a light contest to spark potential customer engagement and interest. \nThe winner then gets to win a free product from your store or a service your business provides. A great idea for a friendly contest can be asking your customers to pick a favourite product from your store and share how they plan to use it on instagram. \nThey can then get friends to like the post, comment, and follow your business page. This ultimately boosts traffic and awareness for your brand and improves customer interaction.\n\n2. Create Timed Deals\nMost people dislike the idea of missing out on something trending. This is why, as a business owner, you can leverage the sense of urgency on deals that motivate people to buy. Various ways you can utilise time limits as a strategy for your Black Friday sales include;\nEarly bird deals: "The early bird gets the fattest worm." Yup! You can reward your earliest shoppers with a special discount, which eventually attracts a lot of people to your site or shop, especially within a limited timeframe.\nDeals by the hour: A good way to make people' stalk' your website is to offer a special sales deal that changes hourly. For instance, you could offer different discounts on different products at different hours of the day.\nDeals by the day: You can elevate your hourly deals by offering special discounts on the days leading up to Black Friday. \nFinal Chance deals: Here, you can offer special deals to customers who didn't have a chance to purchase before the limit windows.\nYou can easily promote your timed deals via email marketing, social media channels, or a website with countdowns that increase the hype. \n3. Make use of Email marketing\nPromoting special discounts and deals through newsletters can easily expand your email subscriber list. This way, you make it easy for potential customers to make desired purchases by clicking a button on their email. \n4. Offer Free Gifts with Customer Purchases\nMost people love to receive gifts, and you can take advantage of that feeling to boost your Black Friday sales. By simply offering an incentive of a free gift item for every purchase they make, you can increase engagement and referrals to friends. \nYou can play around with a mystery gift item to boost expectations, complimentary gift items with purchases, small product samples, and free-choice gifts by customers. \n5. Use Speedy Mobile Payment Options\nWith Black Friday sales comes an increased number of payment transactions. Unfortunately, this can take a toll on payment providers, as there might be delays and glitches during transactions. \nYou can stay ahead of the competition by using fast and reliable payment platforms such as a point of sale terminal (POS),\n \nand personal\n and\n \nbusiness banking\n accounts. \nMoniepoint MFB offers business owners and shoppers business and personal bank accounts they can use to pay and receive speedy, reliable, and safe transfers.\n\nOn a Final Note\nGet creative and efficient this Black Friday season as a business owner and take advantage of deals, promos, and other marketing tactics to boost sales. \nThere isn't a single perfect strategy for Black Friday sales, so you can try different ideas and find the unique one that best suits your business. \nRemember, stay ahead of the bustle by using  Moniepoint's\n reliable and speedy payment option\n.

5 Black Friday Ideas for Small Businesses in 2024

\n\nIt all begins with a 'light-bulb' idea for a solution that meets customers' needs. A business is born and sells products or services either in a traditional brick-and-mortar manner or digitally. \nHowever, as brilliant as any business is, it requires money to grow and sustain itself. Unfortunately, this is hard to come by, especially for small businesses in developing countries like Nigeria. \nIn fact, the\n \nInternational Finance Corporation (IFC)\n reveals that 40% of small and medium enterprises (MSMEs) in developing countries have unmet financing needs of $5.2 trillion yearly. \nWhether you wish to raise business funds from your friends and family or via a small business loan, youre in the right place. \nUnderstanding Your Business Needs\nAre you in the early stages of your business, or have you been operating for a while and are now considering an expansion? You should be clear about your fundraising purpose. \nDraft your necessities into the 'wait' and the 'need' lists; this will help you figure out your business's necessities. Additionally, it'll enable you to avoid unnecessary debt and, on the flip side, underestimation. \nA major tip to remember is to properly analyse your cash flow and figure out how much money you'll require for the next milestone. \n\nSome typical business expenses and questions concerning them to consider before seeking funding include;\nPayrol\nl: Figure out how many employees you plan to hire, how much you aim to pay them, and how many you may need to start making a profit.\nLicensing, taxes, and permits\n: As a business owner, you need to understand the various permits, licenses, and taxes you must pay to start or expand your business and budget accordingly.'\nInsurance\n: Run your business smart by insuring your employees' health, business amenities, etc., against unforeseen disasters.\nInventory\n: Analyse your inventory and make proper plans to invest more if it doesn't meet future expectations.\nRunning advertisements and website maintenance\n: To make a profit, you need to be seen, and an effective way to do so is to run paid social media ads and have an operational website. Make the right budget and fund accordingly.\nRent, Equipment, and Utilities\n: If you're operating a brick-and-mortar business, you'll need to budget for the rent, machinery, and other equipment to run efficiently. Ensure you properly understand the commercial lease or rent terms before signing a contract. \nTypes of Business Funding\nThere are two types of funding options you can seek out for your business they include;\n1. \nZero-debt financing\n: Here, you invest in your business through your savings or investments from people, which you receive in exchange for non-monetary incentives such as equity. \nThis type of funding is advisable if you are just starting out a new business idea and you wish to avoid taking debts you might not be able to handle.\n2. \nDebt-financing\n: Here, you take a monetary loan with a promise to pay it back with interest. It is usually advisable to have a clear business plan that comprises competitor analysis, market research, financial projections, and revenue generation.\n6 Ways to Get Funding for Your Business\n1. Personal Financing or Bootstrapping\nFunding\n: \nZero-debt financing\nWhen starting a business, this option is usually the first step many business owners take, as this allows them to avoid external debt. Here, you can fund your business with your funds or savings until your business becomes profitable. \nAn advantage of this option is that you can avoid frequent debt financing and stay safe should the business hit some hurdles. Ultimately, this option is ideal for small businesses just kicking off; however, if you wish to expand, you should consider taking on external loans. \n2. Friends and Family\nFunding\n:\n Zero-debt financing\nDid you know that more businesses get funding by borrowing money from family and friends than from traditional banks? Most startup businesses use this funding approach. However, it is better to do it with transparency and accountability. \nWhen asking friends and family for funding support, ensure you are honest about your goals, vision, and financial projections. While Unlcle Bolaji might want to throw in a couple of nairas, it's essential that you treat each friend and family member like an external investor with a certain level of professionalism. \nIn order to avoid creating rifts in relations in the future, ensure that you come to a formal agreement on what type of funding they are giving you. Is it a repayable loan, an investment, or some good-wish cash? Clearly outline the contract and use the money wisely.\n\n3. Equity Financing, such as Venture Capital and Angel investment\nFunding\n: \nZero-debt financing\nThe two most common equity financing methods are\n \nventure capital\n and\n \nangel investing\n. In this case, you give individuals or firms an ownership share in your business in return for the capital they offer. \nLet's break it down a bit - Angel investing is easier for upcoming entrepreneurs as the angel investors are usually rich individuals or firms who tend to focus more on smaller investments. \nAlternatively, venture capital firms look to invest in fast-rising startups with a high potential to be lucrative businesses. Venture capitalists are mostly attracted to technology-driven sectors like communications, biotechnology, or information technology. \nOverall, no matter the type of investment option you choose, ensure that you properly spell out the conditions to avoid misunderstandings in the future. \n4. Business Loans\nFunding\n: \nDebt-financing\nMost small businesses or startup ventures find receiving loans from traditional financial institutions such as commercial banks difficult. This is where loans from micro-finance banks such as Moniepoint MFB come in. \nAt Moniepoint, we gain insight into the financial history of businesses that use our services. This, along with a credit assessment system explicitly built for informal businesses, means\n you can access credit\n in a way that matches your needs. \n5. Government Grants\nFunding\n: \nZero-debt financing\nThe Government, through bodies like the Small and Medium Enterprises Development Agency of Nigeria (\nSMEDAN\n), offers various types of non-repayable business grants. They often do this for market expansion, development, research, or environmental purposes. \nTo qualify for a government grant as a business owner, you'll have to submit a business plan, application forms as required, owners' background experience, and lots more. \nWhile it is a free and easily accessible opportunity for funding your business, you'll have to be patient as the timeline for application is broad to accommodate other business entries.\n6. Crowdfunding\nAs a business owner who has gathered a dedicated audience and wishes to expand to a larger workspace or invest in more inventories, you can consider crowdfunding. \nThis option involves a large number of people, each raising a small amount of money to support a particular individual or business goal. The common types of crowdfunding include;\nEquity crowdfunding\n: Here, your donors will receive equity in your business as they anticipate future returns. \nRewards-based crowdfunding\n: In this instance, your supporters donate money to your business in exchange for a non-financial reward. Such rewards can be exclusive access to events and first-user access to your product. \nDebt-based crowdfunding\n: In this case, supporters give you a loan, which you will pay back on a spelt-out schedule with interest.\n\nCrowdfunding platforms are a good opportunity for small business owners to raise significant amounts of funds; however, you need to do your market research and have a compelling pitch. \n\nHow Moniepoint MFB Helps You to Fund Your Small Business\nAt Moniepoint, we are dedicated to understanding small businesses' need for funding. This is why we especially understudy the businesses that use our business banking platforms consistently to better provide funding advice and loans. \nUnlike traditional banks, which have stricter requirements that may be difficult for small businesses to meet, Moniepoint has a straightforward credit access process. \nSimply sign up for the \nMoniepoint Business Banking App\n to qualify for microloans that enable you to reach your business dreams.\nFAQs about Moniepoint Business Loans.\n1.  \nWhat type of loans does Moniepoint offer? \nWe currently offer business loans only. Our business loans will comprise working capital, overdrafts, and more products soon. \n2. \nWho is eligible to apply for a business loan?\nBusiness owners who have had an active Moniepoint business account for at least six weeks and use it consistently for all their business transactions are eligible.\n3.\n How can I apply for Moniepoint business loans?\n \nYou can apply online through our \nwebsite\n or \nmobile app\n.\n4. \nWhat documents are required for a Moniepoint Business loan application?\nYou don't have to submit many documents, just a CAC document or Shop Rent Receipt( if your business verification fails).  \n5. \nWhat is the maximum amount I can borrow from Moniepoint Loans? \nThe maximum loan amount depends on your business type and creditworthiness. The specific limits will be provided during the application process.  \n6.\n What is the interest rate on loans?\nOur Working Capital and Overdraft products have varying interest rates. \n7.\n What is the loan tenure? \nDepending on the loan product, loan tenures range from 12 to 24 weeks. Specific terms can be discussed during the application process. \n8. \nAre there any fees associated with the loan? \nYes, there are just management fees you'll have to pay.\n9. \nHow long does it take to process a loan application? \nLoan processing time takes 24 - 72 hours or less sometimes. \n\n

How to Get Funding for Your Business

\n\nAs a small business owner, Ade has to make choices every day that impact the overall well-being of his venture. Each decision revolves around picking the right location, hoping for profitable sales, and aiming for the right amount of human traffic. \nAs important as these are, it is vital that he chooses the right bank that offers him the services and support he needs to grow and maintain a smooth cash flow. \nIf, like Ade, you're a business owner wondering how to choose the best bank for your small business, you're in the right place.\nLet's consider the various tips, services, and offers when choosing a business bank account.\n8 Tips to Consider When Choosing A Bank For Your Small Business\n1. What are your Banking Needs?\nBefore choosing a bank for your business needs, ask yourself where you are currently and where you are headed. \nOutline your major needs: Do you need a business loan, a business current or checking account, digital or online banking services, etc? Knowing your business needs will enable you to make the right decision that will boost your growth in the long run.\n2. What’s The Quality of Customer Support?\nAs your business grows, you'd want a bank that's there with you every step of the way. Another tip to consider is the quality of their customer service. You can ask yourself the following questions;\nIs there a one-on-one relationship manager?\nIs there round-the-clock support?\nHow soon does the service team respond to inquiries?\nWhat are the bank's operational hours?\nAs a small business owner, you might need advice and guidance when making certain financial decisions, such as those concerning taxation, banking policies, and more. You can look out for reviews from other business owners and choose a bank with reliable and accessible customer service. \n3. What are the Bank's Service Fees?\nEvery bank has unique service fees that cut across individual transactions, overdrafts, etc. When choosing a \nbank for your business\n needs, ensure you do your due diligence and compare the various fees among banks. \nFor instance, if your business frequently uses ATMs or debit cards, you should go for a bank that doesn't charge on the high side for those services. Some common fees banks charge include;\nService fees\nManagement fees\nAccount fees\nATM fees\nInactive account fees\nDeposit and withdrawal fees\nCard processing fees\nOne major goal in running a business is cost-effectiveness; therefore, choose a bank that helps you save money.\n4. Digital and Online Banking Services\nIn our fast-paced world, nothing beats staying on top of your business accounts online, no matter where you are. A lot of banks now offer digital banking services that enable you to initiate transactions, check your balances, pay employees, and pay bills from your mobile device. \nFor your improved business convenience, choose a bank with a user-friendly mobile app and digital platform. By utilizing the bank's digital features, you should be able to properly manage your business account and track your cash flow easily.\n5. Tight Security and Fraud Protection\nIt's essential to choose a bank with tested and trusted security features. Look for advanced security features on the bank's platforms, such as two- or multi-factor authentication, real-time notifications, encryption, biometrics, and so on. You should be able to run your business and handle its financial flow with peace of mind. \n6. Incentives or Perks Offered by the Bank\nA good business bank should typically offer a wide range of basic business banking services such as mobile banking, cash management services, debit cards, etc. You should, however, look for banks that go the extra mile to provide business owners with incentives that help boost their productivity. \nSome of these perks can include low-interest savings accounts, business banking dashboards, free consultation services, and lots more. Ensure you properly analyze these perks and know the cost attached to any of them before making a decision.\n7. Easy Access to Credit and Loan Facilities\nAs your business grows, you might be exploring rooms for expansion; to do this, you'll require capital. A good business bank should offer you hassle-free access to taking approved loans. \nBanks like Moniepoint MFB gain insight into the financial history of businesses that use our services. This, along with a credit assessment system built specifically for informal businesses, means\n you can access credit\n in a way that matches your needs. \n8. Convenience\nJuggling your day-to-day activities as a business owner can be a lot of work. This is why you should choose a bank for your business that offers convenience and efficiency. \nYou can choose from a range of online banking services, or if you prefer a traditional bank service, ensure that its physical branch is close to your location. \nAdditionally, if you travel a lot, you should ensure that you can easily access any of the bank's branches across the country for easy banking services.\nImprove your Business Banking Experience with Moniepoint\nChoosing the right banking partner for your business can improve its chances of growth and expansion. Your ideal bank should enable your business to keep a smooth cash flow, have reliable customer service, speedy transaction services, business accounts, and lots more. \nAt Moniepoint, we partner with over two million businesses by providing business owners like Ade with credit access, business banking accounts, POS terminals, secure debit cards, and lots more.\n Sign up today\n to experience reliable and speedy banking that suits your business anytime. \n

How to Choose the Best Bank for Your Small Business

\n\nEvery morning, just after sunrise, Mama Odun opens her shop in a corner of the bustling market in Oyo state. To her customers, she’s a familiar and trusted face they can patronise whenever they visit the market. \nBut to us at Moniepoint, she represents much more - she’s part of the evolving community of women entrepreneurs who are boosting the Nigerian economy daily. \nWomen like Mama Odun now account for 40% of new businesses, telling the story of vision, reliance, and economic impact. \nAs women-owned businesses grow, they contribute\n \n37% of Nigeria’s GDP\n, boosting a wave of empowerment across the nation. \nWhat Do the Statistics Say? Businesses Owned by Women in Nigeria.\n1. ‘In terms of new businesses, 32% of businesses surveyed were created in the last year while female-led businesses accounted for 40% of businesses created’ [1]\n2. ‘Majority of these new businesses created by females are in sectors such as Trade (40%), Advertising and Marketing (11%), Events and Entertainment (7.5%) and Agriculture (7.3%).’ [1]\n3. ‘Of the surveyed MSMEs, 42 % were owned by women. Women MSMEs typically operate in the wholesale, retail, education, and other service sectors. Surveyed women-owned businesses were growing as fast as male-owned businesses.’ [3]\n4.  ‘Out of every 100 businesses in Nigeria, 39 are female-owned. This implies a 39% female business ownership rate in the country, higher than 29% in sub-Saharan Africa and 34% global average, according to data from the World Bank.’ [1]\n\n5. ‘For every ten working women in Sub-Sarahan Africa, nine of them work in the informal economy’ [2]\n6.  ‘While unemployment was the leading motivation for starting a business among men, we found that insufficient income from more formal employment was the higher motivation among women.’ [2]\n7. ‘While 16 states in Nigeria performed above the national average of 0.63, 12 out of these 16 states are in the south, with Ogun state ranking highest as the number of female-led businesses surpassed that of male’ [1]\n8. ‘An enterprise is classified as woman-owned if a woman or several women own more than 51% of the enterprise, or if a woman or women own 20% or more of the business, and a woman is chief executive officer, chief operating officer, president or vice president, and at least 30 % of the board of directors comprises women, where a board exists.’ [3]\n9. ‘Women-owned businesses in the survey sample were younger than male-owned businesses, with women-owned businesses existing for an average of 7.4 years compared with 10.3 years for male-owned MSMEs’ [3].\n10. ‘Ogun, Lagos, Oyo, Kaduna and Rivers had the highest number of female-led businesses, accounting for 8.1%, 7.0%, 6.0%, 5.7% and 5.5% of total female-led businesses in the country, respectively’ [1]\nAccess to Finance by Women-owned Businesses\n11. ‘Almost half of the women-owned MSMEs surveyed by IFC (44 %) said they were more likely to choose a financial services provider representing women in marketing and staff. For 27 %, competitive interest rates and fees were more important than a ‘for women’ brand.’ [3]\n12. ‘Around 47% of men-owned MSMEs took loans to support their business while 45% of female-owned MSMEs used credit facilities. However, the amount of loans taken differed greatly between the genders. While men received an average of N93,000, that for females was N57,000.’ [4]\n13. ‘For 30% of MSMEs, including women-owned, getting loans from Moniepoint is the first time they’ve accessed credit. And for the other 70%, Moniepoint provides them with two to three times the last loan they could get from typical financial institutions.’[2]\n14. ‘Male-owned MSMEs tend to rely more on loans, with 47% seeking credit facilities, while 45% of female-owned MSMEs turn to loans to support their businesses.’ [5] \n15. ‘Women MSMEs found access to finance as challenging as male MSMEs (16% and 19%, respectively). Key challenges faced by women starting a business include time to care for family and children (41%), perception of lack of management competence (31%), and disadvantage in raising initial capital (24%).’ [3]\n16. ‘Almost half of the women-owned MSMEs surveyed by IFC (44%) said they were more likely to choose a financial services provider that represents women in marketing and staff. For 27%, competitive interest rates and fees were more important than a ‘for women’ brand.’ [3]\nWhen it Comes to Entrepreneurial Training Received\n17. ‘Even though only 40% of entrepreneurs reported that they had acquired skills to better run their businesses, 99.7% of female entrepreneurs and 99.2% of youth entrepreneurs that attended trainings reported that the trainings have been helpful for their businesses’ [1]\n\nWhat about the Adoption of Digital Financial Systems?\n18. ‘A new study by Small Firm Diaries published by the National Bureau of Statistics (NBS) showed that (97%) of MSMEs had a bank account, but less than 50% used it regularly.’ [4]\n19. ‘Digital payments accounted for 46.2%, split between card payments and transfers.’ [2]\n20. ‘The IFC survey suggests that bank account ownership is high among MSMEs (95%), and evenly spread across sectors. The majority of MSMEs use business accounts for their transactions, but a third (37%) of the overall sample used only personal accounts.’ [3]\n21. ‘The use of personal accounts is higher among micro, informal, and women-owned MSMEs, and more common in agriculture and retail trade’ [3]\n22. ‘Cash is the dominant method for MSMEs to receive payments for products and services (84%), although a majority also use bank transfers (55%), and some use money transfers (12%). MSMEs noted that cash is the easiest, fastest and safest form of payment for their business. The acceptance of alternative payment methods increased with the size of the business.’ [3]\n23. ‘Of the respondents using mobile banking, 74 % found it saves them time, 70 % said it was more convenient, while 49 % considered it safe and easy to use.’ [3]\n\nType of Business Registration Done\n24. ‘ For registered businesses, including female-owned, CAC (67%) topped the list of organisations they are registered with, followed by SMEDAN (23.1%).’ [1]\nHow Moniepoint Helps to Shape Women-led MSMEs in Nigeria\nThe informal business sector, which comprises women-owned businesses, has significantly boosted the country’s economy. However, some major challenges include the inability of these MSMEs to access traditional banking services and credit facilities. Moniepoint provides;\nA supportive distribution system\n: Moniepoint has created a distribution system that relies on local presence to provide digital payment solutions. Because of the trust and recommendations received from their communities, more businesses are likely to recommend Moniepoint. \nMaking access to banking services easier\n: Moniepoint provides access to systematic banking benefits and tools that specifically meet the needs of MSMEs.\nSimplifying access to credit\n: Moniepoint has gained insight into the financial history of businesses that use our services. This, along with a credit assessment system built specifically for informal businesses, means we can provide credit to them in a way that matches their needs and gives them a better chance at success. \nFinal Words\nFrom busy marketplaces to innovative startups, Nigerian women entrepreneurs like Mama Odun are constantly shaping the economy. However, certain challenges remain a reality, like access to financial services and digital tools. \nAt Moniepoint, our tailored services are designed to enable women entrepreneurs to reach the next level of their dreams. Are you ready to take your business further?\n \nSign up with Moniepoint\n now and boost your chances of getting convenient and speedy business financial services.\nSources\n\nState of Entrepreneurship in Nigeria Report 2022\n - fatefoundation.org\n\nMoniepoint Informal Sector Report 2024\n - Moniepoint MFB\n\nMarket Bite Nigeria\n \n- IFC World Bank Group 2022\n\n40% of MSMEs in Nigeria are owned by women – NBS\n. NairaMetrics\n\nMSME Africa 2023\n\n

24 Nigerian Women-owned Business Statistics You Should Know in 2024

It’s the early 2000s, and I’m by my dad’s side as he fills out his bank book. Back then, he had to travel far just to use the same bank branch where he made his first deposit. Banks were not yet linked, and though I didn’t get it at the time, this showed a much bigger flaw that core banking would fix.\nNow jump to 2020, when Moniepoint did what most fintechs wouldn’t do—build their own core banking system from the ground up. This system now handles billions of transactions daily, with a level of trust you don’t find often. But why does this matter to you? Most folks don’t care how core banking works. They just want their money to be safe and easy to reach.\nTo learn more about core banking and how Moniepoint’s system came to be, I spoke with Caleb, a Technical Program Manager (TPM), and Sulaiman, an enterprise architect. They played key roles in building a platform that could not only meet today's needs but also grow to handle what’s to come. Their insights gave me a glimpse into the care and hard work that went into ensuring Moniepoint’s system stays fast, safe, and scalable at every stage. \nIn this edition of What’s the Point, we find out what exactly core banking is, how it affects your banking experience. \nWhat is core banking?\nTo understand a core banking application, we first need to understand the idea behind core banking itself.\nUp until the early 2000s in Nigeria, banks were isolated. Each branch functioned as its own entity, meaning you couldn’t simply walk into a different branch of the same bank and access your account. Core banking changed that by making all branches work together as one.\nCore banking is like the central nervous system of the human body. Just as the nervous system controls everything your body does—from moving muscles to sensing pain—core banking controls every financial action a bank performs, from updating account balances to processing loan applications. This system processes every deposit, transfer, withdrawal, or loan you initiate, and just like a nervous system, it operates silently in the background, ensuring everything functions smoothly.\nThe software that powers this essential functionality is called a \ncore banking application (CBA)\n. Think of it as a digital ledger. It is the backbone of a bank’s daily operations, managing everything from customer records to the seamless movement of funds across accounts. Without it, the bank’s day-to-day services would collapse, much like the human body would if the nervous system failed.\nLet’s skim through what the CBA handles  behind the scenes: \nCustomer Information\n: Holds all customer details, from personal information to account types like savings or loans.\nFinancial Records\n: Keeps track of every money that comes in and out of the bank, recording every transaction and updating things like assets and expenses when you make a deposit or withdrawal.\nCustomised Account Types\n: Configures different account options (think accounts with different transaction limits or interest rates), and sets up loan products with varying terms.\nDaily Operations and Reporting\n: Manages everyday tasks (like teller activities and staff access) and provides reports on customer activity, loans, and transactions to keep everything running smoothly.\nWhy would a bank want to migrate from one CBA to the other?\nNow that we’ve established what a CBA does and how crucial it is to our banking experience, why would a bank decide to change its CBA? Banks don’t decide to migrate their core banking applications (CBAs) on a whim. A migration typically comes with significant motivations, including cost, scalability, and the need to innovate. \nLet’s try to get costs out of the way. For banks using foreign CBAs, fluctuating FX rates can drastically increase the cost of maintenance, making foreign systems financially unsustainable over time. Since 2023, the cost of foreign software systems for most Nigerian businesses has increased, and you either source for local alternatives, build yours in-house or stop using the service altogether. \nNow, when companies are not worried about costs, growth and scalability are often a more pressing concern. Financial services companies anticipate growth in the number of accounts and transactions, and they need a system that can accommodate this while being able to add new features. \nMigrating to a new CBA can also allow banks to deploy new, modern features that old systems can’t support. Older CBAs often restrict banks from rolling out fresh digital experiences or adapting quickly. Financial institutions are innovating every day, and the core banking software needs to accommodate that.\nThe challenges of migration: Handling data and downtime\nMigrating core banking data is a complex task. Banks need to create backup systems, plan phased data transfers, and thoroughly test everything to avoid disruptions. During migration, they often set up a parallel environment to simulate real transaction volumes and ensure all customer records, transaction histories, and regulatory data are safely transferred in steps.\nYou don’t want instances where the wrong accounts are credited, or duplicate transactions occur. If there are duplicate accounts, the system must be able to check if the customer is the same or different to prevent any confusion. Even minor errors can cause significant issues, affecting balances and records across thousands of accounts.\nOne big challenge is timing the final switch-over—the moment when banks go live on the new system. This usually happens during off-peak hours, like late at night, to minimise customer impact. But despite careful planning, unexpected issues can still pop up, causing delays. That’s why detailed preparation and rigorous testing are crucial to ensure customers can access their accounts smoothly and without disruptions.\n
\nHow Moniepoint’s CBA was built for massive scale\nIn  2020, one year after we launched agency banking, more and more people were using Moniepoint, and we needed to move from using a simple database table. \nWhen we decided to switch to a core banking solution, we learned that off-the-shelf solutions, and open source weren’t enough for our growing needs. We needed a system that could accurately handle transaction records and the scale and demands of modern digital banking. \nYou can read more about how we handled the magic in this \narticle\n. All caught up? Good. Now, how did we approach reliability and scalability for the billions of transactions we pull today? Well, spoiler alert: no one in that team imagined what our numbers would look like 10 months after building, much less what they are today. \nOur approach to building a strong, fast system was clear: think ahead and plan for growth while also solving today's needs with proper maintenance and updates. We knew the system had to scale and be ready for what was coming.\nTo start, we used tools we knew well, like MySQL and Java Spring, so we could move fast. \nWe didn’t just build for 2020; we looked ahead to how much traffic would grow. We ran tests with future numbers in mind to see how the system would cope, and made adjustments where necessary. Again, our actual numbers exploded in a surprisingly short time, so we had to get creative. We moved to more complex technologies that could support the exponential growth we were looking at. \nWe also built in backup plans. If the system failed, we had ways to get back up fast. We made backups before going live and built a system that lets us move things around without stopping transactions. Before any big move, we cloned the system to test for issues. For example, when we saw a three-hour move that needed to be faster, we fixed it to take just two hours, doing it at night when fewer users were online.\nNow, remember, core banking services don’t work alone. They work with diverse services, and we had to plan for when some services fail. We built a way to send traffic to other providers if one went down, and our users wouldn’t even know what was happening. \nWe hope this article helps you understand core banking at a high level. At Moniepoint, it’s simply a software ledger that helps you bank without stress. 

Now, if you’d love us to get a bit more technical on issues we solved when building, please let us know. If you’d love to see things for yourself, we saved a spot for you on our \ncareers page.\n 

What's the point of a core banking application?

Monitoring and Observability of Distributed, High-Traffic Systems

\nHi everyone, I’m pleased to share that Moniepoint just raised its Series C round, led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock.\nSince 2015, our team has used technology to transform the financial experience for millions of people, both directly and indirectly. We’ve done this very successfully, and today, we’re Nigeria’s largest merchant acquirer and in-person payments platform, with 2 out of 3 adults in Nigeria making payments via a moniepoint terminal. Moniepoint currently processes over 800 million transactions, with a monthly total value exceeding US$17 billion, while operating profitably.\nThis raise is important firstly to the team as a validation of our grit and commitment over nearly a decade of work. I’m proud of every team member—now over 2,000 of us in 20+ countries—whose tireless devotion to our mission has made this possible. Our hard work has paid off, but with the size of our dreams, this still feels like Day One.\nWhy have we raised?\nThe capital raised will accelerate our growth across Africa, as we build an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, cross border payments, credit, and business management tools, making it a one-stop shop for business solutions.\nWe’ve been successful in helping Africans on the continent with the tools they need to manage their finance and grow their businesses. Now, we’re making this possible for every African, everywhere.\nThe investment conviction from Development Partners International (DPI), Google’s Africa Investment Fund, Verod, and Lightrock, speaks to Moniepoint's impact so far in digital and financial inclusion, and our ability to foster economic activity and development. It also speaks to our growth and profitability, with our revenue at over 150% CAGR in recent years and industry-leading gross profit and EBITDA margins.\nThis raise marks a new beginning for us, as we push the boundaries of access to formal financial systems to the informal sector, which still accounts for over 83% of employment across Africa.\nWe believe in a world where every African, everywhere, can enjoy financial happiness, and we’re committed to making this a reality.

Moniepoint has raised US$110 million to power the dreams of millions of Africans everywhere.

\nSo you just saw a push notification or an email about a ₦50 charge on transfers above ₦10,000, and you’re wondering, what’s going on? Don’t worry, we’ve got you covered. \nThe Electronic Money Transfer Levy (EMTL) is a government-mandated fee for electronic transfers in Nigeria. We understand that this might be confusing, and we’re here to explain. In this article, we’ll make sense of the levy, why it’s necessary, and how Moniepoint is ensuring a smooth transition while keeping your transactions secure and reliable. \nWhat is the Electronic Money Transfer Levy (EMTL)?\nThe Electronic Money Transfer Levy (EMTL) is a ₦50 charge applied to electronic transfers of ₦10,000 and above in Nigeria. It was first introduced through the \nFinance Act 2019\n, which expanded the scope of dutiable instruments under the Stamp Duties Act (SDA) to include electronic transactions. The levy officially took effect in 2020, following its formal introduction through the \nFinance Act 2020\n, which renamed the charge as EMTL. The EMTL Regulations of 2022 solidified the \nregulation\n to streamline its administration and collection.\nKey Changes in EMTL History:\n	•	\n2019\n: The Finance Act introduced amendments to the SDA, setting the groundwork for the EMTL.\n	•	\n2020\n: The Finance Act established the levy as a one-off ₦50 charge on qualifying electronic transactions.\n	•	\n2021\n: Further amendments gave the Minister of Finance oversight of the levy’s administration.\n	•	\n2023\n: The latest amendment revised the revenue-sharing formula, allocating \n15%\n to the Federal Government, \n50%\n to State Governments, and \n35%\n to Local Governments.\nHow the Money Flows:\n	1.	\nTransaction Initiated\n: When a transfer of ₦10,000 or more is made, the receiving bank deducts ₦50.\n	2.	\nLevy Remittance\n: The bank remits the levy to the \nFederal Inland Revenue Service (FIRS)\n by the next working day.\n	3.	\nGovernment Distribution\n: Collected levies are distributed according to the Finance Act’s latest formula.\nWhy does the government need the EMTL?\nTaxes keep the lights on in many countries. They fund the things we all rely on daily: public hospitals, schools, roads, and services that form the backbone of society. Without taxes, none of these would exist. In Nigeria, where more and more people are moving towards digital transactions, the way the government collects revenue also has to adapt. That’s where the Electronic Money Transfer Levy (EMTL) comes in.\nWith the digital economy booming, traditional tax methods like stamp duties on paper-based transactions no longer cut it. The EMTL ensures the government can still collect the funds it needs, even in this new digital age. This levy taps into the millions of daily electronic transactions, ensuring the government doesn’t miss out on revenue as the economy goes digital. The government uses this money to fund critical services and infrastructure required to run the nation, like schools, hospitals, roads, and public transport. \nIt’s not just a Nigerian thing.\nSo, you might be thinking, “Is this just a Nigeria thing?” Actually, no. Globally, countries seek ways to capture value from digital financial transactions. Take Kenya, for instance—if you’ve heard of M-Pesa, you know everyone and their uncle uses it to pay for everything. Over there, people pay a tax on mobile money transactions. Same thing in Uganda, where there’s a levy on mobile money withdrawals.\nIndia? They’ve rolled out fees on certain digital payments, too, and even countries like Australia and parts of the European Union are considering digital transaction taxes to ensure that online businesses and platforms contribute their fair share.\nAs more of us go cashless, their tax systems must follow suit. It’s about fairness. \nWhy fintechs must comply - and \nwhy fintechs complying benefits you.\nLet’s be real—if you’re a fintech like Moniepoint, compliance with regulations is a no-brainer. The government has set out clear rules: if you handle electronic transactions, you must apply the levy. Complying with this helps establish trust and credibility; failure to do so comes with serious consequences. \nFintechs that don’t comply risk fines and penalties, including a \n150% penalty\n of the levy not collected, plus interest. Simply put, for every ₦50 a fintech doesn’t collect, it would be fined \n₦125\n. Worse still, failure to remit the levy to the Federal Inland Revenue Service (FIRS) could lead to further penalties that could even affect a company’s operational licence.\nBut this goes beyond avoiding fines. Compliance is about trust. Customers need to know that their fintech provider operates within the law, ensuring their transactions are secure and above board.\nWhen fintechs like Moniepoint adhere to these standards, they reinforce their commitment to transparency and trustworthiness, which directly benefits you.\nEnhanced Security\n: Compliance requires fintechs to maintain rigorous security standards, safeguarding your data and transactions from fraud. You can rest assured that your money transfers are fast and protected by industry-leading security measures.\nTrust and Reliability\n: Knowing that your fintech provider complies with national regulations helps build trust. Moniepoint’s adherence to the EMTL means you’re banking with a provider that respects the law and ensures your transactions are valid, secure, and recognised by regulatory bodies.\nStable Financial Services\n: By fulfilling its obligations to the government, Moniepoint can focus on delivering innovative services without the risk of fines or operational disruptions. This stability means uninterrupted service for you, with the promise of continuous improvements and new features that can enhance your experience.\nIf you’re interested in building regulation-compliant financial products for millions of Africans, \njoin us!\n We've got a spot for you.\n

What’s the point of the Electronic Money Transfer Levy (EMTL)?

\nIn a move aimed at advancing STEM education and fostering technological innovation in Nigeria, the Mechanical Engineering Department of Obafemi Awolowo University (OAU), Ile-Ife received a substantial investment as the Tosin Eniolorunda Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM) laboratory was unveiled at the University’s campus. The gesture which is in alignment with Moniepoint’s corporate social responsibility ethos is designed to significantly contribute to efforts aimed at bolstering Nigeria’s foundation in the very important area of science and technology while making subjects such as prototyping, design and engineering in general easier, participatory and enjoyable for students. \nWith the recent rise in the global tech industry, stakeholders aver that investment in STEM education will drive the socio-economic development of Africa and Nigeria, particularly. However, with a burgeoning population where over 60% of Africa’s population is still under 25, a recent survey shows that less than 25% of African students in secondary and tertiary institutions pursue STEM-related career fields. \n\nAt a ceremony to commission the facility, the Vice-Chancellor, Professor Adebayo Bamire, expressed his profound gratitude over the philanthropic donation by Moniepoint and Tosin Eniolorunda, co-founder of Moniepoint, who’s an alumnus of OAU's Mechanical Engineering Department. He noted that many tertiary institutions across the country suffered from paucity of funds, which in turn has led to infrastructural challenges, while encouraging other alumni to not only emulate this culture of giving back but also join hands to support worthy causes within the university.\n“We are really very grateful for this laboratory considering that we are almost phasing out some of these things as a result of paucity of funds. This has to do with the yearnings which will also improve the livelihoods of our people, especially the students. So when we have an organisation that has come in to meet our needs, we can only say thank you. This laboratory will help improve and enhance a lot of things within the University for students and staff and also drive collaboration between the academia and industry,” he said.  \nTosin Eniolorunda, commenting on the donation, stated, "this newly revamped lab represents more than just an upgrade, it stands as part of a personal commitment to foster a generation of engineers and innovators who are not only skilled, but also inspired to think critically and creatively about real-world problems. A catalyst for innovation for the next generation of engineers and technologists who will drive Nigeria's economic growth and advancement. By investing in STEM education and providing access to platforms like this lab, we're laying the critical rails for the emergence of leaders, innovators, and changemakers that Nigeria needs."\n\nFurthermore, he thanked the University community for its continued dedication to the pursuit of knowledge and innovation in learning and culture, adding that the future of engineering and technology in Nigeria is bright because of the young talents within the ivory tower.\nThe upgrade includes renovation of the existing laboratory space with cutting-edge facilities that include the provision of high-performance desktop computers and laptops, electronic board for interactive learning, laboratory furniture, supply and installation of sustainable power solutions and advanced cooling systems.  These state-of-the-art resources will provide students with hands-on experience in the latest CAD/CAM technologies, bridging the gap between theoretical knowledge and practical application in the field of mechanical engineering.\nDean, Faculty of Technology, Prof. Lasisi Umoru noted that the revamped facility will increase research capabilities and output in CAD/CAM technologies, improve graduates' employability in the global job market, and serve as a model for STEM education facilities across Nigeria.\n\nThe commissioning ceremony which attracted dignitaries from within and outside the University included Deputy Vice-Chancellor, Academics, Prof. M. Babalola, DVC, Administration - Prof. Adaramola, DVC Research, Innovation and Development, Prof. Akinyemi, Chairman, Committee of  Deans, Prof Adesina, Chairman, Ceremonials Committee, Prof Adekola, Head of Department, Mechanical Engineering, Prof. Obayopo, Retired Prof of Mechanical Engineering, Prof. Adekoya, Chairman Nigerian Institute of Public Relations, Osun state chapter, Ademola Adesoji and Special Assistant to the Osun state governor on ICT, Sola Isola, Oyinlola Eniolorunda and Israel Eniolorunda as well as Head of Partnerships, Moniepoint Inc, Efemena Ogie, Employee Branding Lead, Gbemi Adekanmbi amongst others.

Moniepoint gives STEM education a big boost as OAU commissions Tosin Eniolorunda Design lab 

\n\nMoniepoint's exceptional contributions to Nigeria’s financial services sector, have been acknowledged and celebrated with three prestigious accolades at this year’s edition of the prestigious Marketing Edge Awards and at the inaugural MSME Finance Awards in Lagos. \nAt the Edge Awards which also marked the 21st anniversary of Marketing Edge, Nigeria’s leading brand-focused marketing and advertising publication, Group CEO, Moniepoint Inc, Tosin Eniolorunda received the "Outstanding Fintech Personality of the Year" award. Moniepoint Microfinance Bank was named as the "Outstanding Digital Bank of the Year" while also winning the award as Best MSME Financial Inclusion (Microfinance Bank) at the MSME Finance Awards 2024, underscoring the bank's remarkable dedication to promoting financial inclusion and providing peerless services to its customers. \nThe Annual MSME Finance Awards, organized by Economic Forum Series and Nairametrics, celebrates innovation and impact in the financial sector. Moniepoint's recognition as the Best MSME Financial Inclusion organization across the country stems from its innovative financial technology solutions tailored for MSMEs, thus solidifying its position as the definitive bank for businesses in Nigeria and their customers. According to the organizers, the decision for Moniepoint’s award was also based on Moniepoint’s strategic partnership initiatives, which include its partnership with the Corporate Affairs Commission (CAC) to digitize and formalize over 2 million MSMEs across the country, thus enabling them access to financing for their businesses as well as the partnership with the Federal Ministry of Industry, Trade & Investment (FMITI) and SMEDAN in launching Nigeria’s Informal Economy Report 2024.\nIn the rationale and methodology for the Edge awards received by Tosin Eniolorunda and Moniepoint as Outstanding Fintech Personality and Outstanding Digital Bank of the Year respectively, the Publisher/ CEO of Marketing Edge Magazine, John Ajayi noted that the selection was done with the collaboration and support of Kantar, one the world’s leading marketing data and analytics business with a presence in over ninety markets while adding that the awards win are a clear reflection and celebration of the sterling performance of Moniepoint and its leadership with an accompanying positive impact on the Nigerian financial landscape over the last one year.\nReacting to the wins, Tosin Eniolorunda remarked that the awards were a solid testament to the gritty and stellar work done by everyone in the Moniepoint ecosystem. He added that the awards further show off the institution's unwavering commitment to making Nigeria's financial services sector work for everyone and that by leveraging technology and innovative solutions to provide its services with lightning speed and security, Moniepoint will continue to bridge the gap while powering the dreams of businesses across the country.\nHe continued, “We are pleased to be recognized at both the Marketing Edge Awards and the MSME Finance Awards. We dedicate these awards to the teeming millions of individuals and business owners, particularly those in underserved communities who find financial happiness in using Moniepoint products to create wealth, drive economic activity and live better lives. Moniepoint will continue to develop solutions that make financial services more accessible to all.”\n"For over a decade, we have been at the forefront of celebrating excellence in Nigeria's marketing and advertising industry. As Marketing Edge continues to champion innovation and recognition, we remain committed to our mission of celebrating the best in the business. We look forward to future editions of the EDGE Awards, where we will once again come together to honour the trailblazers, game-changers, and pace-setters shaping the industry," said John Ajayi, Publisher Marketing Edge.\n\nSpeaking at the MSME Finance Awards, the CEO and Founder of Nairametrics, Ugodre Obi-Chukwu, stated that:\n“Small and Medium Enterprises (SMEs) are the backbone of Nigeria’s economy, contributing nearly 50% to our GDP and employing over 80% of our workforce. With over 41 million SMEs in Nigeria, they represent the spirit of innovation, resilience, and determination that propels this nation forward. However, many still face significant challenges, particularly in accessing finance, and this is where we need to foster a more supportive ecosystem.”\nThe acknowledgement of Moniepoint’s work in providing financial services aimed at improving access to finance for micro, small, and medium enterprises (MSMEs), a key sector in Nigeria’s economy will spur it to greater heights. 

Moniepoint bags a hat trick of awards as Eniolorunda named Outstanding Fintech Personality of the Year

\nHello! It isn’t every day that you get a nostalgic feeling when you come across a new company. Growing up in Kenya, surrounded by M-Pesa and its impact, I got a sense of familiarity when I came across Moniepoint. I just knew I had to be a part of what they were building.\nI started my career in the audit and assurance industry, focusing on financial services clients. Subsequently, I spent time with early-stage start-ups in aquaculture and fintech before a short stint working with a VC firm. While at the VC firm, I worked on the Moniepoint Series A and Series B transactions, and when the fundraiser closed, I made the switch to join Moniepoint! \nHere’s a mini-documentary of my life and professional journey. \n\nLife Growing Up\nI was born and raised on a farm in Kenya.  Growing up, my parents worked hard to provide for us and made incredible sacrifices to send us to the best schools in the country, even though it was a big stretch for them. \nAfter high school, I pursued a degree in actuarial science, intending to become an actuary—a decision that would mark the beginning of my professional journey.\nAdulting 101\nAfter university, I had my eyes fixed on the actuarial industry, but as fate would have it, I found myself at Deloitte, where I trained as a CPA. Over six years with them, I lived and worked in multiple countries, including Kenya, Ethiopia, the US, and the UK.\n\nAfter six years, I itched for something different and also wanted to be back home in Kenya, where there was a wave of new start-ups coming up. I reached out to a founder of a greenfield aquaculture start-up who agreed to let me join him. I took the leap of faith, left the UK, and returned to Kenya. The farm was located next to the shores of Lake Victoria and had the most beautiful sunsets. The work at the farm was challenging and rewarding, but I wanted to be in the technology space, which, with its fast pace and innovation, is more my style.\nThis led me to join Tala, one of the pioneer digital lending consumer start-ups, where I spent three years building out the finance function for their Kenyan business before taking a left-field move to join Novastar Ventures, a $200m venture capital firm investing in early-stage start-ups primarily in East and West Africa. While at Novastar Ventures, I worked on the Moniepoint (then TeamApt) Series A and Series B fundraises. It was one of the most exciting companies I had seen, and I could bet my life that it would be a blowout success given the parallels it had with some of the successful payment companies I had seen, such as M-Pesa. So when I was asked to join Moniepoint, it was an easy decision.\nJoining Moniepoint\nWhen I first encountered Moniepoint, I was struck by its similarity to M-Pesa in Kenya. The company’s focus at that time was on cash-in, cash-out transactions, a model that had seen great success with M-Pesa in driving financial inclusion. I could see the potential Moniepoint had to grow, ride the payments digitisation curve and make a significant impact.\nHowever, it wasn’t just the business model that drew me in. It was Tosin, Moniepoint’s CEO. Listening to him articulate his vision for the company, it was clear that Moniepoint wasn’t just a business—it was a mission. His passion and the scale of his dreams were captivating. It was hard to say no, and I quickly realised that Moniepoint had the potential to become something extraordinary.\nThe dream at that time, when it was being pitched to Novastar, was for Teamapt to revolutionise banking by creating an agency banking model that would allow customers to get all types of banking and payment services through a network of agents, i.e. a decentralised, low-cost,  technology-driven bank. \nCurrently, digitisation has taken Moniepoint in a different direction. But ultimately, Moniepoint is still solving the same problems - enabling people to pay in a manner that is most convenient for them. \n\nMy Day to Day\nMy role at Moniepoint has been multifaceted. I have worked on several areas across corporate finance, including supporting fundraising efforts, investor and board reporting, financial planning and analysis, and M&A deals to drive expansion.\nOne of the most exciting parts of my job is that I get to imagine and build new processes or systems and evolve them as the company scales to new heights. Seeing the tangible impact of my work and knowing that it’s contributing to the company’s success is incredibly fulfilling. I am also privileged by the opportunity my role provides to see, analyse and try to connect the various dots from the different pieces of all the great things happening across Moniepoint.\nJamaican in New York\nI was the first Kenyan to join the Moniepoint team as a full-time employee. If you’re wondering how it felt to work with a predominantly Nigerian team as the only Kenyan, it honestly was a smooth transition for me. My previous roles had exposed me to diverse cultures, including working with Nigerians in the US, some of whom are still my good friends to date, so it didn’t feel too foreign.\nIn my first few weeks at Moniepoint, I quickly noticed how hardworking, passionate and ambitious everyone was. It was like being surrounded by a tribe of super-ambitious, driven individuals who were focused on getting things done. It’s a dynamic, fast-moving environment, and that’s precisely the kind of place where I thrive. I was truly home.\nThat’s not to say there were no cultural differences. The biggest difference is the communication style. Kenyans tend to be more subtle, while Nigerians are more direct. The message is often the same, but the delivery is different. I appreciate both styles, and they’ve helped me adapt to various situations within the company.\nLooking to Join Moniepoint? \nIf you’re considering joining Moniepoint, my advice is simple: stay in execution mode. Things move fast here, and you'll be surrounded by people who like to get things done.\nAlso, remember that no matter how tough things seem, they will always get better. Since I joined, the company has only grown stronger, and the future looks brighter every day. Tomorrow is always a better day than today.\nSo, if you’re ready to be part of something big, head over to our \ncareers page\n now! We’d love to have you on the team.\nAsante!\n

A quick hello from Moniepoint's VP of Corporate Finance

\n\nIn a move designed to enhance financial literacy and strengthen online business security for women entrepreneurs and People Living with Disabilities (PLWDs), Africa’s fastest growing financial institution according to the \nFinancial Times\n, Moniepoint Inc in collaboration with ACIOE Associates and Tech4Dev recently hosted a two-day intensive workshop in Abuja. \nWith over 100 participants, the initiative which targeted small and micro-enterprise owners, aimed to address the growing need for financial education and digital security in an increasingly online business environment with these business owners gaining valuable insights into financial planning, budgeting, cybersecurity, and safe online payment practices through a series of practical sessions and interactive activities. The workshop also placed special emphasis on advancing gender inclusion, highlighting the need for financial literacy and cyber hygiene as tools to empower vulnerable groups, particularly women.\nAccording to organizers, the initiative is crucial in addressing the low levels of financial literacy that persist in many parts of the world, especially Nigeria, which can hinder economic growth and financial inclusion. Studies have shown that financial literacy is linked to improved access to basic financial services, formal savings, and overall economic development. The workshop’s organizers also maintained that improving women’s financial literacy will enable them to make informed decisions, access financial services, and build wealth, ultimately contributing to gender equality and economic empowerment. \n"Businesses are vital cogs in the wheels of economic growth, development and job creation. Financial literacy is key to achieving social and economic inclusion, particularly for women seeing that when women understand financial concepts, they are better equipped to manage their finances, access financial services, and build wealth. This in turn gives them the impetus to pursue their entrepreneurial aspirations and contribute more significantly to the economy," said Tosin Eniolorunda, Group CEO, Moniepoint Inc. \nHe added that ”against the backdrop of our recently launched Informal Economy Report, there is a need to provide a platform for ensuring that many businesses can survive and thrive beyond the five-year mark considering that eighty percent of businesses especially those in the informal sector have been operating for less than five years. Also, the link between financial literacy and financial inclusion has become an international policy concern, this is our own way of contributing to the conversation, powering the dreams of this vulnerable group and doing what needs to be done to support Nigeria’s socio-economic aspirations.”\nInnocent Isichei, Managing Partner, ACIOE Associates, an advisory services firm providing a rich suite of solutions across various sectors noted that “Businesswomen and PWLDs are especially vulnerable to online threats. By building a secure digital 'fortress,' women can confidently navigate the online environment, safeguard their businesses, and leverage technology for growth. Beyond online safety, achieving economic empowerment for women requires addressing significant financial literacy and access challenges.”\nFurthermore he said that “these challenges include limited financial knowledge, restricted access to credit, societal barriers, and gender-based discrimination within the financial sector. ACIOE Associates recognizes these critical needs and that's why we have partnered with Moniepoint and Tech4Dev to offer this comprehensive two-day workshop.”\nVia a series of practical sessions, participants learned essential skills in budgeting, saving, and investment strategies tailored to small business needs. The program also covered vital cyber hygiene practices to protect businesses from data breaches, phishing scams, and malware attacks while learning how to leverage technology for business expansion while maintaining a secure online presence.\nThe participants lauded the organizers for their demonstrated commitment to supporting the economic empowerment of women and PLWDs, by equipping them with the skills needed to succeed in an increasingly digital and complex economy.

Moniepoint, others join forces to Empower Women and PLWDs with Financial Literacy and Cyber Hygiene Initiative

\n\nPowering dreams is at the core of Moniepoint’s ethos, driving everything we do for the millions of people who interact with our products across Africa. We believe that everyone deserves to see their dreams come true, no matter where they come from. This belief was the driving force behind our campaign for International Day of the girl child, where our team visited Hope for the Slum Child in Makoko, Lagos and the Ovie Brume Foundation.\nWe shared copies of “The Girl with the Louding Voice,” a book by Abi Daré, with the girls at these initiatives. The story in this book reiterates an idea we hold dear—that girls can change their communities and the world when they’re given a voice. Every one of these girls has a dream and, like anyone else, deserves to see their dreams come true.\n\nWe had reading sessions with the girls where we discussed the story, and its importance and talked about their dreams as well. To them, the main character, Adunni serves as a symbol of just what is possible when they set their minds and hearts to it.\nThe school at Makoko, was established to provide free and quality education to children in the community. It was inspiring to everyone on our team, to see these children thriving, and embodying every dream that they had.\n\nSpeaking to the team at the Ovie Brume Foundation, they spotlighted how much the children understood, and learnt, from the characters in the book; “ A lot of them while reading the book, you could hear them say “why would someone behave like this? Why would a man treat a child this way?” so it felt like the kids really understood this character, and they learn from that”.\n\nBoth of these places serve as key points in their communities, where the girl child can find hope for a better future and the realisation of their dreams. We were delighted to inspire these girls, and bring them a step closer to seeing those dreams come true.

To the girls with the "louding" dreams - a Moniepoint CSR initiative

Africa’s fastest growing financial institution, according to the \nFinancial Times\n, Moniepoint Inc. has stated its commitment to drive healthcare access in Nigeria by empowering community pharmacies with innovative payment solutions and working capital. \n\n\nThis is coming off the back of the release of its latest case study titled, \nInside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding \nwhich examines how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital/clinic access and Moniepoint’s solutions in helping to address the prevalent challenges through digital payment solutions, loans, and a wide distribution network. \nAt the official release of the case study, which was held in Lagos at the National Headquarters of the Association of Community Pharmacists of Nigeria, ACPN, the National Chairman of ACPN, Pharm. Ambrose Igwekwama highlighted the critical role played by community pharmacies in Nigeria's healthcare system over the years, and the many challenges faced, which include poor infrastructural system - power, transportation, regulatory bottlenecks, importation dependency, limited research opportunities while stressing on the need to strengthen collaborative efforts with institutions like Moniepoint in order to improve health outcomes across the country. Furthermore, the National Chairman is enthused about the growth opportunities ahead for the nation’s pharma sector. \n“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all. There's also the  African Continental Free Trade Area Agreement which is expected to boost our industry, especially when we start producing our drugs locally which will provide the much-needed foreign exchange from exports. We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria,“ he said.\nWith an average of 480,000 daily footfalls across over 6,000 community pharmacies in Nigeria, the ACPN plays a vital role in Nigeria’s healthcare system as front-line workers who promote public health and well-being, beyond dispensing medications as they serve as trusted healthcare providers within communities, offering valuable advice, counsel, and preventive care.\n\nIn his goodwill message, First National Vice-President, Nigerian Medical Association, Dr Benjamin Olowojebutu, harped on the imperative of catering to the health needs of those living in rural and underserved areas across the country. \n“Nigeria's population is more rural than urban, so how do we reduce the rural-urban migration and intra-urban migration, which has also become pervasive? How do we reduce uneven development across the country? I must commend the leadership of ACPN for collaborating with a forward-thinking, thought-leading organisation like \nMoniepoint\n to produce this insightful report. I am confident that this work would help us as Nigerians to see how we can channel research to affect funding for healthcare,” he said. \nThe Moniepoint case study on community pharmacies provides very insightful commentary on critical aspects of running a community pharmacy, including payment systems, inventory management, and funding challenges. It reveals a shift towards digital payments, while exploring challenges around limited access to capital for stocking inventory and expansion, sourcing quality drugs, particularly given the high proportion of imported pharmaceuticals and the prevalence of counterfeit medications.\nSome major findings from the case study include the following:\n82% of pharmacies offer additional health services beyond dispensing drugs.\nOnly 7.69% of customers prefer to pay pharmacies exclusively with cash; most use a mix of cash and digital payments.\nLagos has the highest concentration of community pharmacies at 10.17% of the total.\n76% of pharmacies' expenses go towards stocking goods.\nOver 70% of pharmaceutical products in Nigeria are imported.\nThere are over 2 million unlicensed pharmacies and patent medicine stores in Nigeria.\nPeak hours for pharmacy visits are between 7-8 PM in 90% of Nigerian states.\nMajor challenges for pharmacies include payment issues, access to capital, and sourcing quality drugs.\nMoniepoint’s role in supporting pharmacies includes deploying its Point of Sale (POS) terminals, which have become the preferred payment method in most Nigerian pharmacies. This move has made payment transactions faster and more reliable, benefiting both customers and pharmacists. With solid mobile network coverage in Nigeria, Moniepoint ensures that pharmacies, even in the most remote areas, can receive payments digitally, further enhancing healthcare access. \nThe financial services provider also addresses the funding challenges that pharmacies face by providing working capital loans. These loans enable pharmacies to stock up on critical drugs and expand their services. By ensuring pharmacies have access to the funds they need, Moniepoint is helping to build a more sustainable healthcare ecosystem.\nSpeaking to the import of the report and its relevance to the nation’s healthcare segment, Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc noted that Moniepoint’s thought leadership drive with these case study was with a view to deepen policy engagement, provide actionable intel on critical successful factors needed for the nation’s socio-economic growth across different verticals while empowering with businesses with the wherewithal to make informed decisions with data.  \n“We are pleased to partner with ACPN on this game-changing report. Moniepoint’s reason for being is in creating financial happiness and powering dreams. Reports like this move us in that direction, enabling us to save lives as a result of a fast, reliable payment system that everyone has come to love. Looking at the relevance, with data on their business transactions and our business management tools, community pharmacies can effectively plan their inventory and availability—knowing exactly when to stock up and ensuring staff are on the ground to serve more customers. By providing pharmacies with the financial tools they need, Moniepoint is creating a future where access to healthcare is improved and represents more than a fundamental right for all in an equitable and efficient system,” Uwemakpan said.\nNotable professionals present during the case study release include National Secretary, ACPN, Omokhafe Ashore, PSN Lagos State Chairman, Pharm. Oyekunle Babayemi, Lagos State Enterprise Sales Coordinator, Richard Eseka, CEO, Nett Pharmacy, Josephine Ehimen, Public and Media Relations Manager, Moniepoint Inc, Bemigho Awala, Manager, Brand and Communications, Aderayo Adesokan and Brand Story-teller, Emmanuel Paul amongst others. 

Moniepoint Powers Nigeria’s Healthcare System with Seamless Digital Financial Solutions for Community Pharmacies

Securing your financial accounts in today's digital world is more critical than ever. At Moniepoint, we prioritise your security by allowing you to enable the Facial ID verification feature. \n\n\nThis means you can further secure your money by using your unique facial attributes to log into your \nMoniepoint Business\n and \nMoniepoint Personal\n accounts. \nLet’s explore how to set up your facial ID verification on your app and better secure your account.\nWhy Should I Use the Moniepoint Facial ID Verification?\nApart from it being cool to log into your bank accounts by just staring at your phone screen, here are various reasons you should use facial ID verification;\nConvenience\n: Are those passwords tiring to remember and type in? Logging in using facial ID verification allows you to access your account quickly and perform your financial operations smoothly.\nIncreased Security\n: Strangers can guess a password but not a facial feature, at least not without you being present. The Moniepoint facial ID ensures that only you can access your bank account at any time.\nQuicker Access\n: Logging in to your bank account using your facial ID is much quicker than typing your password. \nHow to Secure Your Account with Moniepoint Facial ID\nYou can easily enable your facial ID on your Moniepoint account by following these steps;\nStep One\n: \nDownload and install the Moniepoint App\n: The first step is to download the Moniepoint Business or Personal Banking app on\n \nGoogle Play\n or \nApple Store\n, install it, and complete the signup process.\nStep Two\n: \nLog in to your account\n: Once you’ve installed and signed up, you can log in to your account using your username and password.\n\nStep Three: Navigate to your profile\n: Once you log into your dashboard, go to your profile and click on ‘Settings’.\n\nStep Four: Click on the Login option\n: Go ahead and click on the  ‘login options’ section.\n\nStep Five: Click on ‘Enable Biometrics’\n: In the login options section, toggle on ‘Enable Biometrics’ and allow Moniepoint to use Face ID by clicking ‘OK’ on the pop-up notification displayed.\n\nStep Six\n: That’s it! You can now log in to your Moniepoint bank account using your facial ID.\nConclusion\nYour financial security is a top priority, and securing your Moniepoint account is as easy as ever. Follow the steps listed in this guide and enjoy smooth banking on point.

Moniepoint Facial ID: How to Secure Your Account

As a \nMoniepoint Personal\n and \nBusiness\n account holder, your account can be restricted and issued a PND. Although this can hinder your desired transfer, it's essential to pay attention to the reason it's issued and how to rectify it. \n\n\nLet's look at what a PND is in Moniepoint, the various reasons you might encounter one, and how to resolve them.\nWhat is PND?\nA PND or "Post No Debit" is a restriction that prevents you from withdrawing or making debits from an account. Simply put, when a PND is placed on your account, you cannot transfer money, pay bills, or make any form of payment using that account. \nHowever, you can still receive deposits, meaning money can come in but can't go out. \nGetting a PND indicates that your account has triggered some fraudulent or compliance issues. \nHere are some of the reasons you might get a PND on your Moniepoint account;\n1. Scheme Rule Violation\nA violation of scheme rules is one of the most common reasons your account can get a PND restriction. Scheme rules are guidelines set by Moniepoint and regulatory bodies like the Central Bank of Nigeria. These rules govern the conduct of financial transactions, ensuring security and transparency. \nA breach of the scheme of rules can occur if your account is involved in any suspicious transaction that violates Moniepoint's policies. \nFor instance, engaging in money laundering and not inputting your correct details in your KYC verifications, among others, can violate Moniepoint's scheme rules. Once these occur, a PND can be placed as a preventive measure for further investigation. \nIf the account holder is found guilty of suspicious activity, their account gets suspended, but if proven innocent, they will need to provide adequate information to clear their names.\n2. Stolen Phone or Terminal\nLosing your phone or terminal could mean exposing your sensitive financial data to unauthorised individuals. In such cases, Moniepoint can issue a PND at your request to protect your funds from being tampered with by someone else.\nIt's essential to take this measure, as losing your mobile device can allow an authorised person to access your bank app and financial information. You can avoid this by reporting to Moniepoint, proving your ownership, and following the required security protocols to regain access to your account.\n3. Fraudulent Inflow & Outflow of Funds\nAnother reason you can see a PND is suspicious or fraudulent fund inflows and outflows. This can occur when significant money suddenly enters or leaves your account without a clear, legitimate source or destination.\nFraudulent transactions are red flags for financial institutions like Moniepoint, and these unusual patterns can indicate money laundering, scams, or other illegal financial activities. If you believe the inflows or outflows are legitimate, it is important to contact your support officer with evidence of the transactions, such as invoices, receipts, or communication that validates the sources.\n4. Restriction Placed by BRM Due to Terminal Issue or Target Issue\nSometimes, PND restrictions are enforced by the Branch Relationship Manager (BRM) due to technical issues with the terminal or specific target problems related to the account. \nThis can occur when the system identifies inconsistencies or discrepancies that require immediate action. While this type of restriction is less common, it shows how even technical or system-based issues can cause a PND restriction. \nEnsure that you cooperate with Moniepoint's investigation team by submitting additional documentation to clarify and rectify the issue.\n5. Erroneous Transaction\nAn erroneous transaction can easily trigger a PND restriction. This can happen when money is mistakenly credited or debited to/from your account due to a system malfunction or human error.\nIf we discover an error, our system may apply a PND until the funds are returned or verified. Rest assured that providing adequate documentation or clarification can speed up the resolution process.\n6. Crypto Transactions\nWith the rise of cryptocurrency trading, Moniepoint has implemented stricter regulations, such as disallowing crypto transactions on user accounts. A PND may be placed if an account is linked to cryptocurrency activities.\nSince cryptocurrency operates outside traditional banking frameworks, this can create legal and compliance headaches for financial institutions.\n7. Regulatory Block\nRegulatory authorities can sometimes restrict an account based on the account owner's profile. This is common when someone fails to comply with anti-money laundering laws, tax evasion investigations, or other regulatory frameworks.\nA PND can also be applied here to prevent further financial misdeeds until they clear their name with the concerned authorities. To resolve it, account holders are advised to adhere strictly to the law, submit necessary documentation, and cooperate fully with investigative bodies.\n8. Details Used to Create an Unauthorised Account\nA PND may also occur if you create an account with incorrect or fraudulent information. Identity theft and impersonation are significant concerns in our digital world, and they often result in accounts being created with stolen or false information.\nYou can resolve this restriction by proving your identity, verifying your information with the bank, and potentially filing a report if you were a victim of identity theft.\n9. Delayed Refund Due to Business Owner's Non-Compliance with the Refund Process\nIf you are due a refund but fail to comply with the refund process as an account holder, a PND may be placed until the situation is resolved. \nFinancial institutions like banks have specific procedures for requesting refunds. Failure to meet requirements, such as providing insufficient details or not following the proper steps, can result in a restriction. In this case, complying with Moneipoint's process is the only way to lift the PND and receive the refund.\n10. Fraud Complaint from Impersonation via Hacked Social Accounts\nOne of the most common forms of online fraud today is impersonation via hacked social accounts like WhatsApp. \nFraudsters may gain access to someone's account, use it to scam others, and channel money into a bank account created under false pretences.\nIf your account is flagged as being involved in such fraudulent activities, even unknowingly, a PND can be placed. \nThis restriction ensures that the funds are frozen and cannot be moved while the situation is being investigated. If you've been hacked or impersonated, report the issue to the appropriate authorities and work with your financial institution to clear your name.\nConclusion\nDealing with a PND restriction can be quite frustrating. However, it is essential to understand that it is usually done to protect you as the account holder and Moniepoint from fraud or compliance issues. \nWhether it's due to a scheme rule violation, a stolen phone, erroneous transactions, or regulatory blocks, you can resolve the issue by cooperating with your support officials and financial institutions and providing the necessary documentation.

Restricted Account: What is PND in Moniepoint?

Business banking refers to the services financial institutions offer, particularly to businesses. \n\n\nThese services range from loans, current and savings accounts, loans, credit, financial consultations, and lots more.\nKey Takeaways\nFinancial institutions provide business banking services to enable business owners to properly manage their business cash flows.\nBusiness banking offers a range of services, including loans, savings and checking accounts, and financial consultations.\nMoniepoint MFB is one of the largest fintech institutions in Nigeria. It offers business banking services to small and large businesses, such as capital loans, CAC registration services, savings and current accounts, and more.\nNigeria is home to approximately 40 million MSMEs. About 89.4% of these are in the informal economy. \nYou've just set up your dream business or probably have been running one for a while, and the profits are hitting the roof. \nSounds amazing, right? Do you know, however, that to ensure your earnings are properly stored or reinvested, it's best to have a business bank account? \n\nBusiness banking\n offers numerous benefits, such as better organisation and proper tracking of your financial flows. \n\nFeatures of Business Banking\nWhat can you expect from a business banking service? Some specific features of business banking include;\n1. Business Accounts\nBusiness banking institutions such as Moniepoint MFB offer \nbusiness accounts\n that enable them to handle cash flows easily. \nFor daily commercial activities like receiving payments from customers and paying for goods, a business bank account enhances a smooth process. You can also leverage business savings accounts, which enable you to save your business earnings for future projects or expenses. \nThe amazing thing about having this account is that it helps you properly separate your business funds from your personal finances, especially during tax payments.\n2. Business Loans and Credit\nCapital is the lifeblood of any business, as access to finances enables your business to grow and expand. However, getting funds can be cumbersome, especially for informal businesses. This is where business banking services offered by institutions such as Moniepoint come in. \nDid you know that\n \napproximately 70.1% of Nigerian business\n owners in the informal sector have borrowed money for their business upkeep, more from family and friends? \nA business bank account enables you to easily access these loans and credit lines from financial institutions.\n3. Cash Management and Employee Payroll Services\nAs a business owner, utilizing cash management tools offered by financial institutions enables you to properly track the funds flowing in and out of your business. Most institutions also provide payroll services that allow you to plan and pay your employees promptly and smoothly properly.\n4. Payment Processing\nMost businesses accept various forms of payment, including debit cards and mobile payment methods. \nDigital payments split between card and mobile transfers account for over 46.2% of payments received by business owners in Nigeria's informal sector. \nAdditionally, Business banking services include business payment services using \nPOS\n or \npayment gateway\n that allow you to accept payments from customers seamlessly.\n5. Online or Mobile Banking\nOnline banking has become the order of the day in today's digital world. Most business, commercial, and retail banks offer various mobile and website banking services that allow business owners and individuals to conveniently access financial services. \nThe ability to make transfers and receive payments from anywhere in the world allows for smooth business operations and growth.\nTypes of Business Bank Accounts\nUnderstanding the various types of bank accounts available can help you get the right business banking services to suit your various business needs.\n1. Current or Checking Account\n\nA business checking account allows merchants to conduct daily financial activities like making deposits, receiving payments, and monitoring business finances. Business current accounts enable you to withdraw funds through cheques, drafts, and various online banking services.\n2. Business Savings Account\n\nA business savings account allows you to save your business funds for future investments or unexpected expenses. You can earn interest on this account, helping you grow your cash reserve while keeping your money safe.\n3. Merchant Accounts\n\nAs a business that sells goods or services and processes debit cards and online payments, you'll most likely need a merchant account. This allows you to easily receive payments from your customers, which are initially stored in this specialized account before they can be transferred to your primary account after verification. \n\nWhat to Consider When Choosing a Business Bank Account\nWhen choosing a business bank account, here are some tips to keep in mind;\n1. The Size of Your Business\nThe size of your business helps you decide what kind of business account to opt for. For smaller businesses, using a basic current bank account can help you save on charges and fees. On the other hand, a large business dealing with large transaction volumes can opt for bank accounts that offer wider services.\n2. Charges and Fees\nYou should pay attention to various bank accounts and their service charges, which range from monthly to per-transaction fees. It's important that you choose a bank that charges fees that align with your financial abilities. \n3. Your Financial Needs\nWhen choosing a bank service, you should consider your business's unique needs. For instance, does your business require writing cheques, debit cards, online banking services, and so on? \nUnderstanding your needs is essential to opt for a bank account that offers these services and aligns with your business's requirements.\n\nConclusion\nBusiness banking is essential to your business growth as it enables you to properly track and manage your business finances. \nFrom accessing business loans, cash management tools, and banking accounts, business banking institutions such as Moniepoint MFB enable you to benefit from its unique services. \nSign up on Moniepoint today\n to get started on your seamless financial operations.

What is Business Banking?

It's no secret that the internet has opened up many opportunities for people since it came into existence. \nWith over \n159 million subscribers in Nigeria\n today, the good news is that you can use the internet to explore businesses that can pay you daily. \n\n\nSounds too good to be true? Not really; from careers like freelancing, blogging, and social media influencing to referral promos, you can make online today with little or no capital. \nLet's dive in!\n\nStarting an Online Business - What Do You Need?\nYou may be thinking of gaining a digital side income or changing your career path; here are some tips to get started;\nHave access to a good internet connection.\nHave access to a laptop, smartphone, or desktop computer.\nYou should possess essential skills in reading, writing, and communication.\nYou should have a skill in your desired field or be on a path of learning one.\nHave a well-defined goal, research your desired niche or business field properly, and be dedicated.\nHave a reliable and safe bank account like Moniepoint Business bank account you can access on your \niOS\n or \nAndroid\n devices for smooth transactions.\n6 Profitable Online Ways to Make Money Online\nIf you are scrolling through the internet in search of some top online businesses that can pay you daily, I'll make it easier with this list below. \n1. Blogging\n\n(\nSource\n)\nBlogging is a profitable online business in Nigeria that enables you to earn money doing what you love. If you are passionate about writing, an excellent online business is creating a blog on platforms like\n Medium,\n \nWordPress\n, \nWix\n, \nSubstack\n, etc. \nNow, how do you earn? You can choose any niche you desire, such as fashion, education, marketing, or health, and get paid based on your based on your number of subscribers or website traffic. \nYou can also earn through Google AdSense and affiliate marketing. Plus, you can earn from sponsorships like the \nMedium Partner Program\n- this is a promising avenue, especially if you have a broad audience. \n2. Affiliate Marketing\n\n(\nSource\n)\n\nAffiliate marketing\n is an online business system where brands or individuals pay you to market their products or services. In other words, they pay you when you recommend their products through your platform, such as social media, and a customer makes a purchase. \nDid you know you can also promote referral programs as a \nMoniepoint user\n by sending a code to your referees? You'll receive N4 for every transaction they complete within one year.\n3. Freelancing\n\n(\nSource\n)\nEmbarking on a freelance career lets you make money online from the comfort of your workspace and schedule. You can sell your services on freelancing platforms, from website designing, content writing, copywriting, software development, and more. \nSome profitable freelancing platforms include \nFiverr\n, \nUpwork\n, \nand Freelancer\n, allowing you to explore hiring opportunities and sell your skills to high-paying clients. To begin your freelancing journey, follow these steps:\n4. E-commerce\n\n(\nSource\n)\nYou can buy and sell anything online thanks to the internet and increased digital engagement. E-commerce is an online business that pays in Nigeria, and you can operate from the freedom of your social media platforms, online marketplaces, etc. \nIt's a fantastic means of earning because you avoid the stress of setting up a physical shop, stocking up physical goods upfront, or paying rent. \n5. Social Media Influencing\n\n(\nSource\n)\nIn today's digital world, you'd agree that social media influencing is the next best thing ever since sliced bread. Imagine earning money to engage your followers and subscribers. \nYou can become a social media influencer by:\nSelecting a niche that you understand and can quickly build an audience around.\nExploring and choosing your social media platform, like Instagram, TikTok, or Snapchat. The key here is to understand how the audience of these platforms behaves and how the market uses them. \nOpen your social media account, grow your followers or subscribers, and post original and engaging content. Ensure you connect with your audience and do not sound too 'sales-ish' so you don’t drive followers away.\nContact brands in your niche or wait for them to contact you with partnership deals.\nGet paid as per your contract agreement. \nThe amazing thing about social media influencing is that you can get paid upfront. You are also free to use your creativity as long as your followers take the desired actions.\n#6. Forex Trading\n\n(\nSource\n)\nAs a \nforeign exchange market trader\n, you can earn online by analysing demand and shifts in currency values. It's like a traditional market where you buy and sell items but trade currencies this time. \nYou can trade personally or for other individuals and make as much profit from this online business that pays daily. Here are some tips to begin Forex Trading:\nGet the essential forex training to understand how the system works, as this field is technical.\nSet up a \nbrokerage or securities account\n that you’ll use to trade financial assets.\nCreate your trading plan. Like other online businesses that pay daily, you must establish a top-level trading strategy to ensure you make adequate profit.\nBegin your trading journey. \nAfter setting up your plans, you can begin trading disciplined and organised to avoid heavy losses.\nNow, we understand that an \nactive online hustle\n may not work for some of us—especially if you already have a time-consuming job. But even at that, there's \nanother way to make money online\n.\nMake Money Online through Moniepoint’s Referal Program\n\nYou can earn passively and watch your money grow effortlessly when you \nrefer a friend using your referral code on the Moniepoint Banking app. \nSpread the word about Moniepoint and get people to experience our seamless banking, and you'll earn N4 every time your referee makes an inter-bank transfer. Not just that, you'd continually earn from this for the next 12 months;\nStep one\n: Log in to your \nMoniepoint Personal Banking App\n and click the “Earn from Referrals” icon on your dashboard.\nStep Two\n: Copy and share your referral code with your referees, which they input when they sign up. You can also click on the “Invite a customer” referral deep link that contains your referral code, which they can use to open a Moniepoint Personal account easily.\nStep Three\n: Qualify by ensuring that your referees enter your referral code during their signup process or within seven days after signing up.\nStep Four\n: Earn N4 for every interbank transfer your referee makes for 12 months after activating their Personal Banking Account.\nStep Five\n: Once your referral earnings reach N50, you can transfer it to your personal banking account.\nWrapping Up\nWell, there you have it. The internet makes many opportunities available to boost our income streams. By exploring and focusing on your desired field, you, too, can easily make money online today.\n

Top 6 Ways to Make Money Online in 2024

Nigeria's definitive bank for small and medium-sized businesses, as well as their customers and employees, Moniepoint Microfinance Bank has made securing digital payments a top priority, implementing the need for additional Factor of Authentication by customers when making payments. It has introduced a Multi Factor Authentication, MFA on its mobile and web applications, designed to simplify the payment experience, increase transaction success rates, and significantly enhance security for consumers and businesses. \nThe MFA, which will apply to transactions over the sum of five hundred thousand naira and five million naira on the Moniepoint Personal Banking and Business Banking apps respectively, combines the ease of seamless payment experience with robust security measures, meeting both customer aspirations for convenience and regulator’s stringent authentication requirements. Moniepoint's MFA leverages advanced device-based biometric technology, such as fingerprint or facial recognition and token-based Time-based One-Time Password (TOTP) to authenticate payments swiftly and securely. \nAccording to Babatunde Olofin, Managing Director, Moniepoint MFB, “At Moniepoint, we take pride in serving the financial services ecosystem by consistently leading the way, bringing innovative payment solutions that are safe, secure and easy to adopt, aligning with our vision of creating financial happiness across Nigeria. When people’s accounts are safe, the feeling of safety permeates and fuels the happiness that they experience across other areas of their lives.” \nOlofin continues, “we fully recognize the potential and impact of multi-factor authentication (MFA) in unlocking opportunities for innovative and secure payment solutions, all while maintaining the highest levels of customer trust. This solution further demonstrates our dedication to customer-centricity, keeping in step with regulatory requirements and compliance while deploying solutions that meet the evolving needs of our users.”\nTraditionally, financial institutions have deployed three methods of authenticating clients that include card & PIN, digital login and password, and knowledge-based questions. Multi-Factor Authentication (MFA) typically requires two or more forms of identity verification, such as something you know (password, key code, question), something you possess (phone/email code, token, physical key), or something you are (fingerprint, biometrics).\n

\nIt will be recalled that earlier this year, Monieppoint introduced a USSD code, *5573# to increase security, convenience and accessibility while safeguarding customer funds in case of loss or theft of mobile phones. When existing customers, encompassing business and personal accounts, log onto their mobile banking app, they will receive a prompt and or notification to update their settings with a biometric credential in order to activate this feature.  \nFinancial experts have commended this latest move by Moniepoint, as the MFA system balances security with user experience whether you have a feature phone or own the latest smartphone device.  By implementing MFA, consumers are not only safeguarding their personal, financial and professional data but also taking a stand for a safer online world. 

Moniepoint MFB announces security feature to enhance customer protection and fraud prevention

You or someone you know probably participated in a social media giveaway at some point—tagged a friend, shared a post, or dropped your location or best three photos. Then, you drop your bank account details to claim your prize. But what if I told you that sometimes, you were the prize?\nThese contests might look harmless, but they get you to share personal information that could be used to scam you and your loved ones, or used to commit fraud. In 2022, users lost $1.2 billion to scams on social media globally. I’m sure it’s easy to avoid the usual suspects, like suspicious DMs or investment opportunities that are too good to be true. But what about non-obvious ones we regard as fun, like giveaways?  \nDon’t get me wrong—giveaways are a tested and trusted marketing tactic. Our focus here is the risk posed to users by bad actors. \nTo understand this issue, I spoke with Albert, Moniepoint’s Chief Information Security Officer. Here’s how he highlighted the relationship between psychology and how insidious social media scams can be. \nThe engineering behind giveaways\nSocial media giveaways blend in with the noise of your regular social media activities, so you don’t even realise there’s an issue. But as Albert points out, this is how social engineering works—by exploiting our natural tendencies and our trust in seemingly harmless interactions.\n Social engineering is all about tricking people into giving up their personal information. It’s been around for years, from phishing emails to fake tech support calls. These scams prey on our trust and instincts, and they’ve gotten more creative over time. Here are some common types:\nPhishing: Fake emails or messages designed to steal login details or personal info.\nBaiting: Offering something tempting (like a free download) to get people to click.\nPretexting: Pretending to be someone trustworthy to gather information.\nSpear Phishing: Highly targeted attacks, often based on personal details you’ve shared.\nVishing and Smishing: Phone and SMS-based scams that convince you to share personal data.\nThese bad actors get this information through several means, but we thought to point out methods hiding in plain sight. \nGiveaways: A Trojan horse in plain sight\nGiveaways are awesome and several legitimate companies use them, so it’s typically difficult to know which is real and which is not. Here’s how to spot them:\nPosts that ask for too much\n If a giveaway asks for personal details like your bank account or phone number, that’s a red flag. Legitimate giveaways shouldn't ask for sensitive info in public.\n\n\nPosts that mimic legitimate brands\nScammers create fake giveaways that look like they’re from well-known brands. Always double-check the account hosting the giveaway to see if it’s verified or legitimate.\nScammers lurking in comments\nEven if the brand is real, scammers often pose as the company or other users in the comments. They’ll ask for your info under the guise of helping you win.\nWhy you should be scared \nYour account could get compromised\nScammers gather your public info—like your pet’s name, favourite club, or first car—to answer security questions and reset your accounts. They combine this with other personal details to hack into your email, bank, and social media. \nYour SIM could be hijacked. When you drop your phone number in a giveaway, scammers can use it to perform SIM swaps. They take over your phone number and intercept OTPs (One-Time Passwords) to access your bank accounts. \n\n\nFake accounts could be created in your name\nYour details can be used to create fake accounts for fraud or money laundering. You won’t even know your name is being used in illegal activities until it’s too late.\nIt could also be used as a conduit illicit funds. Scammers could scam someone else and spread the money across multiple accounts. Such scenarios could lead the law enforcement to your doorstep. \nOther dangers\n: Scammers could use spear phishing to send personalised emails based on your interests, like offering fake deals on items you’ve posted about. They can also steal your identity to frame you for crimes, or use details like your address or routine to target you or your family for stalking or kidnapping.\nIt’s not just giveaways\n\n\n\n\nIt’s not just giveaways that put you at risk. Nostalgic or fun trends like the ten-year challenge or quizzes might seem fun, but they reveal personal details scammers can exploit. Check-ins and location tags give away your routine, making it easier to track your movements.\nEven anniversary posts can be risky, revealing info like your friend’s name or where you met. Odd viral questions, like “What’s your account balance based on your BVN?” are red flags—scammers are always looking for ways to gather your data.\nWhat do you do? \nSo, should you avoid giveaways entirely? Maybe not, but you should be cautious. \nDo your research\n: “Before you enter any contest, ask yourself: who’s really behind this giveaway? Data brokers run a surprising number of these contests, not the brands you think you’re engaging with.”\nAvoid public sharing\n: Avoid any that ask for sensitive information like your bank details or phone number in a public space. Scammers might be lurking in the comments section of legitimate giveaways. Stick to those who keep the process private, engaging you through DMs instead of public posts.\nDo the basics: \nActivate multi-factor authentication and privacy filters on all your accounts and your phone. \nGo tech savvy: \nIf you live for the thrill and must participate, at least use email aliases or disposable phone numbers. \nHow Moniepoint protects you\nBeyond your typical features like PINs, and multifactor authentication, we’ve added some extra layers for even more protection. When I switched to a new device, Moniepoint asked me to scan my face. It wasn’t just any scan—there’s a liveness check to ensure it’s not a photo, which is great if someone tries logging in elsewhere. You can also monitor your account activity for suspicious logins.\nIf you have a Moniepoint card, there’s no name or number on it to reduce identity theft. Plus, you have full control: block the card for ATMs, online shopping, or POS use, or even disable it entirely.\nWe also educate users through our blog on how to stay safe online. Hopefully, this article helps you think twice about what you share, keeping both you and your loved ones safe.\nIf you’d love to partner with us or work with Albert as we secure financial happiness for millions of Africans, please visit our website. 

What’s the Point: Why social media giveaways should scare you

As we enter a new season, we’re looking forward to a new chapter. For ten young women, this marks the beginning of their journey. When women come together, innovation is never far behind.\nFor the past four years, our Women in Tech internship has advanced Nigeria's tech scene. This year, we’ve raised the bar with our latest cohort, doubling our intern count and officially launching our Women in Tech community through the second edition of our mixer.\nThis year’s theme, “Control + Safe,” shows we’re commited to creating a supportive space for women. Plus, we’re excited to introduce our new cohort of ten interns from all over Nigeria, who are now joining us in driving the dreams of businesses and their customers forward\nWe wanted to make this community-led, so we reached out to some incredible women leading the way in their respective fields. Our goal was to explore their experiences and spark conversations about the tech ecosystem.\nWe brought together women from various industries and teams to share their perspectives on what it takes to create safe, empowering spaces. Their insights helped frame the narrative on how we can all contribute to fostering supportive environments in tech and beyond.\nAlongside our impressive Dream Makers, we were joined by influential voices, including Wamide Animashaun, Ecosystem & Partnerships Director at Propel; Ehi Enabs, Software Engineer at Wikimedia; and Faidat Abdullahi, Chief Strategy and Growth Officer at RegTech Africa.\n\n“The mixer was more than just introductions. We created an engaging space with insightful discussions, hands-on activities, and interactive games. It was all about building connections and giving our interns a real sense of what it’s like to pursue a tech career as a woman,” said Gbemi, the event convener.\n\nThis year, our intern team has grown from 5 to 10—hence, the Dream 10. These talented individuals will be stepping into Cloud Engineering, Backend Engineering, Technical Product Management, Data Engineering, Systems Administration, Technical Support, and User Experience roles.\n\nHere’s the lineup:\nRuth Adetunji - Product Management Intern\nFaith Aikhumhetse-Ali - System Admin Intern\nCelestina Amadi - Cloud Engineering Intern\nOgechukwu Ata - Technical Support Intern\nSimi Da-Walang - Frontend Engineering Intern\nIsioma Enwerem - Technical Support Intern\nMelodie Ezeani - Data Engineering Intern\nEbele Nnacheta - Product Management Intern\nTomi Thomas - UI/UX Design Intern\nGreat Amubode - Frontend Engineering Intern\nHadiza Umar - Backend Engineering Intern\nWe’re excited to follow their journey and see them create impactful products. If you want to join a community of women and make a difference, visit \nour career page\n.\nAnd if you’re looking to kick-start your tech career, don’t worry—you just might have a spot in our next cohort. Mark your calendar for March 8th, 2025!

Inside Moniepoint’s Women-in-Tech Mixer: Welcoming the Dream 10 and Creating Safe Spaces for Women

If you ask my colleagues what they know about me, many would say I am an “Ajala”. This stems from my adventurous spirit and my love for travel, especially since I have been to almost all countries in Europe. Now that I think about it, is there any place in Europe that I haven’t visited? Oh well, let me finish writing this story and think about it. \nMy name is John, and I work as an enterprise architect for Moniepoint. I’ve been at Moniepoint cumulatively for 6 years, but in that time I've left the team and returned. Beyond travelling, I love getting positive reviews about products and features from users, which serves as fuel for the work I do. \nLet’s get into the story…\nPS: Ajala means someone who loves to travel a lot. \n\n\n\nAway from travel, how I got started with tech \nI’ve gotten a bit of a reputation with our team internally for always being someone who travels, but way before that, I had very different ideas for what I wanted to do with my life while growing up. \nI always thought I was going to study medicine and become a medical doctor. But right before I filled out my exam form, I thought to myself, studying to be a medical doctor means having to sit down in a place and read for a very long time. At that point in time, I was not ready for that as I prefer to read in batches. So, I registered myself for Computer Science at the University of Ibadan. \nI started trying to build stuff during my first year at the university. I quickly found a mentor at that time because that’s one thing that would really help anyone who wants to grow.  By the time I was in my 300 level, I was working for a company and even used to go to the office once a week. Everything just blew up from then. \nThe journey before Moniepoint \nOne of the best decisions I’ve made was to start working while still in school. So by the time I was done schooling, I would say I was fairly grounded and had the confidence to shoot for the stars. \nWith this conviction, I relocated from Ibadan to Lagos in pursuit of better opportunities. Shortly after, I went to Ghana to work as a software developer. \nRelocating to Ghana was quite exciting as someone who loves being in new places and learning about new cultures. While at my company in Ghana, I kept doing stuff they told me not to do. Don’t get me wrong, the reason why I continued doing stuff they told me not to do was because whatever I was doing kept working. So, I didn’t see any reason to stop doing what I was doing. \nThat part of my career reminds me of the movie \nThree Idiots\n. In fact, at that time, I had to do a lot of things that my then boss did not agree with and they wanted me to keep doing things manually. At a point, we were almost always at loggerheads as I would do things alternatively, and they would still turn out good. \nEventually, I had to leave that company as I didn’t see the opportunity for growth. It seemed like my creativity was constantly going to be suppressed, and I didn’t want that to be my reality. \nMy first stop at Moniepoint \nAfter leaving the company in Ghana, I came back to Lagos and continued applying to other places. Soon, I found myself at Moniepoint in 2018, and almost immediately, it felt like home working at this company. \nAt that time in Moniepoint, everyone had to take ownership of a lot of things which is something that didn’t really happen at my previous company. Then, Moniepoint had solutions that we had to customise and deploy to banks. This means that as a developer, you have to act as a product manager, tester and user. You also have to go to the bank to get the solution working. I was appreciative of this as it meant I had to push myself beyond my limits. \nSo of course, if you are interested in growth like me, it was a very good opportunity for me.  During that period, we were working on a product called Moneytor. Moneytor managed the merchants and POS acquiring process end to end and enabled businesses/merchants to track incoming payments and make outgoing payments. This part of my career also resonates with maybe \n007\n or even \nBlade\n, which is like that guy that comes to save the day, especially when you have production issues then you just sit down day by day, and you're just killing stuff.\n\n\n\nTeamApt Days\n
\nThe crossroad \nIn 2019, I got the opportunity to relocate from Nigeria, and it was something I could not turn down. Sadly, there was no opportunity of working from outside Nigeria for Moniepoint at the time,\nIt was a tough decision to make, but speaking to Felix made everything better. Felix encouraged those of us who wanted to leave that we could but that he would come back for us at the right time. \nAs of when I left Moniepoint in 2019, I was already an enterprise architect. After leaving, I did a couple of certification exams and worked with a few companies, including a UK company.\nThen, something happened…\nGuess who called?\nIf you guessed Felix already, you’re right! \nIn 2021, Felix called, saying it was time to return to Moniepoint, and who can say no to Felix?\nI’ve been with Moniepoint since then, and I currently work as an Enterprise Architect. This means that my primary job is to unblock anybody in the team. It includes Quality Assurance engineers, Technical Product Managers, Product Managers, etc.\nAnother responsibility I carry out is engineering management. I’m also the first person who should have a holistic view of our infrastructure and whatever the team is building. I also have to think of how we can integrate with other teams and how we can reuse what other teams have done. \nAs an enterprise architect, I also get to teach. This is important because one day, you would want other people to be able to do some of the things you’ve done. \nI like that the work I do is very rewarding, especially as I work as an enterprise architect with the Point-of-Sale (POS) channel at Moniepoint, and you can feel the impact of my role internally and externally.  \nThe role of an enterprise architect in this case is very integral as we work to ensure that there is no downtime on the POS. When there is no downtime, there is increased customer satisfaction, leading to the success of the organisation. \nAs an organisation focused on helping businesses and individuals power their dreams, being able to provide business owners with our point-of-sale device is bringing business owners several steps closer to fulfilling their dreams. We have made it possible for the business owner to make requests for POS devices easily & securely, without leaving their homes, shops, or offices. \nBeyond providing the POS device, we have also made sure that it is reliable as we don’t want business owners having difficulty receiving payments from customers because the POS device is down. We have made our transfer feature on the POS very fast to ensure reliability. \nWhen you transfer to a Moniepoint POS, there is an instant notification that happens on the POS, and you are good to go. This means you can even go cashless if you wish. For users, this brings them happiness that they can transfer and don’t have to wait for any rigorous form of confirmation. \nHow I have succeeded in my role as an enterprise architect \nIn my role, I have had to work on my technical skills to increase technical depth as you need to be technically sound to succeed as an enterprise architect. This involves knowing how to resolve issues in a way that they are permanently resolved, leaving no chance for them to reoccur. \nAs an enterprise architect, you also need to have soft skills. Most times, you are not writing code, you are managing people. You need to know how to motivate people in a way that they push themselves even beyond their limits.  It helps knowing how to inspire people who work with you in the team. \nIt is also helpful to have a sense of humility - NO Ego. People should know that you don’t know it all. This gives room for you to learn more.\nRespect is also very important. You need to be humble and create an atmosphere where your team members will be able to talk and relate with you. They need to see that you are also human like them.\n\nThe other side of me \nNo, this isn’t the part where I talk about the book or the movie. However, aside being an Enterprise Architect, I also do a lot of coaching and mentorship. \nThere’s really a part of my career that is just solely based on academics, which is teaching. During COVID, I was part of a training school for Latvian and Polish women who wanted to switch to tech, and there was also this partnership with Accenture.\nSo, I taught there for some months. It was delightful that about 80% of them got internship positions in Accenture and they’re doing great now. \nI believe that the only way you can know if you are well grounded in a field is when you can teach it very well. While teaching, you will probably see the gap in your knowledge through questions and the like.\nI’m very passionate about imparting knowledge as I believe it is a chain reaction. If a senior engineer can take up one person and mentor them, you are increasing the quality of your team altogether. That person would teach another person, and the chain continues. This means you are increasing the quality of engineers in the tech industry at large. \nI always tell my teammates, I don’t want you to be a senior engineer in just Moniepoint. I want you to be a senior engineer anywhere you are in the world. My goal is to make you a better person while doing your job. \nAt Moniepoint, I think we have successfully done mentorship through the Women in Tech program and internship opportunities. I recommend that every organization should be passionate about teaching and mentorship. However, it is easier when you find people who want to learn as it is difficult to teach people who do not want to grow. \nI am very passionate about teaching. Maybe someday in the future, I will have an academy.\nIf you’ve enjoyed my story and you would love to work with me at Moniepoint, I’m sure there’s an opening for you! Head on to our \ncareers page\n now and apply! 

Balancing my passion and making impact as an enterprise architect with Moniepoint - John Ojetunde

I can explain, I promise. My journey has been a bit wild, so buckle up. I’m Chioma, and I’m a user experience designer at Moniepoint. I haven’t always been a user experience designer, though. I found my way here by continuously exploring the things that fascinate me, and here’s a look at what it’s been like.\n\nThat time when I quit being a doctor.\nI started my design journey after I had completed my medical housemanship. I graduated as a medical doctor from the University of Lagos and immediately started my housemanship. If you’re familiar with medical school, you know graduating is a highlight. Getting free of med school work and finally beginning to practice was typically the goal, but not exactly for me.\n\nYup, that's me. And you don't want to see what I was looking at\nWithout a flair for being a doctor, I had just been going through the motions for quite a while, and every passing moment brought me closer to doing what I wanted. When I finalised my one-year housemanship training, I took the bold step and quit medicine.\nIt was time to do the things I wanted.\nThe winded journey to user experience design\nAs you can imagine, neither of my parents was particularly happy with my decision to leave my medical career behind. There’s little else as pleasing to an African parent as a doctor-daughter. However, I was dead set on finding things I actually enjoyed and exploring them.\nMy first shot at design was interior design. I got certifications for it and worked as an interior designer. I consider this my first step into design, but it didn’t quite land. I wasn’t enjoying it as much as I hoped, and in Nigeria, the interior design industry isn’t very standardised. So, I decided to find something else.\nIt was at this point that my brother introduced me to product design. He noticed my flair for design and thought it could be explored more fully in this field. And boy, was he right! A few months into my journey as a designer, I learned about the Moniepoint women-in-tech internship and decided to give it a shot. You can imagine how that went.\nExploring web design at Moniepoint\n\nI joined the team as a User Experience designer. Still, over the past year, my role has let me focus more on designing web experiences, especially for the Marketing and Communications teams. This happened in such a random way. When I joined Moniepoint in 2022 as a \nWomen in Tech intern\n, our structure meant that we had requirements from different departments/ teams.\nAdrian, the\n SVP of Design,\n would assign different projects to different team members. We had this brief from the Marketing team, so he just placed me and someone else on a website project, and we did that. Then when the next marketing request came in, my previous experience with it meant that I was the better option to work on it. \nFrom then, I found myself being nominated for more marketing websites, and that's how I found myself here—creating many web experiences for websites and mobile.\nFull circle moments - the 2023 women-in-tech website\nI absolutely enjoyed designing the current \nwomen in tech website\n, and working on it was such a full-circle moment for me. It was exciting because it was one of the first projects I was entrusted with. I had just been an intern in the same program and had gotten accepted to join the team full-time, so I was still a relatively new designer in the company.\nBeing one of my first projects, it felt like I had a point to prove—not just to myself but to everyone who would come across the website. It was my way of showing what I was capable of and fully exploring my creativity. I was saying to everyone who came across it, “Hey! It’s possible to try different things and succeed, no matter your background.”\nWith product design, you have a set design system, and the product has to look a particular way every time. You are, therefore, always conforming to the design system, which can be mechanical and boring. With website design, however, I can be as free and creative as I want to be, and this is my favourite part about designing web experiences.\n\nWhat my process looks like\nI get briefs describing what needs to be done and what we’re trying to accomplish. The Comms team, for example, gives me a backstory, target audience, what the audience likes, and what they are trying to communicate. \nWhen I was tasked with designing the website for the \nInformal Economy report\n, I took everything the Comms team gave me in the brief, brainstormed, did a lot of research and then drew up wireframes.\nI put everything together and designed a couple of options that fit the goal they were trying to achieve. I then took it back to the stakeholders, who gave me their feedback while I gave mine based on my findings during the research phase.\nThen, I created a prototype. That included hooking up the website with interactions because people like seeing things that move well. That’s important because it helps to visualise how the website flows when users go through it and how things work together. Once that is done, we work with the engineering team to ensure everything is tidied up and looks good before launching.\nDesign considerations at Moniepoint\nAs a part of the design team at Moniepoint, there are a few things we always make a priority. One important thing is ensuring that text is legible on mobile. People should be able to read what’s on the page without difficulty, or else, what’s the point of having a website at all?\nThat forms a part of the larger considerations we make around accessibility. From the use of colours to the CTAs and buttons, everything is optimised to provide the user with the best experience. \nWhen I’m not designing, I’m designing.\nI’m supposed to close this out with what I do for fun, but I honestly don’t think I’m a fun person. When I’m not designing web experiences, I like to do 3D designs. Doing 3D designs calms me down, so I immerse myself in it when I need to decompress.\nI also love to read. If you like horror slash, thriller slash mysteries, and Stephen King, then you’re my kind of person.\nThe journey ahead\nToday, I’m all about expanding my knowledge and improving my skills. My parents have seen that this is something I love and am good at, and that’s brought them to my side again. User experience design is expansive and I wish I had started off way earlier, but I’m applying myself to trying new things and being better at it everyday.\nIf you’d like to work with a team where you get to create meaningful things, we’ve got a space for you. Visit our \ncareers page.\n\n

Meet the doctor who’s creating web experiences at Moniepoint.

\nAcross Nigeria, markets are a lot more than just a gathering of people looking to make a trade. For people like Joseph, who spend their lives surrounded by them, they often form the experiences that decide the path they eventually take. \nWhen Joseph finished his university education in 2017 at the age of 35, many of his friends were concerned about getting formal employment. There was constant income to be secured without the ups and downs that were rife in owning a business.\nBut he was determined to become a businessman, and a few things had led him down this path.\nGrowing up in Akwa Ibom State, Nigeria, he had often been mocked for being the son of a “provision store” owner. “People believe that the provision business is all about making N5 naira, but there’s a lot more to it,” he says.\nWhat made Joseph different from others, is that he grew up surrounded by a thriving business community, spending most days in the market. Where other people looked down on business owners, he knew exactly how much success was possible by going down that path.\nTwo people influenced his perspective – his father, and another wealthy merchant in the market where he grew up.\n“This man looked haggard - he wore slippers around all the time and never had his shirt tucked in -  but everyone in the market knew that was far from his reality,”  Joseph recalls. “Sometimes a truck brings 5000 cartons of goods to the market, and where everyone else struggles for a few, this man easily collects about half of it.”\nJoseph’s father explained that this man had started as a roadside kerosene seller in the market. But the person Joseph saw did not match that picture at all, and that inspired him.\nWhile his father and this merchant seemed poor, their commitment to building sustainable businesses helped them both find wealth. Where other people looked down on business owners, he grew a sense of pride because he saw all that was possible.\nWith this image in mind, he worked for his father for a year after school and eventually took over in 2018.\n\n\nJoseph quickly saw business success, but there were also pitfalls. In his line of business, losses often happen in two ways.\n“The first is from your staff. Being a cash-intensive business, bulk sums often needed to be taken to banks. “Sometimes you count money in volume, and when you give someone to take it to the bank, it’s N30,000 less. Sometimes that’s even more than the profit you made, and you can’t even tell if it’s true or not”.\nThe other more serious problem, was how often he experienced robbery. In his line of business, he had been robbed a few times before. But when he came into his shop in October, it was one time too many. Confused, he locked his store, went back home and remained indoors for two days.\nThis time, it wasn’t just about the money. He also had a building project at the time that he didn’t want to stop, so he needed more money. For a businessman who had built what he had from scratch, getting loans was never something he had considered. Pride in his business, and confusion about the process made him unlikely to get one.\nBut something had to give.\nJoseph’s first encounter with Moniepoint was as a payment solutions provider, and bank. By digitising his payments, he solved the first problem he had with cash. He no longer needed to send anyone to the bank, since they could pay to him digitally, and the holes where his profit dripped through were plugged.\nHowever, providing access credit was the turning point for Joseph’s business. After his last robbery encounter, he needed some money to bring his business back from the edge, and he got that with Moniepoint.\n70% of informal business owners borrow money for their business.\nWe recently launched a report on Nigeria’s informal economy, taking a close look at the sector, which accounts for almost 90% of MSMEs in the country. One of the things we found was that 7 in 10 business owners have gotten some sort of external funding for their business.\nThe bulk of them (71%) receive this funding from family and friends.\nTo find out more about Nigeria’s informal economy, and the everyday people like Joseph who contribute over half of Nigeria’s GDP by being a part of it, visit \ninformalreport.moniepoint.com\n\n

Bringing Joseph’s business back from the edge

\n\nOne of the first things you learn when getting a phone in an African country, is how to use USSD. To recharge your phone, to buy data, or subscribe to a new call tariff plan. Today, USSD has become so popular, that it’s safe to say so many people would not know what banking is, if not for USSD.   \nHowever, if you ask anyone what Unstructured Supplementary Service Data is, chances are they’re going to stay back at you with a blank face. So it got us asking, where did USSD come from? How does it work? And, most importantly,  why is USSD technology still relevant today? \nWe went a little bit down history lane, and we invited Mohammed, one of our Technical Product Managers, along for the ride as we try to answer our favourite question - What’s the point of USSD? \nFirst, where did USSD come from?\n\n\nTo understand USSD, we first need to go back to the creation of the Global System for Mobile Communications (GSM) in 1987 Europe. Now stay with me. Mobile phones work with radio waves; you can think of them as highways but for voice and data, instead of vehicles.\nFor it to work well, you need to develop standards (traffic rules) so everyone stays in the right lane, so it won’t look like Lagos traffic. While the US and Russia went with CDMA, Europe went with GSM, and so did Africa. \nIn March 1997, the European Telecommunications Standards Institute (ETSI) published a document recommending a protocol that allows subscribers to communicate with their service providers. Few years later, the USSD protocol was created. \nTurns out, early adopters of mobile phones used post-paid plans and didn’t need to query their service providers often.  Now, it was a different story in Africa. Telcos introduced prepaid plans, and users had to dial USSD codes more often. \nBy 2007, Safaricom leveraged USSD and SIM took kit to launch Mpesa, a mobile money service that became a massive hit in East Africa. In Nigeria, GT Bank launched the *737# service in 2012, and other banks promptly followed. \nHow does USSD work in banking? \nSo we know the USSD is a protocol that lets you the user communicate directly with your service provider, that’s why, before code harmonisation, *556# worked on an MTN line but wouldn’t work on Airtel. When you access banking services, your network provider acts as the traffic controller between you and your bank. \nWhen you hit *5573#, for example, the provider knows this is a Moniepoint code, and redirects your query to Moniepoint. But hitting that code is just the beginning of the flow due to the restricted nature of USSD. \n“Dialing the code tells us the customer wants to do something with us, but we now need to know what they want to do. So we now show them, say, five things they can do. 1. Transfer, 2. Buy airtime. If the user selects 1, it will ask to input account number,” says Mohammed. \nThese days, banking apps and PoS devices let you do so much more, but the USSD platform is still gaining traction. The value of USSD transactions move from N2.9 trillion in 2020 to over N5 trillion in 2021? We got even more curious when the Moniepoint product team came up with the plan to launch a *5573# USSD service for customers. \nWhy is USSD still relevant? \n\n\nIn 2022, Nigerians processed 515 million USSD transactions and its growing popularity is for good reason. It serves both the financially underserved and served. \nServing the underserved means more people can enter the financial system if they own a mobile phone. The number of smartphones in Nigeria is estimated to be around 25 - 40 million. The number of BVNs that exist alone leaves at least 20 million people in the banking sector who don’t have a smartphone. \nEven those with smartphones find USSD an easy way to quickly access banking transactions. Mohammed holds that simplicity is key to the success of USSD technology in banking. \n“It’s an easy way to get things done. It can be done on any phone as long as you have a valid sim, it doesn’t require an internet connection, and most importantly, it’s very simple, and you can’t build complicated flows or features even if you tried.”\nHow Moniepoint thinks about USSD\nAt its core, we see the creation of USSD as key to achieving true financial inclusion for millions of Nigerians. Until now, you needed a smartphone and a bit of tech savvyness to use the Moniepoint App (Personal or Business). Sometimes, some of our BRMs help to explain how the app works to some non-tech-savvy people, but that’s not scalable.\n“Most people are already familiar with it because they use it for many more things (buying airtime, activating a data plan with your telecom providers…etc.”\nWe also created features to help users block/unlock their accounts or those of friends and family. We did this while placing reasonable security measures in case of theft.\nWe keep trying to keep things simple and effective for millions of Nigerians, so reach out if you’d like to partner with us or work with Mohammed or any of our product teams, kindly check out our \ncareer page\n.

What’s the point of USSD banking?

\nIf you’ve ever wondered what it’s like to be a product manager at Moniepoint, you’re not alone. I was curious too, and decided to give it a spin - what if I explored it from the eyes of someone who just joined the team?\nThat path led me to Priya, a Technical Product Manager at Moniepoint, and I'm sure you’ll find it as fascinating as I did. Come with me, let's chat with Priya!\nHi Priya! Tell me a bit about your background and how you got into product management\nHi Chidinma. I grew up in a middle-class family in India. In our culture, being an engineer or doctor is something we all aspire to become. My parents wanted me to study hard and become an engineer or a doctor. \nIn high school, I was super interested in mathematics, so I chose engineering instead of medicine. However, I didn’t know that engineering was less related to mathematics and more related to actual engineering stuff. I was like a fish out of water with no idea what I was getting into. Eventually, in the final year, I got super interested in programming. That kick-started my career as a software engineer. \nI worked for about eight years as a software engineer and rose to become a senior software engineer and even a team lead. Then, I moved to Germany for two years and worked as a senior software engineer. Then, I became an engineering manager, which involved a bit of management along with engineering. This gave me a broader view of engineering, especially its business side. \nI realised that the business side of engineering was interesting and important. I also saw that multiple aspects of business come into play. I became curious and wanted to know why we do what we do. That was how I started reading about product management. \nSounds like you’ve been at this for quite a while! So, how did you become a technical product manager at Moniepoint? \nWell, let me save you the boring details of how a recruiter reached out to me, and we got talking. However, when speaking with Moniepoint’s recruiter, I was impressed with how the role was defined because it had the perfect amalgamation of the technical and business sides. \nI had read about product management before, but I was not sure whether I really wanted to leave the technical side of my career because I enjoy coding and understanding the technical design of any project or system. Basically, the technical product manager role at Moniepoint was going to include a lot and a bit of both.  \nWhat do I mean by a lot and a bit? The role required a lot of technical depth, but at the same time, you own the complete product. This means you also get to interact with all the stakeholders who are involved in the project. \nI’ll give you an example. Currently, I am working on the reconciliation and settlement side of Monnify. This involves talking to not just engineers but also reconciliation officers on a daily basis. The settlement and reconciliation leads are those who talk to the actual business owners who are using the Monnify product. They have data, feedback, and reports from merchants using the Monnify product. Then, I’m also talking to the engineers who are working on making that product and improving it on a daily basis. \nThis is a perfect balance of technical and product ownership. My role requires me to be responsible for the product but without sacrificing the technical side. This made me interested in the role when the recruiter reached out, as it was a perfect fit for my technical side. \n\n  \nVery Interesting. So, what would be your advice if I want to become a technical product manager?\nI think number one is that you should be passionate or enthusiastic about the product and the domain. I am very, very interested in this domain, which is why the role excites me more. But in general, if there is enthusiasm about understanding and dissecting the product, I think it would be a great attribute to have when you want to become a product manager. \nThe second thing is that as a TPM, you should have either technical knowledge or technical skills because you would be talking to enterprise architects and engineers. You would also be interacting with a lot of tables, talking about SQL, making SQL scripts, and dealing with the technical side day to day. Now, I don’t think everyone has to be a coder or programmer, but having a good understanding of SQL and how systems are designed would be helpful. \nThere should also be a bit of creativity, as you might also be looking for gaps in the product and pitching the idea to your stakeholders. Product managers are sometimes also responsible for proposing new features and improving the existing features by talking to the stakeholders and the actual end users, so maybe a little bit of creativity and a vision for the product.\n \n\nHow do you define and measure the success of a product?\nIt truly depends on the nature of the project. In my past projects, I have seen that sometimes the success metrics are usually defined even at the inception of the project. By the end of the project, you look back to see whether you have achieved all those metrics. \nSuccess could also have some mathematical metrics attached to it. It could be some features that we decided on in the very beginning. If they are fulfilled, we could say that the project is successful. Or, it could be something that the project became during execution.  \nIn the end, one of the most important things is whether the actual audience and end users are happy or not. The actual success would be when the merchants use the product and confirm that it is functioning the way they want.  \nThis all sounds like a lot of work, and I’m sure it is, so how do you unwind from work? \nIf you had asked me this question a year ago, I would have had a lot of answers. However, I just recently became a mother, and things have changed a little bit. \nBefore, it was usually yoga and dancing. I love to dance and used to go to studios to unwind before COVID. But for the past months, I have been unwinding with my son. After work, I try to spend time with him. Sometimes, we go for walks; other times, we watch children-friendly movies together.  My son keeps me on my toes, for sure.  \n\n\n \nAwwwn. Wrapping up, what has been your favourite part about working with Moniepoint?\nI know it's been just a few months working with Moniepoint, but I've enjoyed the people and impact so much.   I’m always happy when I read about the strides that Moniepoint is making. For example, I was pleased by the huge impact we are making with the recent launch of the Informal Economy Report.  \nOverall, I'm hugely impressed with how Moniepoint has worked and is working towards making an impact on the economy and the country's overall financial growth.\nI also like how Moniepoint treats its employees, giving them room for growth and career progression. This way, they stay loyal to the company.  I remember reading a story on the blog about someone who transitioned from\n customer support to product management\n. \nSome people have spent years in Moniepoint. By years, I mean those who were actually the founding people and even founding engineers are still here. My manager is a great example, and he has been here since the inception of Moniepoint. This shows that the company has great values that encourage employees to stay loyal.  \nI’m excited about my journey with Moniepoint ahead!\n
\nThank you for your time Priya!\nIf you found this fascinating, we might have a spot for you. \nClick here\n to find out.\n

Getting started as a product manager at Moniepoint: an inside guide

\nIn my almost two years at Moniepoint, I’ve had the opportunity to speak with quite a number of people on the engineering team. A few minutes into the conversation with Emeka about his decade at Moniepoint, I decided that he’s quite unlike many of them. \nFrom making a detour after years of wanting to be a doctor and then another to computer science just as the iPhone was gaining popularity, Emeka describes his journey with one word - Serendipitous. And given that he’s gone from being the first employee at what was just a bright idea, to SVP of Customer Success Tools at Africa’s fastest-growing fintech, it’s not hard to see why. \nDrifting in and out, you see the road you’re on.\nEmeka describes the first phase of his time at Moniepoint with the genre “Dream Pop”. If, like me, you don’t know what that is, you can start with \nthis song by Beach House\n. One thing that seems to stand out for him is that he almost did not join Moniepoint. Having come to Nigeria just for his NYSC with a clear plan to return for his Master’s degree as soon as he was done, joining a startup as its first employee was not exactly in the picture. But this would not be the first time he’d be changing his path.\n“I used to carry medical books around when I was younger. My grandfather lost his sight, so I wanted to be a surgeon when I grew up, so I could possibly save his sight and that of others”, Emeka recalls. But he had a reassessment just before he got into college to do biology as a premed. Did the person he was at that moment want to be a doctor, or was that just some dream he clung to from his childhood?\nRealising he felt no strong passion for it, he decided to lean towards electrical engineering, just like his father. He started and was doing fine, still, he hadn’t quite found his path yet, and admits that he lost interest at some point. He then started to fall in love with programming, and around him, the technological climate was changing.\n“Some of my friends in engineering had changed their majors to computer science. At that point in time, my first year in college was when the new iPhone came out. So, just seeing all that was going on around apps and tech started pushing me towards that. I had a conversation with my dad about it, and while he disagreed, he understood in the end and pushed me towards it. I changed my major to computer science and graduated.”\nChance meetings at Computer Warehouse Group\nThe National Youth Service Corps (\nNYSC\n) is a mandatory, post-tertiary scheme set up by the Nigerian government. Every young Nigerian is required to undergo it, and Emeka’s year in this scheme would mark another pivotal point in his path to Moniepoint.\n“My professional journey began at Computer Warehouse Group (CWG), where I was doing my NYSC. There, I met Chidum (current SVP, Engineering at Moniepoint) and Tosin, who was selling a solution to CWG then.”\n“I sort of enjoyed the job I had.  I started as a software engineer, customising pre-existing banking applications. This role provided me with a foundational understanding of the financial technology landscape, but I wasn’t given the kind of responsibility I’d have liked. I was leaning towards product management, but there was no opportunity for that, and then I started hearing conversations around me having to leave. I spoke to Chidum about it, and he had also heard the same. He suggested I should speak to Tosin”.\nTosin’s apartment in 1004 is an iconic piece of Moniepoint’s early history, and like many of the company’s first employees, Emeka had an experience there, too.\n“I met with Tosin, and he explained in detail what he was trying to do. I still remember some of the words he said to this day. He described how ambitious his goal was but also how possible it was. And at that moment, I said Yes.”\nTosin was clearly dissatisfied with how things were, and Emeka was sold on his vision to execute things differently. He walked into the apartment unsure of his next step but walked out absolutely sure that he wanted to be part of whatever Tosin was building.\n\nAdrian, Felix, Emeka and Dumebi at 1004.\nReady, rock & roll…\nEmeka’s soft-spoken voice and tempo pick up as we begin to talk about his first and favourite project at Moniepoint - Profectus. Perhaps rightly so, too, because he compares this phase of his Moniepoint journey to the Rock genre - energetic and raw.\n“When I joined Moniepoint, I focused on working towards our vision, which we then described as ‘owning the channels’. We wanted to own all the channels of payment processing and payments."\nFrom software engineer, Emeka soon sought the project manager responsibility he had wanted at CWG and found it on their first major project with Fidelity Bank. They had developed a product called Profectus to automate their back-end processes, significantly improving their operational efficiency. This project was a success and led to more opportunities for the team. As they secured more projects, his role expanded, and he was appointed head of Service Delivery, overseeing the delivery of all of Moniepoint’s B2B products.\nHowever, this was just the start. Soon enough, Emeka became a VP within Moniepoint. \n\nLeading Profectus\nWith Profectus's success, the team wanted to grow rapidly and needed people with product context to drive said growth. So, Emeka became VP of Profectus. In this role, he led the expansion of the product as Moniepoint ventured into new markets and closed deals with a larger set of banks locally.\n“Profectus is a product that holds a special place in my heart. It was a solution for settlements, reconciliation, customer support, etc. It was a back-office application for e-payments. It was something to help you settle e-payments transactions, reconcile them, and handle customer support. I have a strong affinity for it because I saw the impact immediately.”\nWhile it started as just a project to build something to automate settlements and reconciliations, Profectus ultimately stood as a product of its own. Operations that would typically take hours were taking minutes to seconds. Working from within the bank, they could see the impact directly.\nMoneytor, the partner product, managed the merchants and POS acquiring process end to end and enabled businesses/merchants to track incoming payments and make outgoing payments.\n\nAgency Banking set on. \nWith both their products serving the majority of banks in Nigeria, the team realised there was a lot more they could do to improve financial services in Nigeria. They decided to \nserve customers more directly\n, and Emeka worked on the early parts of Moniepoint’s agency banking product.\nAfter doing their research and becoming certain this was the company's next step, they decided to close the other projects and focus on this one.\n“I had enough context on all the other projects, so I had to go back outside to start working to close them. We did this, but by 2021, I had some personal issues that I spoke to Tosin about, which he completely understood. I got an extended time off for about two and a half months, and when I came back, the agency banking product was doing pretty well.\n\nProviding credit to agents\nBack from his break, Emeka was ready for his next challenge. With Moniepoint already becoming one of Nigeria’s leading agency banking networks, they wanted to extend their offerings to provide credit.\nHe led the first iteration of the overdrafts product, which was designed to enable Moniepoint to give credit to agents and small businesses. Leading this initiative required a deep understanding of the market needs, technical expertise, and the ability to manage cross-functional teams effectively. Emeka describes it as a challenging but rewarding experience that significantly impacted the company’s growth and market position.\nThe product lasted for a year and some months, but soon, it was clear that it couldn’t scale to the needed level. It worked perfectly to provide these agents with microloans, but if it were to provide these businesses with any more, the product would have to be much more thorough.\nIn parallel, Tobi was building what eventually became \nworking capital loans\n, using some of the insights that Emeka’s team had gotten. He was able to build that into what it is today, so they shut down the previous version.\n\nMonie trees is the perfect place for shade…\nEmeka chooses hip-hop to describe his current position as SVP of customer success tools. Anyone familiar with the genre knows that it’s the perfect blend of the quaint and the modern, bringing decades of refinement into one continuously evolving cultural phenomenon. Nothing embodies this like \nKenrick Lamar’s Money Trees\n.\n“One of my current responsibilities is building products like Moniedesk, designed to help our customer support agents resolve issues quickly and efficiently. This product is a testament to our commitment to improving customer service and operational efficiency.”\n“Leading a team of Technical Product Managers (TPMs) and working with cross-functional departments like compliance, channels, and payments, I ensure that our products are innovative and compliant with industry regulations. This involves regular meetings, strategic planning, and continuous learning to stay ahead of industry trends.”\nEvolving alongside Moniepoint.\nThere’s a wistful tone in Emeka’s voice as he reaches the end of his retelling. On my end, it’s fascination, and I worry a bit if he’s bothered by the excitement in my voice. I’m unsure what it’s like to work in the same company for nearly a decade, but from everything he’s shared, it sounds quite worth it.\nFrom one lens, it would seem like serendipity, but from where I stand, I see a lot of the core values that make Moniepoint what it is today - Customer empathy, technical depth and the Grit to get things done. His closing statements reflect this.\n“Over the years, I have evolved alongside the company, and Moniepoint continues to align with my long-term goals. The experiences and lessons learned over the years have shaped me into the leader I am today. The merit-based culture, recognitions, and compensation make it an outstanding place to build impactful products.”\nIf you just read this, and you're feeling as pumped as I was, the next step of your career might just be a decade at Moniepoint. The only way to find out is to \napply here.\n 

Moniepoint’s inception through the eyes of its very first employee.

\n\nWhat do you call landing a job in the career you had envisioned since you were little? Not just pursuing your dream, but doing so at a company that leaves you feeling accomplished? \nOne minute, I’m doing my \nNYSC\n, thinking of what the next chapter of my life holds for me. The next, I’m signing my offer letter with Moniepoint (then TeamApt). It’s been five years as a backend engineer at Moniepoint, and here’s my story—from how I got employed to today.\nThe APT Challenge \nDuring my NYSC in 2019, I learned about a competition called the Apt Challenge, and curiously, I signed up for it.\nThe Apt Challenge involved solving five (5) computer-based questions on mathematics and algorithms. The faster you could solve them, the higher you would rise in the leaderboard. The person who emerged as the overall winner solved it in less than a day! \nJust when I was notified of the start of the competition, my laptop crashed. I tried to fix it or find a replacement, but it was seemingly impossible then. Left without an alternative, I decided to use my phone, and you can imagine how stressful it was. \nAt the time, people had already solved all five questions. Honestly, I even considered forgoing the competition. But I decided to see it through to the end just for fun, and it took me about a week to finish solving everything.\nOnly 16 of us were able to solve the challenge, and it was then sorted based on who finished in the quickest time, and a winner was picked. \nThere was going to be a reward for those who topped the leaderboard, although I have forgotten now what the reward was. However, it never said that anyone would get employed by the company, but that’s precisely what happened.\nA few weeks later, I got a call from Moniepoint’s HRBP, and that’s how I joined the team.\n\n\nOn becoming a DreamMaker \nI officially resumed with Moniepoint in June 2019 as a Software Engineer. To sum up my experience in a phrase, I “hit the ground running”.\nI joined the week we launched \nMonnify\n, and it was an incredibly busy period.\nEveryone was working hard trying to put out a fire, fix an issue, or answer our merchants who were just being onboarded. I had to pick up things quickly through observation, grabbing as much information as I could in as little time as possible. That period was hectic, but it helped mould me into who I am today. \nStarting as a Software Engineer 1, I quickly scaled up and became a Software Engineer 2. Later, we had a change in our roles, so people were assigned what they were actually doing. So, I was assigned a Backend Engineer. Now, I’m a Senior Backend Engineer. \nWhat I do as a backend engineer at Moniepoint \nOne thing about being a Backend Engineer is that we’re always in the shadows (not in a bad way). I like to think of us as the people who hold down the fort.\nAs a Senior Backend Engineer at Moniepoint, my work is focused on the Monnify product. Yes, the same Monnify that launched the week I joined. Interesting, isn’t it?\nI write and review code for Monnify’s backend services to optimise their performance, and ensure the systems are reliable and can handle high traffic. You will often find me optimising database queries and reducing latency as much as possible. \nI enjoy the work I do because it allows me to interact with other teams, such as Settlement and Reconciliation, Customer Support, and Technical Support. Although we’re on different teams, we all work on the same product, so we all collaborate to ensure its functionality. \nOften, the product team and I have deep dives where we discuss how to architect and implement new backend services and maintain existing ones. From time to time, I am assigned interns and junior software engineers to \nmentor\n and help them grow. This is another thing I enjoy about the work I do, because it allows me directly impact the careers of others.\n\n\nWhat 5 years of career growth at Moniepoint looks like\nWithin 5 years at Moniepoint, I have moved from Software Engineer 1 to Software Engineer 2 to Backend Engineer, and now Senior Backend Engineer. \nOne crucial aspect at each level has been Technical Depth. We’re a team of extremely talented people, so you need to know your stuff and be good at it. If something is wrong, you need to be able to call it out with confidence and, of course, proof.\nAnother character trait that has been helpful in scaling up the ranks is Grit. At Moniepoint, we keep trying until we get a solution, as we believe that nothing is impossible when it comes to what we do.  Unless the solution doesn't exist in the world, nothing is really impossible. If it can be done by someone else, then it can be done by us. \nEven though I got into Moniepoint through a competition, I really accepted the offer because of the problems Moniepoint was setting out to solve. Knowing that my work would likely impact people out there was the selling point, and it’s been quite the ride!\nIf you’re ready to work with a fast-paced team that’s focused on executing results, then click here to \njoin Moniepoint \nnow. You would enjoy career growth and working with fantastic colleagues. \n

The 5-year check-in: growing my career as a Backend Engineer at Moniepoint 

\nHi, I’m Grace, and I'm a Legal Counsel at Moniepoint.\nWhen I got the life-changing opportunity to join Moniepoint in July 2022, I was super pumped to join the team. During my recruitment process and the in-depth research I did prior to joining Moniepoint, one thing that stood out for me was the level of impact Moniepoint is making in Nigeria. In my mind, I visualised Moniepoint as this amazing blue fairy godmother who goes about sprinkling its awesome fairy dust on the underbanked in Nigeria and, in turn, spreading financial happiness. \nIn the last two (2) years, my journey at Moniepoint has been marked with a lot of learning, growth, self-discovery, amazing intellectual challenges, and an opportunity to meet and form lifelong bonds with the brightest minds I have met in my life so far.   

At Moniepoint, we have a moderately sized i\nn-house Legal Team\n of intelligent and compassionate people who come from different backgrounds and have diverse levels of experience. Excellence is our watchword in the legal team, and we always ensure that we provide top-notch legal support to all stakeholders within the Moniepoint Group.\nIn establishing a visual representation of how awesome my job is, I'll break down my tasks and everyday interactions as best as I can with minimal legalese.\nWhat my job entails.\nAs a Legal Counsel, I provide legal support to various business lines and teams within the  Moniepoint Group. Such legal support includes but isn’t limited to:\nDrafting and reviewing various types of agreements;\nDrafting necessary terms and conditions of use for various products rolled out by the entities within the Moniepoint Group;\nConducting requisite legal due diligence checks on prospective customers who have requested for the grant of a loan;\nManaging and overseeing the protection of Moniepoint’s intellectual property; and\nProviding general advice to the business on various aspects of the law on which clarity is sought.\nOur main goal as a Legal team is to ensure that Moniepoint’s legal risk exposure is reduced to a bare minimum while providing excellent legal support. \nMy favourite part of my job is drafting and reviewing agreements. In fact, I do believe my strengths lie in drafting and reviewing agreements. In doing this, there are some key factors to be considered depending on the type of transaction at hand, such as the obligations of the parties, commercial terms (i.e. fees and payment terms), duration of the transaction, the business’s position with regards to risk allocation and liability, indemnification provisions, conditions for termination of the transaction, governing law and dispute resolution (i.e. our preference on the laws of a specific country to be applied to the agreement/ transaction, and our preference on the specific courts/ mechanism through which disputes can be settled). \n\n\nThe Law as a superpower\nI like to tell people that my Law degree is a superpower, allowing me to think critically and propose practical solutions to simple and complex legal and commercial issues. \nThe story behind my decision to study law is quite interesting, as this was due to the influence of my elder brother and the environment I grew up in. I was born and raised in an academic environment and spent the greater part of my life at Obafemi Awolowo University (OAU) in Osun State, Nigeria. My parents were members of staff at OAU until their retirement a few years ago, and this afforded me the golden opportunity of living in the OAU senior staff quarters, surrounded by academics and intellectuals.\nMy elder brother is a Lawyer, and he studied law at OAU. As a child, I would help my brother type out his assignments on the computer and sometimes read his school notes to satisfy my curiosity and learn what the fuss about being a Lawyer was all about. From this point on, I became very curious about the Law, and it's safe to say I was 65% decided on being a Lawyer. \nThe defining moment for me to pursue a career in Law happened on my brother’s call to bar day when I followed him to the Supreme Court of Nigeria to write his name on the roll of legal practitioners in Nigeria. It was such a surreal moment for me, and in that moment, I was extremely proud of my brother and all he had achieved. I recall waiting for my brother in the lobby of the Supreme Court, and I saw a giant chandelier which looked absolutely divine. At that moment, I said to myself: “I want to belong here”. And that was the moment that entirely defined my life and career. I recall I was about 15 years old at this time, and I feel incredibly lucky to have discovered my purpose at such a young age.    \nDoing work that matters across different teams\nI’m a strong believer in doing work that matters and creating impact through one’s work. This has been a key highlight for me in my journey at Moniepoint. For example, I see our impact in Nigeria, and it makes me so happy and fulfilled. I’m always smiling every time I see or use a Moniepoint point of sale terminal and feel a sense of pride in such moments. \nIn the Legal team, we run a legal business partner structure where different Legal Counsels are assigned to various business lines and departments in the Moniepoint Group. This means I provide support to a couple of teams; however, there are a few teams that my work with has been quite notable for me. This is because of the impact their work has had on the company at large, and also because working with these teams has given me the chance to challenge myself intellectually. These teams are the Product team, Mergers and Acquisition team, and the Business Loans teams. \nProducts\nI enjoy working with the Product team during the process of building/ rolling out a new product and I find this exciting. \nWorking with the Project Manager in charge of a product or a new update allows me to understand the product’s details, including how/why we built it, its dynamics, and how it would generate revenue. \nI use all of this product knowledge to put together the appropriate legally sound terms and conditions of use and agreements for such products.\nMergers and Acquisition\nAnother team I absolutely enjoy working with is the Mergers & Acquisition team. The work done here is very crucial to the growth and expansion of the Moniepoint Group. Working with this team on diverse complex transactions has pushed me out of my comfort zone, granted me the opportunity to learn a lot, mentally challenge myself, and also prove myself and showcase my legal skills.  \nBusiness Loans\nThe work being done by the Business Loans team sits under the purview of Moniepoint Microfinance Bank Limited (Moniepoint MFB), an entity duly licensed by the Central Bank of Nigeria to provide financial services in Nigeria. \nRevenue generation is a crucial factor and requirement in every organisation, and at Moniepoint MFB, the Business Loans team is doing a fantastic job in this area. Our loan product is one of the most impactful in the market, with an NPL that's way below 1%. Working with the team and being the Legal Counsel assigned to the loans business is one thing I do not take for granted, and I am incredibly proud of, as I actively get to see the way our product impacts business and lives and also helps to build the Nigerian economy.  \nMy day looks like this:\nMy day typically starts with me going through my emails to catch up on requests for legal support because even when you're sleeping, the emails don’t stop coming in. After sorting through what I have pending and what has been added to my to-do list from the previous day, I respond to the urgent emails, create my to-do list for the day, and then dive right into the deliverables for the day.\nI usually get pulled into various meetings with both internal and external stakeholders and attend these meetings in my capacity as a Legal Counsel, ensuring that necessary guidance is provided on legal issues that may come up during discussions and negotiations. \nIn executing my tasks, I make sure I bounce ideas off other members of the Legal team, as no one is an island, and you definitely cannot know it all. I’m a firm believer in collaborating with my colleagues and sharing my knowledge, and I'm always open to superior arguments.  \nWorking in the Legal team at Moniepoint has been a wonderful experience filled with learning, growth, and purpose. I have had the opportunity to be led by a great Line Manager and leader, and to be surrounded by intelligent and amazing teammates. \nWant to be like me and apply your legal prowess in the Financial Services industry? Check out \nour careers page\n for a Legal Counsel role.

#WhatIDo - A day in the life of a Legal Counsel at Moniepoint.

Starting your business is an exciting journey and the process of registering a business name is like giving your brand its unique identity. \nIt goes beyond just a legal formality to ensuring that you build credibility and trust with customers. \n\n\nWhen you run your business with a registered business name, it signifies how serious you are about your brand and its consistency. But do you need a lawyer to register your business name with the Corporate Affairs Commission in Nigeria? \nLet’s look through the requirements for registering a business name in Nigeria and whether you need a lawyer to follow the processes.\nRequirements for Registering a Business Name in Nigeria\nOne major step is\n registering your business with the CAC\n to ensure it is legally protected and ready to operate smoothly in Nigeria. Here are some requirements to consider when setting up your business name registration;\nChoosing a Unique Business Name\n: A crucial step in registering your business is to choose a unique and available name. You can check for this on the\n CAC website\n or on the \nMoniepoint Business Banking app\n. This ensures that your business can operate legally and have a functional bank account under the registered name.\nGet the Necessary Documents:\n The next step is to prepare the necessary documents for registration. Such documents include proof of identity (National Identity Number, Driver's license, voter's card, etc.), proof of address(utility bill), and passport photographs.\nProcess the CAC Registration\n: Register your desired business on the CAC online portal once you check its availability. Upload your required documents and details and those of your business partners, and pay the registration fee.\nSubmit and Wait for Approval\n: After you've completed the registration process, wait for the CAC to review it. If everything is approved, you'll receive your certificate of registration.\nSome of the documents required to register your business name include;\n2 Preferred business names\nYour Business Address\nYour Residential Address\nThe Nature of your business company,\nIdentification Card, i.e., National Identity Card (NIN), voter's card, or driver's license.\nYour Passport Photograph\nYour Phone Number\nYour email address\nDo I Need a Lawyer to Register My Business Name with the CAC\nNow that we’ve seen the steps and requirements needed to register your business name, you may be wondering “Does my business name registration require a lawyer?” Well, the amazing answer is  “NO.” \n\nThanks to the straightforward process on the Moniepoint Business Banking App and the CAC portal, you can easily register your business name yourself without a lawyer. \nFurthermore, the CAC states on its website “ Individual/Proprietors can register business names without the services of the legal practitioner, chartered Accountant or Chartered Secretary.” \nWhen registering your business name some common challenges you might face include:\nName Availablity Issues\n: Before registering your business name, you should \ncheck for its availability\n. This is a common mistake business owners make which can ultimately lead to rejection of your application.\nIncomplete or Incorrect Documentation\n: Failure to completely submit the required documents for your business name registration can lead to your approval delay.\nPayment Errors\n: Mistakes in application payment like incorrect fee amount or wrong recipient accounts can lead to a halt in your approval process.\nThe process of registering your business name is self-explanatory. You can however get legal advice to help in preparing the essential documents and prevent making registration mistakes.\nConclusion\nThanks to the digital advances in the business ecosystem of Nigeria, you can easily register your business name online. By inputting the necessary details on the \nMoniepoint Business Banking App\n, you can register your business name and get your certificate of registration within 5 days.

Do you Need a Lawyer for your Business Name Registration with the CAC?

Properly understanding the various types of business name registration done in Nigeria is essential. Meet Ademola, a brilliant ‘go-getter’ and entrepreneur who is excited to get his business running after finalizing market research. \nHe’s got the solution, team members, and the resources to get started, however, there’s one last detail. Ademola has to register his business correctly to be legally functional. \n\n\nWhether it's you or Ade trying to kick start your entrepreneurial journey, there are many benefits of properly registering your business with the Corporate Affairs Commission in Nigeria. From building credibility, and attracting investors, to avoiding tax and legal complications, there are various pros of registering your business. \nNow you might be wondering, what type of business registration to do and how to go about it. We’ll explore the types of business registration in Nigeria, their various requirements, and more.\nThe Companies and Allied Matters Act (CAMA) and Corporate Affairs Commission (CAC)\nThe \nCompanies and Allied Matters Act (CAMA)\n is the basic legal structure in Nigeria that forms the requirements for establishing, organizing, and managing businesses and companies. \nThe \nCorporate Affairs Commission (CAC)\n, on the other hand, is the legal body authorised with the obligation to regulate the management and formation of companies and businesses in Nigeria. \nThe CAC ensures that business owners comply with the CAMA ultimately ensuring the straightforward process of business registration.\n\n8 Types of Business Registration in Nigeria\n1. Sole Proprietorship\nSole Proprietorship is one of the oldest forms of business operation in Nigeria. It is a type of business in which a person (known as a sole proprietor) owns and operates a business. \nAlso known as an enterprise or a ‘one-man business’, in a sole proprietorship business structure, the owner is legally the same as the business and bears the risks and liabilities incurred by the business. \nHowever, a good fact about this business structure is that it gives the owner total control over decisions and access to the full profit. Additionally, it gives the owner the ability to operate a corporate \nbusiness account\n like Moniepoint MFB under its name. \nFor instance, Florence who owns a thrift store can register her business with the CAC as a sole proprietorship where she makes the decisions, has access to the profit, and is responsible for the liabilities the business may incur. \n\n(\nSource\n) \n2. Limited Partnership\nA Limited Partnership is a business that comprises at least one general partner, one limited partner, and not more than 20 partners. The general partners have unlimited personal liability, i.e., they are responsible for making business decisions and managing the business as a whole. Ademola, for instance, can register his business successfully with the CAC as a Limited Partnership and get his Certificate of Registration.\nOn the other hand, the limited partners are those whose liabilities are limited to their investment in the business. Also known as silent partners, they are responsible for investing in the business rather than running the day-to-day operations. \nSome examples of businesses that run this structure are real estate businesses, investment companies, etc, and this type of \nbusiness registration\n can be done under a \nbusiness name with the CAC. \n\n\n(\nSource\n)\n3. Limited Liability Partnership\nA Limited Liability Partnership (LLP) is a business structure consisting of two or more persons or corporations to make a profit. A distinguishing aspect of an LLP is that it is a legal entity separate from its owners who are liable for only the amount they invest in the business including personal guarantees. \nFurthermore, an LLP can be seen as a combination of a corporation and a partnership and must have at least two partners (individuals, corporate partners’ nominees). Also, one of the partners must reside in Nigeria and ensure that the partnership complies with the regulations of the CAMA.\n4. Private Limited Company\nA Private Limited Company is a business structure that operates as a ‘juristic person’, i.e., it can sue and be sued under its registered name. In an Ltd., it is required there must be at least 50 members with a minimum issued share capital of N100,000. \nAdditionally, the owners of a PLC are not liable for any act by the company and their liability is limited to their contribution to the memorandum and articles of association. \nThis means that their liability is limited to only the number of shares they own. A distinguishing aspect of a PLC is that it operates under a memorandum of association and its shares are private and cannot be traded on the public stock exchange market.\n\n(\nSource\n)\n5. Public Limited Company\nA Public Limited Company (PLC) is among the types of company that can be registered with the CAC in Nigeria. This business entity is suitable for large companies like banks and its shares are traded publicly on the stock market. \nAdditionally, the law requires a PLC to annually publish their financial records for the sake of accountability and transparency. \nThis type of corporation must be registered by a minimum of two adults and have an operating share capital of N2,000,000.\n6. Company Limited by Guarantee\nThis type of company can be referred to as a “non-profit organization” and they are registered not for the aim of earning profits but to promote art, commerce, religion, etc. \nIt doesn’t have a share capital and the guarantors don’t claim any profit, thereby having no claim to the company’s assets. \nThe liability of the members is limited to the amount they undertake in contribution to the company’s assets. Ultimately, all income the company generates is utilized in covering operational costs and achieving its objectives.\n7. Private Unlimited Company\nThis type of company is a rare type of business registration done in Nigeria in which the shareholders have unlimited personal liability for the obligations and debt of the company. Overall, what this means is that the members have a non-limited and joint responsibility to clear the company’s liabilities.\n8. Incorporated Trustees\nThis entity is not a business organization but a non-governmental organization that consists of one or more trustees appointed by a group of people bound by religion, custom, etc. \nThere are no share capital or shareholders but it is run by a board of trustees. Furthermore, Trustees can be a Church, Mosque, Charity organization, etc, and usually have a chairman and secretary managing their affairs.\n\n(\nSource\n)\nRequirements for the Types of Business Registration in Nigeria\nWe’ve seen the various types of business registrations you can do for your entities with the CAC in Nigeria. Let’s see the various requirements for registering each one of them;\n1. Business Name\n: To register a business name with the CAC in Nigeria, the requirements include;\n2 Preferred business names\nYour Business Address\nYour Residential Address\nThe Nature of your business company,\nIdentification Card, i.e., National Identity Card (NIN), voter's card, or driver's license.\nYour Passport Photograph\nYour Phone Number\nYour email address\n2. Company\n: When registering various types of companies in Nigeria, you must provide the following requirements;\nTwo preferred names for your company\nCompany Address\nNature of Business\nResidential Address\nArticles of Association\nShare Allotment\nEmail\nPhone Number\nID Card of Directors\nSignature of Directors\n3. Trustees\n: The following requirements must be provided when you want to register your Trustee with the CAC in Nigeria;\nTwo preferred names for your Organisation\nOrganisation Address\nResidential Address\nAim and Objectives\nPhone Number\nEmail\n2 Passport photographs for each Trustee board member\nID Card of Trustees\nSignature\nConclusion\nFrom tax compliances to unique business banking account and avoidance of legal liabilities, there are many benefits of registering your business or company with the CAC in Nigeria. \nAs an aspiring entrepreneur like Ademola, your business or company registration is a significant step to thriving in the Nigerian business ecosystem.

Types of Business Registrations in Nigeria

Starting your entrepreneurial journey can be exciting and one major legal step in this process is \nregistering your venture\n with the Corporate Affairs Commission. However, you need to understand what kind of registration to do, be it a business name or a company name.\nContrary to what some business owners think, a business name and a company name are not the same as there are key differences between the two. \n\nIn this article, we’ll explore what a business and company name is and the major differences between the two to help you make informed decisions when registering.\nDoes a Business / Company Name Matter?\nYour business or company name is probably the only thing a potential customer will remember when looking up your brand online or making comparisons. It is your brand’s identity and it goes a long way in boosting customer/ investor loyalty, and brand consistency which leads to long-term revenue growth. \nA business name does wonders for your brand’s growth and knowing the differences that come with the various registration types is vital for every business owner.\nWhat is a Business Name? \nBefore we explain what a business name is, let’s see what a business actually is. A business is any activity undertaken to earn profit. It comprises a wide range of operations such as partnerships, sole proprietorships, and corporations, and can vary in legal structure, size, or complexity. \nSo basically speaking, those goods or commodities you exchange for profit to other people, or the services you decide to sell online is a business activity. \nNow what is a business name? A business name is the title a venture operates under for commercial purposes and it is also known as an enterprise. The\n Companies and Allied Matters Act (CAMA) 2020\n further defines a business name as a style or name under which businesses are carried on, be it in a partnership or otherwise”\nSo what does it mean to register a business name? A business name registration is the process of registering your business with the \nCorporate Affairs Commission (CAC),\n thus allowing you to legally operate under that name. \nAdditionally, once you have successfully registered your business name with the CAC on the \nMoniepoint Business Banking App\n, you receive a Certificate of Registration and a Certified Extract of Registration Information, ensuring your business is recognised and compliant. \nSome requirements to register a business name with the CAC include;\n2 Preferred business names\nYour Business Address\nYour Residential Address\nThe Nature of your business company,\nIdentification Card, i.e., National Identity Card (NIN), voter's card, or driver's license.\nYour Passport Photograph\nYour Phone Number\nYour email address\nWhat is a Company Name? \nFirstly, a company is comprised of people who come together for the common goal of doing business and earning profit. Once registered, a company is a separate legal entity different from its owners. \nFurthermore, A limited liability company is a type of company that limits the amount of liability or responsibility the owners can personally bear in the case of company debt. It can be a private or public company and can be further divided into ‘limited by shares', ‘limited by guarantee’ or ‘unlimited' depending on their structure. \nTo break it down, in the case of “limited by shares”, the owners own shares in the company representing how much of the company they own. Whereas, in “limited by guarantee”, the members’ liabilities are limited to the amount they have decided to contribute to the company’s assets in case of any company bankruptcy. \nTherefore, an individual’s liability for debts incurred by the company is limited to the extent of capital the shareholder contributes or the guarantee offered. \nNow, what is a Company name registration? A Company name registration legally establishes your business as a public or private limited company with the Corporate Affairs Commission (CAC). \nIt gives your company its legal identity, separate from its owners. When registering your company, you'll need to provide the following details or documents;\nTwo preferred names for your company\nCompany Address\nNature of Business\nResidential Address\nMemorandum and Articles of Association\nShare Allotment\nEmail\nPhone Number\nID Card of Directors\nSignature of Directors\nCompany Name VS. Business Name Registration\nNow that you know what a business and a company name are and the requirements for registering both, let's look at their differences.\n\nAs a business owner, you can decide to convert your business name to a company name. Some factors that might influence this decision are the need to raise capital, loan processing, acquiring assets, etc. \nWhatever the case may be, ensure that the process is properly done via the CAC portal with the necessary proof and documents. \nWrapping Up\nUnderstanding the difference between registering a business name and a company name is essential for any budding entrepreneur. \nAs much as both terms are used when referring to commercial activities, you should know how they differ concerning legality, taxation, liability protection, and more. \nThinking of registering your business or company with the CAC on the \nMoniepoint Business Banking\n? Ensure to properly analyze your goals and long-term plans as this enables you to make the right choice. 

Company Registration vs Business Name Registration: What is the Difference?

You’ve cracked that brilliant business idea, done your market research, and you’re about to embark on an exciting entrepreneurial journey. However, a vital step to take in your business journey is registering your business name with the Corporate Affairs Commission in Nigeria. \n\n\nYou should know that this isn’t just an unnecessary ‘paperwork’ activity, but there are various advantages of business name registration in Nigeria. From improving your business credibility, and increasing customer and investor trust, to avoiding legal complications, there are many reasons why it is important to register your business name. \nLet’s dive deep into the various advantages that come with registering your business name as an aspiring entrepreneur in Nigeria.\n\nWhat is a Business Name?\nA business name is the title that your business operates under for profitability purposes and it can also be known as an enterprise. The\n Companies and Allied Matters Act (CAMA) 2020\n refers to a business name as a “style or name under which businesses are carried on, be it in a partnership or otherwise”\nFurthermore, a business name registration is the process of registering your business in Nigeria with the \nCorporate Affairs Commission (CAC),\n thereby allowing you to legally operate under that name. \nYou should also know that once you have successfully registered your business name with the CAC, you receive a Certificate of Registration and a Certified Extract of Registration Information, ensuring your business is recognised and compliant. \nSome requirements to register a business name with the CAC include;\n2 Preferred business names\nYour Business Address\nYour Residential Address\nThe Nature of your business company,\nIdentification Card, i.e., National Identity Card (NIN), voter's card, or driver's license.\nYour Passport Photograph\nYour Phone Number\nYour email address\nBenefits of Registering Your Business Name with the CAC in Nigeria\n\n1. Legitimacy\nThe Companies and Allied Matters Act (CAMA) 2020 mandates all businesses in Nigeria to undergo a business name registration. This enables your business to gain a right standing before the law, thereby ensuring that it is a legitimate entity recognised by the government. \nYou can save yourself the legal implications of running an unregistered business name and enjoy the benefit of setting up a business bank account under your unique name. Furthermore, as a Moniepoint Business Bank Account Holder, you can \nregister your business name\n on the \nBusiness Banking App\n and get your certificate of registration within five days.\n2. Boosts Your Brand\nRunning your business with a registered business name creates a unique brand identity for it and enables you to establish trustworthiness and credibility in your industry. Most customers are more comfortable transacting with businesses that are registered as it reassures them of the legitimacy of the business.\n3. Increased Access to Loans and Government Grants\nMost government loans such as the \nFederal Grant and Loans\n initiative are available to businesses with a registered business name. By registering your business name with the CAC, you stand a better chance of accessing such loans, grants, and sometimes investments.\n4. Protection\nWhen you register your business name with the CAC, it ensures legal protection for your business against infringement or duplication by other businesses. Once you’ve registered your business name, it becomes protected by the law, that is, no other business can operate using that business name. \nUltimately, this aids you in avoiding legal issues and complications, thus protecting your brand reputation.\n5. A Unique Business Bank Account\nAs a business owner, making transactions using a business bank account like Moniepoint MFB set up in your business name is beneficial. Customers, for instance, prefer sending money to an identifiable brand name rather than a personal bank account. From improving customer loyalty to ensuring smooth business funds operations separate from your personal funds, the Moniepoint Business Banking App offers various banking benefits. \nConclusion\nNothing sounds better than a smooth-running business safe from the hitches of legal complications. By registering your business name, you get to enjoy a unique \nbusiness bank account\n as well as the loyalty and opportunities that come with your business’s legitimacy.\n

5 Advantages of Registering A Business Name In Nigeria

Hey there!  Picture this: a guy from Pakistan, born and raised, suddenly finds himself working with people from all over the world. Sounds exciting, right? Well, it was, but also a bit of a rollercoaster!\nImagine walking into a meeting and being expected to call your boss by their first name. In Pakistan, that’s like calling your school principal "dude." Total cultural shock! But guess what? I’ve learned to roll with these quirks, and they’ve made me a better professional and a more adaptable person.\nWondering how I found myself at Moniepoint? Let’s take it back a bit. \n\nGrowing up in Pakistan \nI was born in a city near Lahore in Pakistan, but I have been working from Lahore for the last 10 years. Lahore is a major city in Pakistan but not the capital. It stands tall in the education and IT sector. \nI started my career in engineering in high school and then moved to computer science. In 2010, I started my Bachelor of Science (BS) in software engineering. This career path was not trendy then, but after a couple of years, tech-related courses became common. Although I got into this path by chance, it has proved to be a good choice. \nIn Pakistan, we have a joint family culture where elders influence the children's career and education choices. I’m happy that my family agreed with my choices back then. This culture also extends to respecting elders and being obedient, and this applies to our professional careers. Whenever we call someone by their first or last name, we have to add words that show respect. \nIt was a culture shock for me when I started working with multinational companies, and we called people by their first names. So, I would rather use words like sir or the boss. But it’s been about nine years in this industry, and I have worked with many international clients in the US and Canada, and now I’m working with a mix of nationalities. I had to adjust over time, but now I’m comfortable with others calling me Abdul.\nCurrently in Pakistan, the culture of calling people by their first names has gradually become adopted, at least in the tech sector. \n\n
\nGetting started in the tech industry\nI started my career as a software developer in 2015. I worked as a Java developer with a Canada-based software company, for about six years. While there, I got a feel for what it felt like to work with an international company in a different time zone. Working hours are usually from 9 am to 5 pm, but as someone living in Pakistan, this meant I was to work from 1 p.m. to 10 p.m. It was quite weird at first, but I got used to it after a few months. \nThen, I moved to another company, a Pakistani company with headquarters in the US. So again, I had to work with different clients that were mostly US-based. For this company, I worked from 12 noon to 9 pm Pakistan time. Here, I worked on projects in the e-commerce and fintech industries. I spent about seven years with these companies. \nGetting into Moniepoint \nWhile I was working with my last company, I received a message from a Moniepoint recruiter on LinkedIn. I initially ignored the message, but it was when it came the second time that I decided to give it a try. \nYou must be wondering why I initially ignored the message from the recruiter…\nAt the time the message came, I was not looking for a new role or opportunity as I was quite happy with my current role and organisation. Also, I had never heard about Moniepoint (then TeamApt). However, when the recruiter reached out again, I had to do my research and look into the company’s profile.\nI was a bit hesitant as I didn’t know any Pakistani who was working for Moniepoint then. There is also the fact that I had worked for US and European regions and clients, but never African. This was going to be new waters, and I was not sure about the time zone as well.  By the second message, I said to myself, let’s give it a try. And here I am.\nIn the time since I joined, we’ve had a lot of people from India, Pakistan, and other parts of the world join the team, and it’s been interesting getting to interact with all these different people.\nWhat I love about Moniepoint \nWhen I joined Moniepoint, I realised that I was wrong about It. I was expecting that it would be a strict culture without compromises and that there would be a huge cultural difference. But the contrary was the case.\nThe onboarding process was very smooth, and the HR team was very receptive. My entire team was also welcoming. In a month, I became a super fan of Moniepoint because of its culture, flexibility, and respect for its employees. \nI love that there is No Ego at all within Moniepoint. As I mentioned earlier, I come from a culture where we used to give respect to elders, and we would call our superiors boss or sir. But here, respect was from top to bottom as well. Line managers never gave us a situation where we had to make them feel like bosses. You can enjoy working with a good team where everyone has a great sense of humour, and mutual respect for one another.\nWork-Life Balance \nRemember when I talked about flexibility? It is something I really enjoy about working at Moniepoint. At Moniepoint, I work as a senior backend engineer. In my role, I design and develop APIs based on requirements, write database migration scripts, and perform code reviews whenever required. I also write unit tests for the code, and update API collections and assist QA in testing. \nMy typical day starts at noon in Pakistan, allowing me to do personal stuff in the morning. I start my day by looking at ema\nils for meetings and messages. I also look at my sticky notes to see if anything is pending from the previous work day that I didn’t achieve. I then attend standup with my team and do lots of follow-ups and testing. If anything comes up, I could also have a couple of sync-ups. I sign out at 9 pm, but I would also stay available on work chat in case anything comes up. \nI love that there is the flexibility of having some free hours in the morning before I get to work. I also enjoy the perks of working with a supportive team where the workload is shared and everyone lends support when needed. On a scale of 1 to 10, I would rate my job satisfaction at Moniepoint at a 9 just so there would be room for improvement. But seriously, it’s 10/10.\nWhen I’m off work.. \n\nPakistan has all types of weather: plain fields, deserts, mountains, rivers, and seas. But for most of it, it’s usually hot weather throughout the year.  When off work, I recommend spending time in the mountain areas. Fun fact: 30% of Pakistan's areas are covered with mountains. These areas are beautiful and a sight for the eyes! \nWe have Kashmir, Naran Kagan, Babusar Top, Gilgit, Chitral, Sawat, etc. These are hilly areas full of nature, trees, snow, and beauty. \n
\nI enjoy working at Moniepoint, and I bet you would too! Looking for a new opportunity? Don’t be shy. Put your best foot into applying to the roles on our \ncareers page\n. Moniepoint is a great company with the latest tech stack and the best of the best work culture. 

From Pakistan to the world: my multicultural career adventure 

\nVice President of the Federal Republic of Nigeria, Senator Kashim Shettima, has restated the government’s unvarnished commitment to deepening economic and financial inclusion in line with President Bola Tinubu's Renewed Hope Agenda, noting that financial inclusion is a core component and the government is making a lot of efforts to ensure that the vulnerable in society have safety nets as exemplified by the ASO accord which was signed this year.  \nHe made these comments over the weekend at the Abuja Continental Hotel in Abuja while speaking as principal guest of honour at the launch of the \n2024 Nigeria Informal Economy Report\n powered by Moniepoint in collaboration with the Small and Medium Enterprise Development Agency of Nigeria, SMEDAN and the Federal Ministry of Industry, Trade, and Investment. \n\n\nThe Nigeria's Informal Economy Report offers fresh insights for individuals and organizations interested in understanding the dynamics of Nigeria's informal economy and shaping a more inclusive and sustainable economic landscape. Some of the key insights from the report include:\nThe youthful demographic is a critical driving force of Nigeria's informal economy, with over 57.7% of business owners under 34 years old\nThere is an untapped earning potential that is prevalent in the informal segment, with the average monthly income below ₦250,000 while on the higher end of the spectrum, only about 1.3% of businesses in Nigeria’s informal economy earn above N2.5 million monthly\nRetail and General Trade is the leading industry within the informal economy, making up 24% of all informal businesses\nThe reality that unemployment is the primary driver for starting a business by many players in the informal sector\n\nSen Shettima, represented by the Technical Adviser to the President on Economic & Financial Inclusion, Dr. Nurudeen Abubakar Zauro, acknowledged and appreciated the role of players in the informal space, especially Moniepoint. "We can all remember during the Covid-19 lockdown and the recent currency changes, there were a lot of challenges and we saw agencies like this come together and save the country at that point. This is because of the flexible initiatives they brought into the space, especially last-mile delivery by providing a platform that allowed people to successfully transact. SMEDAN's innovative streak has also been very commendable, he said.  \nIn his opening remarks, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, praised operators of informal businesses for the high degree of flexibility and innovation they exhibit in adapting quickly to changing market conditions. Highlighting their economic significance, he said that the informal economy contributes substantially to Nigeria's GDP and can be effectively mobilized to unleash Nigeria’s full economic potential and provide much needed support to the most vulnerable households in our society.\n\nMinister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, who formally launched the report, reiterated the Federal Government’s commitment to supporting small business operators in the informal sector of the economy. She pointed out that the informal sector, which often appears to be forgotten, would henceforth begin to enjoy government’s interventions and incentives.\nShe said: “We are really grateful to Moniepoint for conducting this report. It gives us the basis and foundation now to provide targeted intervention as part of the government’s approach to supporting the informal economy. This segment plays a significant role in the Nigerian economy, we can now bring them up to enjoy incentives that the government is providing to the broader economy as well.\nAlso delivering a goodwill message, the Chairman, House Committee on Small and Medium Enterprises (SMEs), Hon. Mansur Manu Soro, said the House was taking deliberate steps to prioritize women operating in the informal sector and end gender disparity in earnings. He expressed the National Assembly’s commitment to give the report its full attention, subjecting it to the necessary review and internalizing it while lauding Moniepoint for its positive impact in pushing financial inclusion. \n“I want to congratulate Moniepoint for achieving such a national penetration as far as the banking industry is concerned within a very short period of time. The story of Moniepoint is the story of how technology can propel a business to unprecedented levels within a short time span. Reports like this one which we’d be releasing today remain a critical tool used in planning by the government and private sector and we in the House of Reps will be internalizing it legislatively.” \nChief Executive Officer, Moniepoint Inc, Tosin Eniolorunda in his foreword provided the rationale for the report, “In just a few years, over 2 million businesses, many within the informal economy, have chosen Moniepoint as their essential growth partner. The commitment we feel to this sector inspired the creation of this report. By quantifying the informal economy's impacts and nuances, we can better shape policies and programs to empower and uplift the entrepreneurs driving it forward. Their success is inextricably linked to Nigeria's continued growth and development.” \n\nIn a keynote presentation, Director General/CEO SMEDAN, Charles Odii, said that small businesses are the engine of the Nigerian economy and most of Nigeria’s approximately 40 million small businesses reside in the informal sector. He noted that these businesses which are born of both necessity and entrepreneurial zeal, exemplify the famous Nigerian ‘hustling’ while affirming that the agency is working to formalize these businesses and bring them into the formal sector to increase access to important resources such as finance.\n"Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN. Their formalization will aid the development of brand value and financial history, which indicates creditworthiness and attracts investment."\nFurthermore, Odii articulated SMEDAN’s agenda aimed at accelerating growth and prosperity for small businesses as encapsulated in the acronym ‘GROW’: Guidance, Resources, Opportunities, and Workforce support. According to him, the agency’s focus spans seven priority sectors including agriculture (EAT Nigeria), manufacturing (PRODUCE Nigeria), tourism (VISIT Nigeria), fashion (WEAR Nigeria), creative industries (WATCH AND LISTEN Nigeria), education (TEACH Nigeria), and services (PATRONISE Nigeria). This agenda focuses on expanding local production capacities, improving market access both domestically and internationally, and creating an enabling environment for over 40 million small businesses, collectively providing more than 60 million jobs.\n\nThe event featured a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable informal economy for Nigeria: Hopes and Impediments. The panelists which included Special Adviser to the President on Economic Affairs, Dr. Tope Fasua; Head, Financial Inclusion Delivery Unit, Central Bank of Nigeria, Dr Paul Oluikpe; DG, SMEDAN; Founder, She Forum Africa, Inimfon Etuk and MD, Moniepoint Microfinance Bank were unanimous and strident in the call for continued collaboration and concerted efforts to support and elevate Nigeria’s vibrant informal economy towards sustainable growth and development. \n\n\nSome of the dignitaries who attended the event include Senior Special Assistant to the President on Entrepreneurship in Innovation & Digital Economy, Engr Jennifer Adighije; National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Barr. Dele Kelvin Oye; MD/CEO, Abuja Enterprise Agency, Mr. Chudi Ugwuada-Ezirigwe; Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, among others.\nTo read the 2024 Informal Economy report, visit \ninformalreport.moniepoint.com\n.

FG lauds Moniepoint’s contributions to the growth of the informal economy

\n\nAfrica’s fastest growing financial institution according to the \nFinancial Times\n, Moniepoint MfB in conjunction with the Ministry of Industry, Trade, and Investment, and Small and Medium Enterprise Development Agency of Nigeria, SMEDAN  is set for the launch of Nigeria's Informal Economy Report 2024 holding in Abuja on the 5th of July 2024 at the Abuja Continental Hotel. \nSpeaking on the impending launch, Babatunde Olofin, the bank's managing director said “the report signposts Moniepoint's commitment to deepening the resource pool for policy makers in Nigeria and the financial ecosystem stakeholders, by providing a fresh and holistic viewpoint and critical analysis on accessing the informal economy, opportunities for growth and vivid portraits of the informal sector players as well. \nNigeria's informal economy plays a crucial role in the nation's economic landscape. Its importance is signposted by the employment opportunities it provides for a significant portion of the Nigerian population, particularly for those who may not have access to formal employment. This space also serves as a primary source of income for many households, contributing to poverty alleviation.\nAccording to Director General/CEO SMEDAN, Charles Odii, "Nigeria's approximately 40 million small businesses that reside in the informal sector are born of both necessity and entrepreneurial zeal, they exemplify the famous 'hustling' spirit that unites Nigerians across social divides and is responsible for the employment of millions. Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN."\nSome of the dignitaries expected at the event are Vice President, Federal Republic of Nigeria, Alhaji Kashim Shettima, GCON, Hon Minister of Industry, Trade and Investment, Hon (Dr) Doris Nkiruka Uzoka-Anite, Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, Special Adviser on Economic Affairs, Office of the Vice President, Dr Tope Fasua, SSA to the President on Entrepreneurship in Innovation & Digital Economy, Jennifer Adighije, House Committee Chairman on Small and Medium Scale Enterprises (SMEs), Hon. Mansur Manu Soro among others. \nThe Nigeria's Informal Economy Report has been curated as a must-read for individuals and organizations interested in understanding the dynamics of Nigeria's informal economy and shaping a more inclusive and sustainable economic landscape. The Moniepoint brand has long championed the importance of financial inclusion and financial happiness even as improving business and consumer access to the financial system is core to Moniepoint’s philosophy. \nIndustry experts have averred that this collaborative exercise between Moniepoint, SMEDAN and the Ministry of Industry, Trade, and Investment represents an important milestone that will catalyze Nigeria's informal economy while giving a huge boost to the Renewed Hope Agenda of President Bola Ahmed Tinubu as all stakeholders continue to show resolve in helping the informal economy thrive and surpass its current contributions to Nigeria’s economic aspirations.

Moniepoint, SMEDAN set to launch Nigeria’s Informal Economy Report in Abuja  

\nWhen you hear IRIS, what comes to mind? You may be like me, who initially got confused the first time I encountered the ‘IRIS’ team. I wondered if we had now become an optical organisation. Digging further, I realised that IRIS stood for \nInternal Reconciliation and Internal Settlement\n, and I decided to have a quick chat with the VP of the IRIS team to learn more about what the team does. \nFun fact: Wole, the VP of this team, loves to solve mathematics over the weekend! Curious to learn more about Wole and the IRIS team? Here’s my conversation with him. \nHi Wole. IRIS???\nHi Chidinma. Yes, I know it’s an interesting name. When we were trying to build this product, we wanted a short, unique, and catchy name. We were just talking about what the product does, and that’s when it hit… IRIS! What does the product do? It is our internal reconciliation and settlement tool. So, IRIS—Internal Reconciliation and Internal Settlement!\n\n\nAs VP Settlement, Reconciliation and Accounting Tools, describe your role and daily activities?\nMy primary role involves building systems to ensure that the operations and finance teams have what they need to do their jobs.  This basically means providing them with tools, products, integrations, and even third-party solutions to ensure that finance can do what it needs to do. An example would be instead of going out to get a settlement and reconciliation solution, we built one in-house.\nIn my function, I have engineers, TPMs, and a product manager who report to me. We have that structure which allows us to build solutions that are tailor-made for all our problems. In terms of settlement and reconciliation, our structure ensures that we settle our transactions appropriately, and we can reconcile our transactions by understanding the complexities and nuances of our own organisation and our multiple business lines. \nThe other part is accounting tools. There's a solution called IRIS, which is a backronym(we created the acronym after we got the name). It stands for internal reconciliation and internal settlement tool. So, it was just a cool name at the time to show that we have “visibility” on all transactions. Still sticking with the eye theme, our other solution is \nRetina. \nWhile IRIS is used by the settlement and reconciliation team, and sometimes even by the finance team, Retina is used just for the finance function to view transactions. We’re building a newer product. \nSo, my role is a product role. Daily, I have to serve as an account manager and information system specialist or support the finance function. In doing this, I get to decide what the strategy and road map would be and what we should focus on.  Also, I work closely with the SVPs of the various units to decide what solutions to build and that we have our numbers where they should be. My day-to-day could go from preparing reports to building dashboards,  writing product documentation and Python scripts, or sometimes just debugging issues and trying to understand why certain legacy things are working the way they are.  Some days, I’m looking through reports; others, I run through meetings.  \n\n\n\nWhat are your department's three key objectives? \nObjective one would be to ensure on-time settlements of all transactions involving settlement reports and statements and timeliness, and we have KPIs that we use to measure that. The settlement should not be behind if it’s not a weekend or public holiday. This means we should have a representative position that does not exceed one day; we should not be more than one day behind in our settlement reports. If it’s a weekend or public holiday, it could lead to it being more days. \nAnother objective would be moving all our accounts to daily reconciliation, which means we should be able to reconcile all the transactions that happened yesterday and understand the exceptions. It also means that the age of items in various accounts doesn’t exceed a maximum of two days, even with the logistics of public holidays and weekends.  \nThe third objective is to ensure that finance has everything it needs for its financial reporting and can carry out its transactions without the need for \nhard work or more solutions. \nOur integration with Netsuite ensures that finance has the financial and regulatory reporting unlocked. This means they can simply download those reports or use the report builder to build custom reports.\nHow does IRIS  improve day-to-day operations for employees within the company?\nThe IRIS solution we provide ensures that settlement can happen in real time. This means you can sign in and carry out the settlement of transactions; it is an internal representation of all our transactions that have been outside. \nIt is our internal reconciliation and settlement tool at Moniepoint that helps connect all the information sitting in all the other core banking applications by using the bank statement that we get from our settlement banks to give us all our external positions. \nFor example, Chidinma goes to a store that uses a Moniepoint terminal, and carries out her transaction from any of her bank accounts, even if it were a Moniepoint bank account. So, that transaction will happen, and we will probably receive the money in our bank account outside. If we receive the money in one of our settlement banks, there’s no way to connect the bank’s CBA to\n our own CBA\n. \nSo, IRIS serves as a bridge that connects all the information sitting in all the other core banking applications by using the bank statement that we get from those banks to give us all our external positions. \nThis way, the finance team knows where we stand from a cash position. They get to see how much cash we have, the receivable position, how much people owe us, how much we owe people, our income, how much expense we’ve incurred carrying out transactions, etc. So, IRIS will be able to integrate all that information by serving as a de facto bridge. We make life easier for most internal teams as we optimise processes.  \n\nAlrighty. Let’s get a bit more personal now. So, VP… how do you approach leadership and team management? \nSo, my approach to leadership is the NO EGO approach. Sometimes, I go into meetings and understand what needs to be built, but I can’t dictate how it should be built. I am open to learning from people I work with; this helps challenge them and even myself. By listening to others, I get to learn new things, and we do not just build in one direction. \nAlthough No Ego is the core value I embody the body, I think I also use a combination of all of Moniepoint’s core values in my leadership style. However, I will pick No Ego and Grit as I will do whatever it takes to get the job done. \nTo my final question, what’s something you absolutely enjoy doing that most people would consider crazy?\nOne thing about me is that I enjoy taking risks. I have jumped out of an airplane, done skydiving, drifted on a quad bike, etc. During the weekend, you will probably see me solving mathematics. \nWole uses his job function to empower internal teams within Moniepoint. You, too, can do great work and power dreams by heading to our right away!\ncareers page\n

RIPPLES: How Wole uses IRIS to empower internal teams 

\nBeing part of an international community is a beautiful part of my work as an Engineer at moniepoint! I love interacting with multiple nationalities in the same virtual space, and it has had a huge impact on my personal development. I collaborate and interact with people, which has influenced how I even approach my work as an Engineer, as I understand building tech from different perspectives. Unlike my previous work experiences, I was working with a homogenous group. Here, I get to work with people from Nigeria, Greece, the UK, etc.\nWhy am I going on and on about the international community?\nMy name is Aparana Bhatt, and I live in India. I work at Moniepoint as a Senior Backend Engineer. When people ask me how I cope with the time zone differences, I smile because it’s perfect for me. I am not a morning person. I prefer to sleep in and stay up late. With our time zone difference, I get to start work around noon, and it just gives me the flexibility to sleep to my satisfaction while still having a bit of time to spend with family before getting into the heat of work. Before I talk about how I started working at Moniepoint, I think I’d like to begin with my education and interest in backend engineering.\nWhere it all began\n\n\nI have always loved engineering. In India, our parents have a lot of say in what we study, and most parents want us to study something in the sciences, law or business. As a child, I always loved science and maths, so I think that made my parents confident in my choice and not have to insist on anything. So, when I had to pick three top choices, I chose computer science, electrical engineering and electronics engineering, but I got assigned computer science and engineering. So that's how my journey began. Initially, during my college education, I didn’t enjoy it so much because I had been more of an electronics person, but later on, especially during my first job, my interest grew. \nI studied computer science and engineering and graduated from Harcourt Butler Technological Institute in 2015. If you’re unfamiliar with India, this institute is primarily located in Kanpur, Uttar Pradesh, India. It is around 100 years old now, and was one of the first colleges providing engineering degrees since 1928 or something.\nAfter school, I started working. My first job as a software developer was at a travel organisation. I was in the backend team, handling everything Java-related. And I worked there for two and a half years. Seeing the impact one could make through software engineering was what did it for me. \nAfter that, I worked for an Indian media company. There, I worked for around four years. My team was focused on providing super fast news to the editors, processing it, and publishing it in our digital news platform. By the second year of working there, I had developed a bit of interest in Data Science. Taking this interest further, I got a degree in Data Science while I was still working. After, I joined another company as a technical lead. Here, we focused on lending and offering credit so that customers could buy what they needed. As technical lead, my day-to-day work was still backend-related, but I was a part of different projects. After working here for a while, I decided to take a break. \nThe break between the journey to Powering Dreams\n\n\nFirstly, I had taken this break for about four months to refresh and recharge. At that point, I was homesick because I had to live in Delhi and Sia most of my career to work from the office in my previous roles. During the break, I wasn’t even so big on travelling, but I did travel a bit and spent most of the break in my home town with my family. The difference between living with my family was so evident that I decided I wouldn’t be taking any job that required me to be away from home. And, like I said earlier, it’s one of the things that made me interested in working with Moniepoint.\nMoniepoint\nBy the time I was taking a break from my break, I had decided that I wanted a job that kept me close to home and gave me a semblance of the peace I had experienced during my break. Around that time, one of our recruiters contacted me for a Technical Product Manager role I interviewed for, but I didn’t make it through. The interview experience, however, piqued my interest in Moniepoint. I went to the website, read almost all the employee stories, and was impressed. I could see the company making an evidential impact in emerging markets, but it was beyond that for me. I could also see that the working conditions were what I was looking for. So I went to the careers page and saw an opening for senior backend engineering, which I applied for. \nWhy Moniepoint?\nFor me, Moniepoint’s impact resonated strongly because comparing Nigeria to India, we have a lot in common regarding financial inclusion, and the huge impact Moniepoint has had in the lives of regular, everyday people sold it for me.\nFrom August, when I had my interview for a TPM role, until November, when I saw an opening for a senior backend engineer, I’d go to the website fortnightly to read the stories of employees and other articles about the company. The impact of Moniepoint was and is quite visible. Even the impact on employees, not just customers, caught my attention. \nAlso, following the progress of the products, I could see a consistent effort to improve, basically being committed to finding ways to create financial happiness via digitisation. And oh, the timing for me - it’s the best timing that any organisation can give me, jokes apart. To know that I get to spend with their family and everything in a remote setup, like even if the hours are hectic, you are still close to your family. That’s a huge selling point for me.\n\n\nPowering Dreams in an International Community\nI’ve been here for about 6 months now, and my expectations have been exceeded. When I initially joined, I was on the savings team. Abraham was my Enterprise Architect, and I worked with him, Vincent and Tolu, amongst others. I noticed the speed at which we were able to resolve customer issues. The time an issue was raised was never an issue. All that mattered was for all hands to be on deck and for it to be resolved as soon as it was raised. Seeing this, I was more confident that I had made the right choice to join here as it further proved that we are customer-centric, not just product-centric, in our approach.\nBut if I were asked what I love the most about working here, it wouldn’t just be about the impact. It's also about being in such a diverse community of people, like I mentioned earlier. As I’m learning a lot about other people’s cultures, they are learning a lot about mine. So I think this is a sharing process I like a lot. Also, everybody I have worked with has been very understanding and helpful in a way that helps me stay motivated to do my work at my best.\nEnough work talk. Here’s how I have fun.\nFor a job that is this flexible, I’d be wasteful only to spend time working. So when I'm not working, I try to relax in different ways. Recently, I joined swimming classes and had a good time in them. Otherwise, I sketch, paint, or just go for long drives. Once or twice a month, I go on a road trip. Recently, I took a road trip to Ranikhet - a small hilly village in India. And, of course, these trips do not affect my work because I can set up anywhere and work as long as I’m hitting my performance requirements. \nNow, enough about me, what about you? \nI know when I was waiting for a role that fits my next career path, I spent a lot of time reading stories on the blog, so I am guessing you’re here because you’re considering or wondering if you should consider joining Moniepoint. Here’s the simple truth I’d tell you -  it's worth giving a try. If you live in India or somewhere outside Nigeria, I think it’s the best option for you because, aside from the flexibility, you get to be part of an international community,  interacting with people from different cultures around the world. I’d give you a thumbs up. Just check for a role that fits.  \nhttps://moniepoint.com/careers\n

Living in Asia, Powering Dreams in Africa

\n\nFrom economic downturns to global crises, Micro, Small, and Medium-sized Enterprises, MSMEs have continued to demonstrate remarkable resilience and adaptability, in facilitating economic growth and development across borders. \nDriven by the increased need to improve access to financial services to power sustained and inclusive progress, Africa’s fastest-growing financial institution according to the \nFinancial Times\n, Moniepoint MFB has reiterated its commitment to providing peerless and holistic support for, MSMEs in order to boost their capacity to achieve the Sustainable Development Goals, while promoting innovation, creativity, and sustainable business practices across the country.\nAccording to the United Nations, MSMEs account for over 90% of businesses and 60-70% of employment worldwide. These enterprises make up 50% of global GDP. They contribute to the global economy and sustain livelihoods, particularly among the working poor, youth, women, and workers in vulnerable situations. It will be recalled that following a resolution adopted by the UN General Assembly in April 2017, 27th of June was designated as “Micro-, Small, and Medium-sized Enterprises Day” to raise awareness of the tremendous contributions of MSMEs to the achievement of the United Nations Sustainable Development Goals (SDGs).\nSpeaking on the commemoration of this year’s World MSME Day, Managing Director, Moniepoint MFB, Babatunde Olofin noted that MSMEs can lead the charge toward a sustainable and prosperous future with the proper support from governments, financial institutions, and consumers at large while explaining that enablers like Moniepoint is willing to partner with all stakeholders to can create an environment that supports MSMEs in their efforts to invest, trade, and thrive in local and global markets, harnessing the attendant developmental benefits. \n“We recognize that MSMEs are the lifeblood of the Nigerian economy. Millions of people depend on them every day for food, daily necessities, and sustenance. For businesses across Nigeria, we have just one promise - we’re always going to be here to make you happy. As we celebrate this year’s World MSME Day, we must all acknowledge the hard work, dedication, and perseverance of MSMEs and the driving the charge to not only bolster economic stability but also foster sustainable development, helping to eradicate poverty and improve the quality of life for  Nigerians,” Olofin said. \nHe continued, “on a day like this, we must renew our commitment to join hands - agencies of government, private sector operators, and all stakeholders - to continue supporting MSMEs through policies, funding, and capacity-building initiatives. By empowering MSMEs, we pave the way for a more sustainable, inclusive, and prosperous future for all, especially the coming generations.”\nMoniepoint MFB has been widely recognized for its innovative efforts at giving small businesses access to digital financial services, including the ability to accept payments, access working capital loans and manage their finances, which helps them to increase productivity, serve customers better, and ultimately to grow. \nIn a bid to look out and champion the survival of small businesses even as the world celebrates MSMES, the financial services powerhouse recently provided incentives to some business owners across Nigeria to ensure the lights are kept on. Gift vouchers ranging from 3 months worth of inventory restock for a general retail services provider to two months worth of sewing material to a tailor even as a food & drinks supplier received a fuel voucher in order to solve his logistics needs amongst other recipients. The beneficiaries who expressed their gratitude to Moniepoint noted that the gesture would go a long way to boost their productivity and ensure that they can better serve their local communities. \nAs the sector closest to local communities, MSMEs are essential for creating local jobs, empowering women, youth, persons with disabilities and other groups in vulnerable situations. Commemorating MSME Day is a recognition that this vital sector, who are the agents of innovation, growth, and sustainability, at the heart of our societies has tremendous potential to unlock critical pathways to accelerate SDG progress across the globe.  \n

World MSME Day: Moniepoint celebrates MSMEs as the backbone of global economies and SDG champions 

Africa’s fastest growing financial institution, according to the \nFinancial Times\n, Moniepoint Inc. has thrown its heavy weight to support the growth and development of the Mixed Martial Arts, MMA across the continent. \n\nThis is signposted by a season-long partnership with the promoters of African Knockout Championship, Africa’s pioneering MMA promotion, which features the amateur MMA reality TV production “The AKO Show,” and a series of professional MMA fight nights branded “Face Off.” \nThe partnership, which embodies the shared values of grit and powering dreams, which are at the core of both Moniepoint's mission and the spirit of MMA, comes at a time when the sport even though dogged by a lack of fight tournaments and sufficient talent is gaining significant traction in Africa, with 19 countries having recognised it as a national sport. \nMixed Martial Arts, also known as cage fighting, is a full-contact compact sport that incorporates elements from various combat sports and is based on striking, grappling & ground fighting. Africans leading the charge include Usman 'Nigerian Nightmare' Kamaru, the first African-born champion in the UFC welterweight division, Israel “The Last Stylebender” Adesanya, another champion in the middleweight category, and Cameroonian Francis Ngannou, a heavyweight champion have been very instrumental to the popularity of the sport such that it’s been dubbed the fastest-growing sport on Earth, measured in participation and audience.\nSpeaking to the rationale behind Moniepoint’s sponsorship of African Knockout Championship (AKO4), which is set to make history with its first live event in Abuja on Saturday, June 15th at the Abuja Continental Hotel, Group Chief Executive Officer, Moniepoint Inc, Tosin Eniolorunda noted that the financial powerhouse is buoyed by the opportunity that the platform provides to power the dreams of young MMA fighters and showcase their grit and fighting prowess to the world. \n“As humans, the quest to fight is in our DNA, and progressively, society has moved forward when we fight and surmount challenges and obstacles. We are excited to partner with AKO to support the rapid growth of MMA in Africa. This collaboration aligns perfectly with our commitment to powering dreams, fostering resilience and demonstrating guts and grit. Together, we will create opportunities for athletes, fans, and businesses in the MMA ecosystem to thrive, flourish and boost a growing subculture across the continent." \nEniolorunda continues, “At the intersection of finance and sport, we see a powerful opportunity to uplift Africa. Our solutions have been critical to breaking down barriers in the financial services industry and deepening inclusion, much like how Mixed Martial Arts breaks down barriers between fighting disciplines. This partnership to develop MMA across the continent is an eloquent statement about African potential and innovation.”\nWith playoff spots up for grabs, the AKO Championship 4 event, which features 10 African countries, will showcase about nine thrilling bouts across various divisions, including featherweight, middleweight, lightweight, and women’s bantamweight, with the headline fight between Nigeria’s own knockout athlete, Daniel Emeka and Congolese division standout, Flex Munwe. In the women's bantamweight division, a Nigerian sensation who's looking for her second win and a playoff spot, Jane Osigwe will square up with Beninosie grappler, Jibidar Cythia. \nCommenting on the upcoming event, UFC legend and AKO co-owner Kamaru Usman expressed his excitement, saying, “I am thrilled to see the growth of AKO and the talent that will be on display at AKO4. This event marks a significant milestone for African MMA and I am confident that the fighters will deliver an unforgettable show for the fans.”\nWith this Moniepoint and AKO partnership, MMA is set to be elevated as a major sport in Africa, offering a platform for young talents to shine on the global stage while providing fans with a unique and electrifying viewing experience as the battle for survival, progression and supremacy comes to the fore.

Africa's premier MMA championship gets a big boost as Moniepoint powers Kamaru Usman’s AKO series 

Moniepoint MFB, Africa’s fastest-growing financial institution according to the \nFinancial Times, \nhas relaunched its personal banking referral program to enrich its customers as they enjoy the Moniepoint experience with family and friends.\nThe referral program is designed to reward users every time their friends or family perform a transaction on Moniepoint after signing up with their referral link. Through this, millions of people will earn well over N100,000 from referrals alone. \nMoniepoint’s technology has powered over 3 million businesses across Nigeria, and with its reliable infrastructure now in the hands of personal users, it now enables seamless payments for many across the country. With referrals linked to transfers, a leading payment method for many in Nigeria, this referral program will provide extra income for many of its users.\nCommenting on this development, Babatunde Olofin, Managing Director of Moniepoint MfB, noted that the customer-centric referral program supports the bank's focus on driving financial inclusion while helping to accelerate its vision of creating a society where everyone experiences financial happiness.  \n“We know how important seamless financial transactions are, and we’ve seen first-hand the power of peer to peer recommendations and how word-of-mouth referrals can grow a customer base and increase revenue. Given our strong customer obsession and the strings of commendations which we have received that validate the work we do in providing peerless financial services, we want to provide our customers with rewards even as they continue to share these positive experiences with the Moniepoint brand,” Olofin said.\nEach current and new personal account holder has been provided with a unique referral code which is identical to their account username and is visible in the Referral Section on the Personal Banking app. This code/link can be shared with anyone, who, upon signing up and transacting with the Moniepoint Personal Banking app, will contribute to rewards for the referrer. \nFor every outward interbank transaction conducted by referred customers in the next 12 months, participants will receive a commission. This transparent and straightforward incentive structure ensures that participants reap tangible benefits for actively promoting the Moniepoint Personal Banking app. Referrers can also track the total earnings and referral history from their referral in the “Earn from Referrals” icon in the app while earnings can be transferred to the user's main account once a minimum of N50 has been earned.\n\nMoniepoint MFB\n has worked with the Central Bank of Nigeria to strengthen the security of the banking industry in the past month, pausing its onboarding. It has now resumed signing up users with a commitment to providing its users with a secure, convenient and rewarding financial experience. The referral program is just one of the many ways the company is innovating to empower Nigerians and make financial services more accessible. \nIt will be recalled that Moniepoint MFB has in the last few months demonstrated peerless commitment to customer focus and satisfaction as evidenced by the opening of its Lekki Admiralty Road office, as well as the roll out of a USSD code, *5573# which offer users a fast, secure, and user-friendly platform to conduct their banking activities with ease. \nAccording to media reports, Moniepoint Inc. currently processes the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries, processing over $182 billion in annualized TPV and as a profitable enterprise, it is Africa’s largest fintech by transaction volume.  

Moniepoint resumes onboarding; set to enrich millions of Nigerians with new personal banking referral programme

\nA few months ago, I led an integration project with a Telco, enabling seamless payment transactions through our POS terminals. This partnership allows Telco customers to make deposits and withdrawals effortlessly. Through this integration, the telco can receive payments and process customer withdrawals via Moniepoint POS Terminal.\nLeading that Integration with my Manager was so exciting for me! It meant that their customers could go to the Moniepoint POS terminal to deposit cash. They could just provide their unique reference with the telco, usually their phone number, and then pay the amount they want to deposit. The money would then be deposited into their account instantaneously.\nIf that sounds exciting, you might be interested in \njoining my team\n at Moniepoint. Keep reading to learn more about what I do.\nBeing an integration support engineer \nAs an integration engineer at Moniepoint in the Monnify team, I work very closely with our clients and partners on the Monnify side of the company to understand their requirements, develop and implement integration solutions, and sometimes create new adjacent solutions for the merchant's use-case scenario.\n\nThese solutions are mainly offline payments, like offline collections, for example. With that solution, a Monnify merchant can receive payments from a Moniepoint POS. So people can go to a POS and deposit to you or withdraw using Monnify.\nWe are focused on driving the adoption of payment collection via POS for people who own Monnify accounts. So, my work plays a crucial role in the seamless connection and interaction of systems, software, and technologies between the Monnify solution and Moniepoint.\nI work with our clients to understand their ongoing support needs and ensure everything runs smoothly. My day-to-day tasks involve coding, testing integrations, troubleshooting issues, jumping on calls, and communicating with internal and external teams, including the sales team.\nBecoming an integration support engineer\n\nIt’s funny how I stumbled upon integration support engineering. Transitioning from consulting, I sought a role that combined technical skills with product management and sales insights.\nI saw the requirements, skills, and job expectations of an integration engineer, and it was the right fit for me. I could interact with customers and solve their technical problems in a very hands-on way.\nYou also have to be willing to listen and understand the problem because people have different use cases for the products. So you can advise them on the best way to integrate and solve their problems.

For example, I’ve absolutely loved working on revamping our documentation structure.\nWe were previously using Confluence for our documentation, but we were able to spin up the documentation, use the latest technologies and tools to have the documentation that looks good for the brand, thereby, making integration and adoption easier for people.\nBy transitioning from Confluence to a more modern documentation tool, we improved user experience and ease of integration. This new structure separates the 'what' from the 'how', making it easier for users to find the information they need.\n\nA typical day in my life\nMy day starts after stand-up. I usually have meetings with merchants who want to integrate us on their platform, reply to emails or integrations, and follow up on new requests on our different channels: Slack, Zendesk, WhatsApp, etc. We are constantly monitoring all those channels and making sure that we are responding and solving problems.\n\nWe always have a project we're integrating, so I’m constantly checking in with the stakeholders to get updates and fix anything that needs fixing. If we're deploying a new service, I also work on that - coding, testing, integrating, and troubleshooting issues. \nI also meet with sales teams to understand new developments or any changes on the market side of things, what we're doing, the services we can offer, our fees, and our products. That's what a day looks like—a lot of calls and programming.\nLooking ahead, I aim to integrate AI tools to streamline support and enhance customer interaction. Imagine a single channel where users can reach out and get instant, accurate responses – that’s the future we’re working towards.\nWant to work in the intersection of engineering, sales and support? We have\n an opening for you\n on the Integration Engineering team.\n

#WhatIDo: A day in the life of an Integration Support Engineer

I absolutely love waking up to do the work I do at Moniepoint because I can see how much impact my contribution makes. \nWhen you’re building a bank for use on the go, your work as a Mobile Engineer takes on a larger meaning. \nYour job isn’t just adjacent to the company's mission- it is critical to the success of the company and its products. \n\n

I learned about Moniepoint from friends in school and colleagues from work during and after my SIWES. They spoke a lot about Moniepoint (then TeamApt) and how they solve engineering problems. After school, there was a wait period before I was called up for the National Youth Service Corp, and family members encouraged me to start applying for jobs.\nThat’s when I found an opening for a Flutter Developer, and my Moniepoint journey began.\nMy work as a Mobile Engineer\nBeing a mobile engineer involves building software for mobile phones. For us at Moniepoint, this means giving our customers ease of business, access to financial services, and pretty much everything else that allows them to power their financial dreams, all from their mobile phones.\nAs a Mobile Engineer, I work on developing features that customers need. We're constantly trying to find ways to ease users' experience of the mobile app, so you’ll find me considering many flows with other engineers, answering questions like: What's the best user experience? What's the best way we can implement these features?\nI also solve many technical and optimisation problems, such as getting the user into the app as quickly as possible, getting the experience as fast as possible, and having minimal friction whenever they use it. We continually anticipate and fix any problems that users might face, so they can just get into the app and do whatever they love. \n\nA snapshot of what my day usually looks like\nMy work starts around eight o'clock. I usually start the day by responding to all my messages. Stand-up starts around 8:30 am and lasts for 30 minutes. I sync with the rest of the mobile engineers. We note the kind of blockers we're facing, and help one another work through them.\nAfter the mobile stand-up, real programming work starts. I work on new features and fix bugs and other issues raised by the QA Engineers or Technical Support Engineers until 4 p.m. After pushing the new internal build, I'll then work with the QA engineer to fix any bugs or issues they discover. \nRecently, we've been doing internal demos with business every other day. At 4:30 pm, we show what we've been working on, doing a full flow from the user component straight down to what users will see in the future.\nI’ll never forget when we \nbuilt the Moniepoint Personal app\n, which has been the highlight of exciting things I’ve worked on. We had a really short time constraint, and it's still shocking to this day that we could deliver that app in that short timeframe.\n\nLanguages and skills required\nAs a mobile engineer here, Flutter is the major language you need to be good at, but you should have a solid background in native developments, native Android, and native iOS. You should also be able to communicate through channels between Flutter and native services. \nYou should also be experienced with other tools to help make your development easy - Firebase and Crashlytics, for example. Writing scripts is also essential because you’d need to write new scripts to build the app or run tests—writing tests, integration tests, unit tests, etc. \nYour data structure and algorithm skills have to be very solid because we do a lot of optimisations, and you'll be dealing with many large datasets.\nWhat I love about working at Moniepoint\nI love the way I’ve grown here! You get to meet the best of the best, and also get to work with people from all over the world. \nHow you think and solve problems will change, so growth is definitely one of the best things that has happened to me while working with Moniepoint.\nI also love seeing our blue POS out there. The products we build are being used by my family and friends, including my mom, and that’s a good feeling.\nFor fun\nI love cooking, so when I want to decompress, I try out new recipes, too. Some turn out well, others not so much, but I enjoy the process of experimenting with food. \nI recently mastered the art of making Amala (\na staple swallow food originating from Nigeria\n). I had to learn to make Amala a lot, because my girlfriend loves it.\nReady to build for the next billion Africans? We have an opening on our \nMobile team\n!

#WhatIDo: A day in the life of a Mobile Engineer

You must have seen a prompt banner containing a countdown timer on your Moniepoint business /personal banking app asking you to make some KYC corrections. \nIn line with the Central Bank of Nigeria's compulsory KYC mandate, some of our users are expected to update their physical addresses on the banking app. \n\n\nIf you are on KYC level 3 on the Moniepoint Personal banking app and KYC levels 3, 4 and 5 on the Moniepoint Business banking app, you are expected to update your address on the app.\nKeeping your address up-to-date is essential to enjoying your current KYC level benefits and avoiding being brought down to a lower KYC level and transaction limit. \nDon't worry; it's a simple process. In this article, we'll review the steps needed to update your address and fix the KYC issues prompted. \nKYC Levels and their Transaction Limits\nThere are 3 KYC levels on the \nMoniepoint Personal Banking\n app, and their daily/single credit and debit limits include;\n\nNote that\n if you do not update your KYC physical address as a KYC level 3 user on the Moniepoint Personal Banking app, you’ll be downgraded to KYC level 2. \nKindly ensure that you upgrade your KYC details and enjoy transacting with more funds and flexibility.\nOn the \nMoniepoint Business Banking\n app, there are 5 KYC levels, and their daily/single credit and debit limits include;\n\nSteps to Update Your Physical Address on your Moniepoint Bank App\nStep 1\n: Visit Playstore or Appstore to update your \nMoniepoint Personal Banking\n or \nBusiness Banking App.\n\n\nStep 2\n: Log into your Moniepoint Personal Banking or Business Banking App. \nStep 3: \nClick on the "Fix Now" Icon at the top of your dashboard.\n\nStep 4\n: Click "Fix Issues" and then "Fix Now".\n\nStep 5\n: Click "Yes, I am" to confirm that you are currently at your place of residence or "No, I'm not" if you are not currently there.\n\nStep 6\n: Select the "Enter Manually" or "Search Map" button to edit your address.\n\nStep 7\n: Fill in the correct address details and click continue.\n\nStep 8\n: Click the "I attest" button to proceed.\nStep 9\n: Select the "Yes I have" button to confirm the new address.\n\nStep 10\n:Upload your proof of address and click "Next".\n\nFinally, your submission is complete. A Moniepoint BRM will verify your address, and the countdown will be removed from your dashboard.\n\nConclusion\nIt's as easy as that! Let nothing stand in the way of your smooth transactions. Follow the steps above to update your physical addresses, and let's continue to power your dreams!

KYC Update: How to Update Your Physical Address on the Moniepoint Banking App

Hi, I’m Priscilla, but I prefer to go by Amaka, mostly because it reminds me of my background as an Igbo girl in Nigeria. \nI’m currently a product manager at Moniepoint, but I started out as a customer support officer.\n I’ll be sharing a bit of my background and how it’s helped to shape what I do today. Care to join me on this journey?\n\n\nLet’s go!\nFirst, I’m one of those people in a career that has nothing to do with what they studied. I’m a first-class graduate of Microbiology from Covenant University. Still, in my second year, I had the opportunity to intern at a laboratory, and that was when I started doubting that I wanted to pursue microbiology as a career. It felt a bit too monotonous for me.  \nAfter my final exams, I wanted to understand the ‘labour market’, so I started applying for different jobs—particularly those that sounded fun. That’s how I found myself at an interview for a Customer Support role. I guess I did a good job selling myself and landed an internship as a Customer Support Officer for our market loans product. \nInitially, I accepted the offer just to test the labour market, but the longer I worked and interacted with the customers, the more I fell in love with the Fintech space and what we were doing at Moniepoint. I started to realise that I am very empathetic. I was particularly intrigued by the fact that small and medium-scale informal business owners could easily access loans via Moniepoint. So what started as a test became a passion, and I knew I wanted to remain in the Fintech space. \nWhen my internship was over, I wasn’t just retained but was also promoted to lead a small team that combined operations and customer success. This was when I knew for sure that Fintech was here to stay for me. I enjoyed the nitty-gritty of how each thing worked. Thankfully, my then-line manager, Tobi, spoke with me about my career trajectory and interests. After explaining the parts I loved the most about my job, he advised me to look into product management, and that day, it dawned on me - I love being the middleman. So, I started taking courses on product management. \nPoint A to Point G\nIf you’re wondering, point A stands for ‘admired the role’, and point G stands for ‘got the role’. So this is between when I realised I wanted to do Product Management and when I actually started. Shortly after the conversation with Tobi, we slowed down the Market Loans project. The goal was to return to the drawing board and see how to accommodate more businesses. Hence, I was moved to the onboarding team within Monnify. This meant that most of my work was more customer-facing, just like in the beginning. I would work during my shift hours and use my spare time to take online courses. \nAs I trained to become a Product Manager, I hoped that I’d get the opportunity to apply my new skills here at Moniepoint. Then, I read\n Temitope’s story\n and was encouraged to keep the dreams alive. \nBy my second year working here, I had moved from being an intern to leading the market loans operations team and then leading an integrations and onboarding support team in Monnify. At the same time, I kept my eyes on the ball. At this point, Damilare was my team lead, and I had a conversation where I explained what my next career trajectory was like. While he encouraged me, he explained that the company was only hiring Technical Product Managers at that point. Obviously, I had no core technical background, so I started looking for other opportunities or ways to apply what I was learning and grow in my career.\nI must say, this wasn’t the best period in my career journey because it felt like I suddenly realised what I wanted to do, but as I tried to achieve my dreams, they couldn’t be farther from my reality. However, if you’re well accustomed to DreamMakers, then you know grit is one of our core values, and I wasn’t going back on my dream at all.\n\nWhat it feels like to get your dream job\nIn one word - unbelievable. Shortly after I started searching for external opportunities, a role for a Business Product Manager within Moniepoint opened up. It was perfect timing, and I had the skills needed. With my fingers crossed, I applied for the role, gave the interviews my best shot, and here I am today, a Business Product Manager with the Monnify Team. \nHow I apply what I learnt as a customer support officer in my role as a Business Product Manager\nAs a product manager, my role is the middleman with enough authority to make decisions that would favour both the supplier and the receiver of the goods. In fact, most of the time, the receiver is the priority when I have to make decisions. Argh, let’s cut to the chase.\nI have enjoyed working as a product manager, and when I reminisce, I see how much my customer success background has impacted my decision-making process.  Yes, I had taken courses on product management, and I was very much aware that the bedrock of building a product should depend on the customers' actual needs, but it is real to me now.\nProducts are made for people, so every time we’re trying to improve on a product or create a new one, I’m always seeing things clearly from the customer’s point of view. It’s like I have a superpower where I can read between the lines of what my customers are saying and what they aren’t saying. With my background, I’d boldly say that I am leading my team to build/improve on the right product, at the right time, and in the right way for our customers. \nThe impact of our well-informed products\nI don’t think it’d be nice to wrap up my story without sharing some of my most impactful projects. Firstly, as a product manager, it’s quite difficult to pick one feature and peg it as your most preferred. Still, I’ll just focus on what I consider one of my most impactful projects since becoming a Business Product Manager, and that’s the Bulk Transfer UI feature we recently launched.\nThe feature allows Monnify merchants to automate transfers to third-party beneficiaries without using an API. Before now, customers who made transfers from their dashboard could only transfer to their account details linked to the Monnify account we managed. But we built a simpler, faster system that’s equally security-tight.\nWe still have more projects in the pipeline that I can’t share until we’ve launched. Beyond my time as a BPM, I’d say that Monnify’s most impactful product still has to be the virtual wallets. I consider it the most impactful because we were the first to create that solution for a very huge problem that Nigerians and the Fintech industry were experiencing at the time it was launched. \nWhat the future holds\nHonestly, I don’t see myself leaving product management any time soon. This feels like the most certain I have been since my university days. I know what I want to do for the next five years (surprised, yeah?), and I’m ready to give all it takes to get there. For a place like Moniepoint, as long I grow deeper technically, build products that reflect customer empathy and continue to apply grit to push projects, I know I’m covered.\nLet me end this with an open invitation to you. You could be like me, who started out a bit unsure of what exactly she wants but has now grown and is pursuing her dreams. I want you to know that dreams can be powered at any stage, and whatever stage you’ve found yourself, I bet there’s a role waiting for you. Visit our \ncareers page\n, and let’s get this dream together.  

How I transitioned to product management within Moniepoint from a background in customer support

Have you noticed a sudden change in your business name to your BVN name on your Moniepoint Business Banking App? Don't worry; we're here to explain. \nThe Central Bank of Nigeria now requires every business that wants to operate a bank account with its business name to register with the Corporate Affairs Commission. \n\n\nThe good news is that you can now complete this registration process using your \nMoniepoint Business Banking App\n for 19,000 naira. Rest assured, it's a secure, reliable, and trusted way to register your business name. \nIn this article, we'll explain the CAC, the benefits of registering your business name, and how to do it on the Moniepoint Bank app. \n\nWhat is the Corporate Affairs Commission (CAC)?\nThe Corporate Affairs Commission is the Nigerian government body responsible for regulating, incorporating, registering, and managing the formation of companies in Nigeria. \nThe CAC was introduced in 1990 with the passing of the \nCompanies and Allied Matters Act\n, which grants a proprietor or partner the right to conduct their business under a business name.\nNote that Individuals/Proprietors can \nregister business names\n without the services of a legal practitioner, chartered Accountant, or Chartered Secretary.\n\n(\nSource\n)\nBenefits of Registering Your Business Name with the Corporate Affairs Commission\nWhy should you register your business name with the CAC on the Moniepoint Business Banking app? There are \nnumerous benefits of doing so\n, and some of them include the following:\n1. You receive a Certificate of Registration\nWhen you successfully register your business with the Corporate Affairs Commission through your Moniepoint Banking app, you automatically receive a certificate of registration. This certificate of registration comes in handy for various authentication and verification processes. Fortunately, you can obtain your CAC e-certificate without walking into a nearby CAC office. \n2. Boost Your Businesses' Trustworthiness\nAs a business, what matters most is your ability to gain the undivided trust and loyalty of your customers. Having a CAC-registered business name improves your trustworthiness, thereby making your customers more at ease, knowing the business can be tracked. Your customers feel safer paying into your Moniepoint Business account with your registered business name than a personal account. Just that proud-looking certificate hung on the wall of your business place shows the right authority that customers look out for.\n3. Flexibility\nRegistering your business name in Nigeria quickly with just a few clicks on your Moniepoint Business Banking App takes your business flexibility to a new level. As a business owner, you receive your CAC certificate and functional banking account to conduct your business with ease and peace of mind.  \n4. Your Business Attracts Investors\nThe chances of your business attracting investors become higher when it is christened with a CAC-registered name. Most investors feel assured investing in a registered business instead of an unregistered one. This ultimately gives your business greater chances of raising significant capital, granting you an edge over your competitors.\n5. It Saves your Business from Sanctions and Liabilities\nRunning your business with a registered business name is mandatory in Nigeria, and by doing so, you save your business from sanctions and complications. \nAdditionally, you can protect your business as a private liability company from liabilities such as paying back loans and fines with personal funds. This is because the law views your company as a separate entity under the eyes of the law.\nHow to Register a Business Name with the CAC on your Moniepoint Business Banking App\nYou can register your business name on the \nCorporate Affairs Commission website\n, but as a Moniepoint Business account holder, we've added the registration right on your app. \nSimply follow the steps below to begin; \n1. Log in to your Moniepoint Business Banking dashboard and click on the CAC registration banner at the top. \n\n2. After clicking on the banner, you'll see a page showing your business information. The information contains details such as the registration cost and a list of documents the CAC requires for your business name registration.\n\n3. Once you see the requirements displayed and wish to continue, click on "proceed". You'll see a page where you can select the type of business registration you want to perform. However, on the Moniepoint Business Banking app, you can choose only the "business name registration" option.  \n\n4. To proceed to the next step, you need to have successfully. If you haven't done so, you'll receive an error message preventing you from continuing.\n\n5. Once you have linked your NIN to your business account, you can proceed to a page where you'll be required to provide your business information.\n\n\n\nThe details you'll be required to provide of your business include;\nDate of commencement: this refers to the date you reckon your business started as a business owner.\nBusiness Category & Subcategory: \nThis refers to the business sector that your business operates in.\nThe business category selected influences the subcategories that you can choose.\nNot all Business categories and subcategories are allowed to register business names; therefore, a validation check will confirm that the selected business category and subcategory are eligible for registration. \nBusiness Description.\nThis refers to the description of the business in your words as the business owner.\nThe business description content must be at least 30 characters and at most 160 characters.\nThe CAC would flag keywords within the business description that are related to the disallowed business categories and subcategories.\nStaff size.\nThis refers to the number of employees in the business.\nYou will be allowed to choose from a list of ranges.\nSource of funds.\n6. After providing your business information, you will then be directed to the next page, where you can choose your preferred business name. \nYou will be required to provide two names you wish to name your business, which will be verified to ensure that no other Moniepoint customer has the same name pending verification. \nThe names will also be verified to ensure that they don't contain prohibited words and that they haven't previously been registered with the CAC. You'll know if your names are okay to use if you are allowed to proceed to the next stage after clicking "continue."\n\n7. The next step will be for you to provide some personal information relevant to the registration with CAC. Some of the required fields are:\nGender\nNationality\nOccupation\n\n8. On the next page, you'll be required to upload a valid means of identification, such as your NIN document, driver's license, or Voter's card.\n\n9. Next, input your business address in the required field. You can also use your residential address if the details are already in your Moniepoint business bank app.\n\n10. Then, you proceed to the next page, the Attestation page. You'll see the details you filled out on this page while completing the business name registration process. \nThis step allows you to review your inputted details and edit them if necessary before submission. Once you are satisfied with the displayed information, click "I Attest." \nAfter this, your information is submitted to the CAC business registration service. However, if incorrect information is flagged, you won't be allowed to proceed to the final step until you rectify it. \n\n11. Once the business registration service successfully sends and receives your information, you'll be navigated to the "Payment Page." \nOn this page, you will see information about the payment you will make for your business name registration, your current account balance, and the account from which the payment will be debited. \nIf you are satisfied with the payment information, you can then click on the "Confirm Payment" Button to process the payment.\nIf the current Available balance is insufficient for the transaction, you will be informed, and the "Confirm Payment" button will be greyed and inactive.\nSuppose the system encountered an error while processing the transaction or the transaction failed from your Moniepoint business account. In that case, you will get an error message and will not be allowed to proceed.\n\n\n\nIf your payment transaction is successful, you'll be shown a page that shows that your request has been successfully processed and is in a pending state at CAC.\n\n12. When you click on "Continue to Dashboard" or login to the app, you will be navigated to your dashboard. \nHere, you will no longer see the CAC Business Registration banner; rather, an "alert" banner showing that your business name registration has started will be displayed. \nThe alert displayed below will show only for a business owner who has successfully submitted their information to Moniepoint to be sent to CAC and made payment.\n\nIn the case where you have attested to your information but are yet to make payment, you'll see the following alert below;\n\n13. If the CAC has approved any of your preferred business names, you'll see an alert like this shown below\n\nOnce you click on the "Download Certificate" button, you will be shown the approved business name, and your CAC Registration certificate will be downloaded to your device.\n14. If the registration failed and your application was rejected, you will receive an alert on your dashboard stating so. Once you click on the "view details button", you will see the complete details.\n\nBottom Line\nAnd it's as easy as that! With \nMoniepoint Business Banking\n, you can easily register your business name and get it approved from the comfort of your dashboard. \nRegister your business name with the CAC to boost your credibility, and let nothing stand in the way of smooth and flexible business transactions.\n\nFAQs\n1. How much does it Cost to Register Your Business Name with CAC on the Moniepoint Business Banking App?\nYou can register your business name on the Moniepoint Business Banking app as a Moniepoint account holder for a fee of 19,000 naira.\n2. Can I register my business name with CAC myself?\nYes, you can register your business name with the CAC yourself by clicking on the CAC registration banner on your Moniepoint business banking dashboard.\n3. How long will it take for my Business Name to be Registered with CAC on the Moniepoint Business Banking Dashboard?\nYou can get your CAC-registered business name on your Moniepoint business banking app after five days.\n4. What documents are required for CAC business name registration on the Moniepoint Business Banking App?\nThe Business details and documents you'll be required to submit for your CAC business name registration include:\nDate of commencement.\nBusiness Category & Subcategory.\nBusiness Description.\nStaff size.\nSource of funds.\nValid Identification documents like NIN, Driver's license, or Voter's Card\n5. How do I know if my CAC registered business name is ready on my Moniepoint Business Banking app?\nYou'll see an alert on your Moniepoint Business Banking App dashboard if the CAC approves your preferred business names. You'll also receive an email notification containing the name registration certificate and status report document as an attachment.\n6.  If my CAC business name registration fails, what happens to the 19,000 naira I paid? Do I have to pay another, or can I proceed to correct my application details without paying again?\nIf your CAC business name registration fails, you will not be required to make payment again, except if it was refunded during the application process.\n7. What type of Business registration does Moniepoint Business Bank Offer?\nCurrently, the “business name” registration is the only business registration type we currently facilitate. \n

How to Register a Business Name in Nigeria with the CAC on your Moniepoint Business Banking App

For the second year running, Moniepoint has been listed as Africa's fastest-growing fintech \nby the Financial Times\n. \nIn this survey, companies were ranked by their revenue’s absolute growth rate and compound annual growth rate (CAGR) between 2019 and 2022, and our growth rates of [7,979]% (absolute) and [332]% (CAGR) put us as Africa’s fastest-growing company. \n\n\n\nBut what does “fastest growing fintech” mean for the millions of businesses and individuals all around the continent? \nWe’re driving access to banking.\nWe’ve been on a mission to bring financial happiness to everyone wherever they are, and that is helping drive financial inclusion for people who would otherwise be underserved and deprived of access to financial opportunities. \nAs of 2018, before the period in the FT’s review, about 51% of Nigerians did not have access to formal banking services. This critical first window of financial inclusion was a clear gap. In 2023, that number dropped to 36%.\nThis significant growth has been deeply felt by millions of businesses in the informal sector that do not have access to regular formal banking services. More people have \nbusiness accounts\n because we’ve been able to leverage our strong distribution network. \nPeople no longer have to go to banking halls, the banking halls are going to them.\nBut this is just an entry point for financial inclusion. \nWe’re driving access to payment services.\nEFInA’s report shows that access to payment services has \ngrown by 12%\n during the same period. This means that more people can now easily make digital payments, and more businesses can receive them. \nAgain, Moniepoint’s speedy growth has been a core driver of this. What, you don’t believe that? As of February 22, 2023, we activated a new payment terminal every 30 seconds in Nigeria. We’ve handled issues with reliability, lack of access, and fraud so well that millions of businesses now trust us to help them grow. You can check out more \ndetails here\n. \nBeyond terminals, Moniepoint is also creating market-leading innovations in web payments with the introduction of virtual accounts which has taken Nigeria’s eCommerce market by storm.\nAs more people are able to pay for stuff they love, there’s still a critical piece in the puzzle. \nWe’re driving access to credit.\nCredit access is a vital component of financial inclusion, both for individuals and particularly for small and medium enterprises (SMEs), which form the backbone of many African economies. However, only 15% of SMEs have access to much-needed financing to grow their businesses.\nMoniepoint is changing this space by offering working capital loans that have a tangible impact on business sustainability and growth. As of 2023, we’ve disbursed over $70 million in loans to thousands of small businesses, a much-needed capital injection that’s helping businesses thrive in all sectors of the economy.\nWe’re digitising informal businesses.\nThe informal sector, which employs the majority of Africa's workforce, has historically been underserved by conventional financial institutions. Moniepoint’s strategy has helped to change this narrative. Our recent partnership with the CAC, for example, will ensure that 30 million businesses will become formalised in the next five years, giving them access to a full range of financial services and government assistance.\nConclusion\nEverywhere you go in Nigeria, the distinct ping of our terminals is the sound of an expanding business or a thriving partner. All our tools bring everyone that much closer to greater financial empowerment. This listing validates our commitment to making financial services accessible to people everywhere. 

Moniepoint is Africa’s fastest growing fintech - what this means for financial inclusion in Africa

\nI recently read the story of how Tobi left Moniepoint and returned, and it made me reflect a bit more on my own story. And during my reflection, I decided to share. I like to think of myself as an explorer. In my bid to explore, I’ve found myself in and out of Moniepoint, but I’m back, and here’s my story.\nFirst of all, introduction…\nMy name is Opemipo, and I work in the finance department. Currently, most of my time is spent on the Financial Control Management side of things. As required, I work with the Corporate Finance team, supporting them with fundraising, etc. So, just call me the finance guy.\nIn the beginning\nAs I said at the beginning, I am mostly intrigued by exploring things, so I became very interested in the tech space after my university education. I’d equip myself with as much information as possible about tech and startups in Africa. One of the days I was doing my ‘mindless’ scrolling, I came across a blog post on one of my tech editorials. It was a story about \nhow TeamApt (Moniepoint) had bootstrapped,\n and they were doing it successfully. I remember reading the story repeatedly, researching about the founders and the company, just to be sure I understood what I was reading.\nTill this moment, that is still the most fascinating story I have read about a fintech startup in Nigeria. You know, it is one thing to bootstrap and another to make a profit. So, during my research, I went to the Careers page and searched for a role that I was a good fit for. That’s how I first joined the company. I joined as an intern, and that doubled as my placement for my \nNYSC\n. \nIt was a smooth, rough ride. I enjoyed how fast-paced we were. Even if it was my first official experience in a corporate setting, the pulse felt right. When I joined the team, the finance team was being built, so Kemi and I pretty much started the team and created the operational processes. I learnt on the job and learnt fast. But as someone who always wants to see what options are out there, I felt like I wanted to spend more time doing core finance, and TeamApt (now Moniepoint) didn’t seem to be giving me the level of finance work I wanted, so I applied to a traditional bank as a graduate trainee. \n\n\nHow blue was the grass on the other side?\nAs a graduate trainee, the typical process is to be rotated across departments, and I had my fair share of this. I worked across customer support, operations, and sales until I landed in my desired department—finance. Here, I was rotated again until I ended up in the investment management team. \nMy work was mainly to support fund managers with analysis. My colleagues liked me, especially my line manager. For them, there was something about how I worked, how I desired to work more and my use of finance software that thrilled them.\nAbsence makes the heart…\nI was away for 9 months, but I don’t think my heart really left Moniepoint. At every slight instance, I’d compare the process of getting things done here vs. there, as well as the expertise DreamMakers displayed. I had hoped we’d imbibe some of the core values there, but I soon understood that those core values made Moniepoint stand out, and no other company would mirror what we had here. I was finally doing the finance I wanted to, but it was moving a bit slowly. Because I was in contact with a couple of people from Moniepoint, I had a bit of an idea of what our growth was like, so I decided to come back. \nBack to the dream\nReturning has been one of the greatest growth trajectories for my career. Returning to see the growth and having to work on more exciting projects has made up for the two years I was away. When I left, we were just an agency bank barely processing up to 1bn in a month, but on rejoining, we were doing as much as 1 trillion a month. Also, evolving to a full business bank caught my attention again because of the problems we were solving for them. \nWhen I returned, I joined as a corporate finance analyst, working with the VP of corporate finance on various projects, including financial planning and analysis, fundraising, and M&As. I got the thrills I missed almost immediately, as I was tasked with creating an investor report for a fundraising round we were conducting at that point. I still consider this one of my most significant projects, especially because of the time frame I had to complete it. \nOne thing I am happy about is that as the company grows, I can also see myself growing. As a Corporate Finance Analyst, I am now a director, leading the Finance business partners, who are responsible for managing the financial affairs of Moniepoint’s SBUs.\nWhy am I sharing my story?\nI’ve had many people ask me if I am glad I returned to Moniepoint and what the big deal about Moniepoint is that I had to return. The answer is so within reach - we have high-quality people. People who are ready to roll their sleeves and get the job done. You also get paid well. And of course, the impact we’ve had across business and personal banking. These are the top reasons for me. So if you’ve left and want to come back, or it’s your first time, I’d tell you for free that you’re making a good choice. Check our \ncareers page\n for a role that suits you. 

Back to the dream: how my search for career alignment brought me back to Moniepoint

Powering your financial dreams is possible regardless of internet challenges and location barriers, thanks to the Moniepoint USSD code. \nWhether online or not, you can make smooth transfers, check your account balance, reset your PIN, block/unblock your account, and lots more while using the USSD code. \n\n\nLet’s explore eight essential USSD codes every Moniepoint user should know and their various functions. You can access the specific functions by dialing the main USSD code *5573# and selecting the relevant flow from the main menu. \nAlternatively, you can dial a slightly extended code that can directly lead you to the needed function. The available direct codes include:\n1. \n*5573*5#\n : You can instantly check your account balance and details by dialing this USSD code. As a Moniepoint personal or business bank account holder, you can stay informed and updated on your financial information, whether you can access the internet or not.\n2. \n*5573*1*Amount*Account Number# \n: You can easily make transfers to other Moniepoint accounts from your Moniepoint account by dialing this USSD code with your registered phone number. A bad internet network day shouldn’t stop your important transactions.\n3. \n*5573*2*Amount*Account Number# \n: Making instant transfers from your Moniepoint account to any other bank account just got easier. Dial this USSD code with your registered phone number to make transfers directly at any time.\n4. \n*5573*Amount#\n : Running low on airtime? Keep the conversations going and buy airtime by dialing this USSD code without any internet connection.\n5.\n *5573*Amount*Phone Number#\n : Need to send your family and friends love in the form of airtime? You can easily do so by dialing this direct USSD code, even while offline and at any location.\n6. \n*5573*6#\n : You can easily boost and enhance your bank account’s security by resetting your PIN even while offline. Whether you forgot your PIN or need to tighten security a bit, you can do so easily by dialing the USSD code.\n7. \n*5573*73Code#\n : You can scale through extra verification and easily retrieve OTPs from any OTP service provider by dialing this USSD code with your registered phone number.\n8. \n*5573*911#\n : Worried about your phone being stolen and your financial details getting into the wrong hands? You can block or unblock your account(s) if you have a friend/family member who has access to the Moniepoint USSD channel. \nAll you/they have to do is dial this USSD code. You then choose the “Stop Debit Transactions” and “For Others”. After inputting the user’s phone number or account number that you wish to block (and the PIN), this will immediately stop withdrawals from the bank account.  \nConclusion\nYou can unlock the full potential of your \nMoniepoint Personal\n or \nBusiness\n bank account by dialing the USSD code *5573# to get a menu list of financial operations. \nBy dialing the main or extended USSD codes listed above, you can enjoy banking on point without the hassles of an unsteady internet connection.

8 Essential USSD Codes Every Moniepoint User Should Know

\nHave you ever sent money to the wrong person or account? We’ve all been there, and so have millions of people globally. It could be completely innocent, like that time I mistakenly sent airtime to a stranger who ended up praying for me. Or it could be serious, like a deal gone wrong with an Instagram vendor or the WhatsApp group admin for a Ponzi scheme. \nIn this entry for What’s The Point, we’ll explore erroneous transfers. We talked to Grace, Dolor, and Goodness from our legal, fraud and transaction monitoring teams to figure out why it happens, what we can do when it happens, and why the solution works the way it does. \nI gave up on trying to make the headline rhyme like "What’s the point of the battle with erroneous transfers", so I resolved to give you insights that will make you forget the lack of a poetic title. Back to the issue at hand. Here’s how we’ll structure the story to learn: \nWhat erroneous transfers mean and the forms they take\nWhat the regulations say about resolving erroneous transfers\nHow it compares with other global financial institutions\nWhy it’s so hard to resolve \nWhat we do and can still do about it. \nThe many faces of erroneous bank transfers\n\n\nErroneous transfers or accidental bank transfers refer to any movement of funds caused by mistake, fraud, or other unintended circumstances. You could call them accidental, mistaken, misdirected, or unauthorised transfers. The examples in my introduction allude to the different forms of erroneous transfers. It’s a typical headache for individuals and businesses. \nIn their purest form, erroneous transfers involve innocent customer or bank teller errors, such as typing the wrong bank account number, selecting the wrong recipient from the saved beneficiary, or typing/writing 10,000 instead of 1,000. Now, it extends beyond that. It can also include:\nUnauthorised access: A friend or fiend could gain access to your account and send money without your permission. \nBusiness gone bad: You could send money to someone under deceptive circumstances. It could be an online vendor that doesn’t exist or an outright fraudster.\nFraudulent senders: This is the reverse, where senders claim a legitimate transaction was done in error.\nTechnical glitches: Customers could get debited twice for the same transaction.\nSubscription blues: You could forget to cancel a subscription and get hit with a shocking debit. \nCurrency fluctuations: This could cause you to send the wrong amount when sending money from one country to another. \nIndividuals and businesses face these issues when sending money today, but it has been a long time coming. \nBefore the digital age, transfer errors with checks, passbooks, and tellers. Technology has given us more places to buy from and seamless tools to make payments, increasing the chances of errors. You’ll see these issues on either side of the pond.  A survey by the UK-based payments firm VibePay, showed that 25% of UK banking customers had misdirected funds at one point, which has led to customers losing £204 million. \nIn 2023, US consumers lost $\n392 million\n to online shopping gone wrong and $2.6 billion by sending money to people pretending to be who they’re not. \nHow regulations resolve erroneous transfers\nTwo main bodies help police financial issues like this in Nigeria: the judiciary (courts) and the Central Bank of Nigeria (CBN). The CBN provides rules under which every financial institution operates. However, like in most democracies, the courts have the final say whenever there's a dispute. \nThe Central Bank of Nigeria’s “Regulation On Instant (Inter-Bank) Electronic Funds Transfer Services In Nigeria 2018” shows how erroneous transfers should be handled. If the bank makes an error, internal processes will be used to rectify the issue. When customers make a mistake, that’s where things get interesting. The CBN recommends the following steps:\nThe customer reaches out to the person they mistakenly sent the money to directly and arranges for an amicable refund. \nIf the person doesn’t respond, the customer should contact their bank. The customer’s bank should then inform the recipient‘s bank of the issue. Then, the recipient bank can place a Post No Debit (PND) on the account while obtaining consent from the recipient. \nIf the bank still can’t obtain consent, the Internal auditors of both banks have to meet to resolve the issue. \nBuilding on the CBN’s framework, the customer might have to get a court order to reverse the funds if the recipient can't be reached. In most Nigerian states, funds below N5 million (or N10 million in Lagos) can be retrieved with a court order from a Magistrates’ Court. Amounts above this would require the High Court of Justice. \nI know that this sounds like a lot, but there are a few reasons why it exists. Between protecting your rights as a customer, the rights of the business owner, and those of the banking institutions (yes, they have rights, too), a few checks have to be in place. Here are some important facts to note: \nCustomer rights: \nBanks do not have the right to touch customers' money without consent. The banks could be sued if a reversal is made without a court order.\nTiming is important\n: It’s very critical to report the transactions immediately they happen. When a court order is needed, it should be done as quickly as possible, as PNDs only last for 72 hours.\nBanks need to investigate\n: The recipient bank needs to find out if it was indeed an erroneous transaction or if a transaction was completed. If the recipient provides evidence that the money was for a transaction, \nIf you’re still not convinced, it also works similarly elsewhere in the world. In the US, the Electronic Funds Transfer Act, Reg E, treats the customer’s error claim as alleged until the bank completes its investigation and reviews the provided required documentation. Similarly, the Financial Conduct Authority in the UK has the Payments Service Regulations that mandate banks to reverse money only if an error has been confirmed. \nWhat customers need to prevent\n\nThe data shows that people are losing millions to imposters and fraudulent online shopping. Issues with erroneous transfers in Nigeria demand that customers balance speed and attention to detail, depending on the context.  \nEmails with suspicious messages and links can give fraudsters the tools they need to impersonate consumers. But these are becoming more obvious. What’s not obvious are social media trends that ask users to provide their account details or other deeply personal information. \nHow Moniepoint manages erroneous transfers\nMoniepoint handles erroneous transfers by being as fair, flexible, and strict with regulations as possible. When we get a report, here’s what we do;\nWe try to be as transparent as possible by copying the other party in the mail to make sure that an erroneous transfer actually happened. In this case, we can determine if this was a case of fraud and pay extra attention to it. \nWe go even further with business owners by including their relationship managers and their phone numbers for direct contact. We ask for consent to debit the funds if it was an error or evidence of value delivered, which we then review. \nMost importantly, we pay attention to the possibility of forged documents, from receipts to court orders. This is critical for court orders, as some people might forge and print what seems to be a court order with no legal backing, \nSometimes, we contact the relevant legal authorities to ensure we have valid documents. We keep building our systems to ensure the highest security and transparency in different instances. You can read more about our work with security and biometrics \nhere\n. \nSo there you have it. Erroneous transfers are a thing globally. People lose money, and regulatory bodies across the globe try to strike a balance to protect consumers and everyone else in the financial system. It’s still a work in progress, and we’re committed to playing our part.\nIf you’d like to join us as we protect the financial happiness of Africans globally, \nclick here\n to find a role that suits you.

What’s the Point: The battle with erroneous transfers

\nI remember my first day at Moniepoint two years ago. It was the 3rd of January, and I was so excited to start the year on a new job. I came in as an Engineer with an overarching big-picture view of what my role could evolve into, the ways that my work would matter, and the possible futures ahead of me. \nAnd… as fate would have it, a couple of weeks into joining as an engineer, I was put on a project that moved me into the role of an Enterprise Architect. Now that I’ve worked as an Enterprise Architect for over two years, I can tell you what the role looks like.\nWho’s an Enterprise Architect at Moniepoint?\nBeing an Enterprise Architect entails a number of things, but it majorly means being able to translate requirements into a finished product or a usable application. And that could mean designing in a particular way, applying some design principles, architectural disciplines and other things, while infusing your experience in that field/industry.

An enterprise architect at Moniepoint serves as a bridge between the business and the engineer who works on the major features. They are responsible for coming up with a design that best addresses the problem (the problem in this case is the requirements) and helping the developers understand how the business sees it and how they should see it as engineers. So, the EA picks the requirements and, at the end of the day, comes up with a finished product.\nA snapshot of what every day looks like\n\nMy days aren’t exactly fixed or predictable, but there's a template that I like to follow because it brings structure to my life - I wake up early, do my morning rituals, and then get to my PC 10 minutes before 8 a.m.\nOther times, I get to the PC before then doing code reviews. Otherwise, I'll go to my PC, prepare for the standup, and attend to team requests after the standup. \nSometimes, I also have a day planned out. On those days, the highest priority could be production issues or open MRs. If the engineers need a deep dive, we block out time during the day to do that. Sometimes, if they have some blockers mentioned during standup, I could ask them to also wait behind.

To simplify it, it should be: attend standup in the morning, get feedback on the standup, attend to open MRs, plan for deep dive sessions, and stay open to checking for production issues. I also need to attend leadership meetings with my VP, and product manager just to be sure that we're always on the same page,  and that the OKRs we're committed to are still being worked on. And if we are experiencing any form of blocker due to resource constraints or any other constraints, we discuss those kinds of issues.\nKeeping the process simple.\nMy main responsibility is to simplify the process. Regardless of how hard or big the requirement is, I should not transfer the complexity to the engineers that I work with. I should also be able to transfer the knowledge that I've gained from the business to them. 

Sometimes, this involves me sharing the approach we’re taking with each member of the team during their deep dive. I also need to walk them through the current, existing system and the proposed system and explain why we are doing things a certain way. This helps broaden their technical creativity or awareness. \nFor instance, an engineer might think they're exposing an endpoint to get names, but in the long run, they're actually exposing an endpoint to get the names of about 10,000 users or more. That could help them say, “Okay, no, this shouldn't be paginated.” Therefore, they make good technical decisions along the way as well.\nA recent fulfilling project\nWe recently did some work in East Africa, and I functioned as the EA, which kind of led the whole initiative. I derived a lot of joy in understanding their existing system and fleshing out the right architecture to merge it with how Moniepoint works – improving their technology with ours. 

There was a lot of work around preempting and building technical moats to merge the systems technically without issues. This extends to designing reliable and fault-tolerant systems and creating systems of services along the line. For example, the transfer process—defining it, the recurring transfer process, the user onboarding process, and several other components that play a major role in completing a business banking application. 

It is one of the biggest things that I really enjoyed because I was able to see the endless possibilities that exist in terms of expansion, technical scale, and everything happening along the line. I would say it's also helped me understand some core systems and be intentional about creating an extendable system that would be reusable for diverse initiatives and other countries.\nIf you like being at the centre of business, engineering, and things that scale, we have 2 Enterprise Architects roles open. Check them out \nhere\n and \nhere\n, to join our team!\n



#WhatIDo: A Day in the Life of an Enterprise Architect 

\nDo POS terminals last forever? What happens when you drop one or its screen glitches? Does that even happen? This question has been ringing in my head for some months, and I decided to chat with Tosin Solarin, a POS technician at Moniepoint, about his role and how it impacts the larger picture at Moniepoint.\nTosin Solarin describes his role as being a community hero in disguise. He provides tools and support to business owners to keep their transactions smooth and make their customers happy. As Tosin puts it, \n‘Every transaction is a chance to help someone grow their dream'.\n Join me as we learn more about Tosin Solarin and his role as a POS technician at Moniepoint. \nHi Tosin. What was your dream job while growing up? \nGrowing up, my dream was always to become an engineer. I pursued this passion by studying electrical and electronic engineering, which aligns closely with what I do now. Originally, I envisioned myself in the oil sector, but life took a different turn. Although I didn't anticipate working as a POS technician, I'm fulfilling my goal of being an engineer, just in an unexpected way.\nThat’s great! How did you get started as a POS technician?\nMy interest in electronics began during my university days. After graduation, I took on various jobs outside of engineering but didn’t find the fulfilment I was seeking. In 2020, a friend introduced me to the possibility of working in fintech as a POS technician, highlighting the sector's rapid advancement and the innovative nature of POS technology. This resonated with my passion for electronics and the industry's dynamic nature. \nI soon found myself learning more about POS devices, their functionality, and how to support customers using these systems. My journey led me through several fintech companies, and in 2023, I joined Moniepoint. I was drawn to Moniepoint because of its promising prospects and a more supportive policy environment than my previous positions.\nHow satisfied do you feel working in your current role?\nI find great satisfaction in solving problems and making people happy, which is a big part of my job. As a POS technician at Moniepoint, I primarily work within our team, but I also have direct interactions with business owners. \nIt’s incredibly fulfilling to resolve their issues with POS devices. Being part of a team that actively resolves issues for around 20,000 faulty terminals, I truly feel I’m making a difference and contributing to our collective goal of problem-solving.\n\nHow would you say your role as a POS technician impacts both businesses and the broader society? \nMy role is crucial in supporting business owners by ensuring their POS machines function correctly. When a POS device malfunctions, it comes to me through a chain that starts with the business owners and moves through business relationship managers. \nAs the final end of this chain, I handle both software and hardware issues that might arise with these devices. By keeping these machines running smoothly, I help business owners avoid revenue losses, which is vital not only for their success but also for the economic health of the community. \nIn the bigger picture, I act as the glue that holds things together, powering the dreams of business owners and, by extension, supporting the broader economy. \n\n\nDoes security come to play in your role? What steps do you take to ensure the security and integrity of POS devices? \nTo combat security breaches, we conduct ongoing sensitisation programs with state coordinators, who then relay critical security information to business owners. Many owners aren't fully aware of the security features of their POS devices. \nFor instance, our POS devices are designed to signal tampering. If a specific component is dislodged, the device will indicate it has been tampered with, and only an authorised technician can reset this alert. \nWe've also implemented a new measure after repairing a device, by placnig a security sticker on it. If a device returns to us with this sticker tampered with or removed, we know it’s been handled by an unauthorised person. \nWe continue to refine our strategies to ensure security. We strongly advocate that business owners bring their terminals directly to us for any issues rather than relying on unqualified roadside engineers, which often results in ineffective repairs and wasted time.\nIf you weren't a POS technician, what other career might you have pursued?\nI am interested in various other engineering fields, particularly data engineering and software engineering. I've already begun taking courses in data engineering, and if I weren't a POS technician, I would love to pursue a career as a data engineer. The world is constantly evolving, and it's important to expand my skills and adapt to new technological advancements.\nJust for fun, if you could switch roles with anyone at Moniepoint, who would it be?\nI’d choose Habib, our data engineer! His role aligns closely with my interests, especially since I'm also passionate about data engineering.\nI knew it! Thank you so much, Tosin. I enjoyed speaking with you.\n
\nThink you can make an impact on the broader society with your role? Explore our \nopen roles \nand join us today.\n

RIPPLES: How Oluwatosin helps prevent business losses as a POS Technician

Are you trying to transfer or receive funds into your Moniepoint Personal or Business bank account but have hit your account's daily transaction limit? \nWe understand how that could make you feel!\nThat is why it's possible to raise your daily/single credit and debit limit as you upgrade your KYC levels in your account. \n\nIt's important to know that these limits exist to safeguard your finances and ensure security. However, you might want to transact with more funds and need the flexibility to do so.\nLet's explore the various KYC levels, the daily/single credit and debit limits, and how to increase these limits.\nHow do I Increase the Transaction Limit on my Moniepoint Personal Banking App?\nYou can easily increase your daily/single debit and credit transaction limit on your \nMoniepoint Personal Banking app\n by upgrading your KYC levels. \nThere are three KYC levels you can upgrade to by providing the required documentation. These KYC levels come with their individual transaction limits.\n1. Level 1\nThe single credit limit for this level is N50,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N300,000, while the daily debit limit is N300,000. To upgrade to KYC level one, you will need to provide the following requirements:\nYour Nationality\nNIN or BVN details\nFace Verification\nResidential Address\nPEP Status (Politically Exposed Person)\nSource of Income\nAttestation\n\n2. Level 2\n \nAt this level, the single credit limit is N100,000, while the single debit limit is N100,000. Additionally, the daily credit limit is N500,000, while the daily debit limit is N500,000. To upgrade to KYC level 2, you will need to provide the following requirements:\nBVN or NIN details\nNext of Kin details\n\n3. Level 3\n \nThis final level has an unlimited single and daily credit limit; this means that your account has no credit transaction limit. On the other hand, your single debit limit is N5,000,000, while the daily debit limit is N25,000,000. \nTo increase your transaction limit, you will need to upgrade to this level by providing the following requirements:\nProof of Address Verification\nIndemnity\n\nHow do I Increase the Transaction Limit on my Moniepoint Business Banking App?\nYou can increase the transaction limit on your \nBusiness Banking Account\n, allowing you more flexibility to send and receive money from your vendors and customers. The different KYC levels and their transaction limits include:\n1. Level 1 \nThe single credit limit at this level is N50,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N300,000, while the daily debit limit is N300,000. To upgrade to KYC level one, you will need to provide the following requirements:\nYour Nationality\nBVN or NIN details\nFace Verification\nResidential Address\nBusiness Details\nBusiness Address\nPEP Status (Politically Exposed Person)\nSource of Revenue\nAttestation\n\n2. Level 2 \nThe single credit limit for level two is N100,000, while the single debit limit is N100,000. Additionally, the daily credit limit is N500,000, while the daily debit limit is N500,000. To increase your Moniepoint business banking account transaction limit by upgrading to KYC 2, you need to provide the following requirements:\nBVN or NIN details\nNext of Kin details\n\n3. Level 3\nLike the personal account, this level has an unlimited single and daily credit limit. It means that your account has no credit transaction limit. On the other hand, your single debit limit is N5,000,000, while the daily debit limit is N25,000,000. The requirements for this level upgrade are as follows:\nProof of Address (Residential)\nIndemnity\n\n4. Level 4 - Registered Business\nYou have an unlimited single and daily credit limit at this level. Also, your single debit limit is N10,000,000, while your daily debit limit is N25,000,000. You can upgrade to KYC level four with the following requirements:\nBusiness Registration Type\nSupporting Documents\nReview Business Names\nAttestation\n\n5. Level 5 - Registered Business Plus\nAt the final level, you have an unlimited single and daily credit limit. However, you have a single debit limit of N100,000,000 and a daily debit limit of N250,000,000. The requirement to upgrade to this level is:\nInternal Business Registration Document Review\n\nConclusion\nOn the different KYC levels, you can improve your banking experience on the Moniepoint \nPersonal\n and \nBusiness\n Banking app and enjoy seamless transactions with unlimited potential.

How to Increase Your Moniepoint Account Daily Limit

\nAt Oyingbo market, Lagos, Nigeria,  the air is filled with shouts and the scent of fresh produce. You're there, hands full of groceries, heart racing as you reach the front of the queue. The seller is impatient, and you're fumbling with your phone, trying to open your banking app. But your PIN, what was it again? With people close enough to peek over your shoulder, the fear of someone catching your PIN adds to the stress. Then, you notice a fingerprint-shaped button on your screen. With a simple touch, the app opens. Relief!\nYou just avoided a minor mishap, but this moment shows how biometric technology is helping to keep your financial details safe. Gone are the days of relying solely on passwords you use on a million websites, or complex passwords you forget 2 minutes after you set it.  Now, something as personal as your fingerprint can ensure your financial transactions are safe. It's security based on who you are, not just what you can remember.\nBeyond finance, this transition to biometric authentication is making our daily interactions with technology smoother and more natural. To unlock our smartphones, to speed up airport check-ins. We spoke with Tolulope, one of the product managers who built Monepoint’s biometric features, to dive into how this technology has evolved, how it works, and the benefits it offers. 
\nHow we got to biometrics\nLong before smartphones and the internet, people had to find ways to keep their belongings safe. At the time, the most advanced security was a lock and key, or a secret password only a few people knew. \nIn the early days of banking, security meant a strong vault/safe and a complex combination lock. You confirmed your identity with a paper signature and relied on humans to verify. It was a simple time, but signatures could be forged, and keys could be stolen. \nAs technology advanced, personal identification numbers (PINs), and passwords came around. With four digits or letters, you can now access your money. Transactions became smoother and “somewhat’ safer. Yet, we all know how easily we forget passwords,  kids or nephews/nieces easily guess passwords when we put in little effort, and it’s not safe from prying eyes or social engineers. \nWe use something far more personal and unique to secure your device or finances. You. Your fingerprint, the shape of your face, your voice, or the pattern of your iris are very hard to duplicate or steal. Right now, biometrics are part of our daily activities and it’s become natural and intuitive.\nInterestingly, the use of human features for identification dates back to 500 BC, when ancient Babylonians used clay tablets with fingerprints to record business transactions. In the 19th century, an employer used handprints to identify employees, and a French police officer used body measurements to identify criminals. Sir Francis Galton, created a detailed system for identifying fingerprints. In 1936, an Ophthalmologist, Francis Burch, first proposed the concept of using the iris to identify individuals, and Bells Labs designed a speech recognition system in 1952. The financial sector has followed this evolution. \n\n\nNow, let's look at this technology more closely and explain why it's becoming indispensable in our daily lives.\nHow biometrics work\n\n\nThink of biometric authentication like your home's front door. Instead of using a key that anyone could copy or lose, it opens only at the sight of your face or the touch of your finger. It's as if your house recognises you and lets you in. Biometric authentication has two parts: “Bio” (as in “Biology”) and “Metrics” (as in rules and systems for measuring data, created by really smart people). \nThis technology is based on a simple idea: everyone is unique. Just so we’re clear, here are the ways biometrics exist with fintechs today;\nFingerprint Scans\n: Perhaps the most popular on the list, fingerprint scans capture the ridges and valleys of your fingerprint. While you deal with the image of ridges and valleys at the tip of your finger, just know that every fingerprint is distinct. \nVoice Recognition\n:  It checks what makes your voice unique, like its pitch, rhythm, and tone.  Imagine it as a voice fingerprint, as distinct as your physical one.\nFacial Recognition\n: This system maps the contours of your face, recognising the distances between your eyes, the shape of your nose, and the pattern of your facial features.\nSignature recognition\n: Here, you don’t just get to sign. It looks at how you sign your name, focusing on pressure, speed, and stroke patterns.\nBeyond these three popular types, we also have Iris scans, signature recognition, hand geometry, gait recognition, vein patterns, and DNA analysis.\nWhat makes biometrics so useful?\nLet’s face it: No one wants their device or bank accounts compromised, and biometrics offer a higher level of security. Banks and fintech companies, like Moniepoint, use this technology to ensure that it’s really you accessing your account. It’s designed to make transactions smoother and safer.\nFun fact\n: It will take just 0.19 milliseconds to hack a password you set as “password”. That’s faster than you can blink.\nFingerprints, for instance, are much harder to forge, steal, or guess than say, signatures or passwords. While it might take you a few seconds to type in what should be a complex password, Biometrics are almost instant. \nHow we approach biometric authentication\nAt Moniepoint, we think banking should be easy, safe, and make you happy. If you’ve been following this series, you should understand that we balance compliance requirements, technology adoption and the customer’s needs. We’re customer-obsessed, we focus on time to delivery, and we have a technically capable team working on features like our biometrics.  \nWithout getting into technical details you probably don’t care about, we set up our biometric system in a way that reduces the chances of someone getting into a customer’s account. \nWe took facial verification beyond taking a picture. You now have to smile or roll your head so the verification company can ensure you’re not holding someone’s picture in front of the camera. \nWe also provide constant notifications so the user can see every activity, even log-ins, to spot when something is out of place. The result is we make it way harder for anyone to get access to your account. \nWe also set up our systems to be as fast as possible. The benchmark for every transaction we do at Moniepoint, including biometric authentication, is the 100th millisecond. However, some services and APIs are running way below that benchmark.\nWe did this by making sure we bring in smart and skilled technical team. This team is free to evolve on their own with the company’s support in the background. As a result, we end up building a solid foundation, structure and the right database in a way that benefits the products and features we build. \nIf you’d love to join us to build the future of secure digital payments in Africa, visit our \ncareers page\n. See you in the next one!\n

What’s the point of Biometrics in banking?


Hey there! I'm Chris. In this current phase of my life, I’m navigating the world of recruitment at Moniepoint. It’s not common to approach recruitment from a sales perspective, but my experience has shown a pretty strong connection between the two. Here, I will share my ideas on sales and recruitment and how the ways they overlap help find the best people for every role. \nFirst, let’s start with a bit of my background \nWho is Chris? \n\nBorn and raised in the States, I'm the product of hard-working immigrant parents who carved out a better life for their kids in a cosy East Bay Area suburb. Growing up, it took me a while to realise their sacrifices and how these shaped my perspective on work and life. My mom, an Ecuadorian immigrant, embodies the sense of hard work, independence and grit taught to her by her mother. My dad, a successful professional in the oil and gas industry, showed me the meaning of discipline and perseverance.\nMy first job didn't come until I was 17, thanks to the comfortable life my parents provided. I worked at a coffee shop as a barista, making coffee and lattes for people. It helped me build my people relations skills. From then on, I took up jobs and roles that leaned towards people and sales.\nStumbling into recruitment, therefore, was a mix of serendipity and my inherent drive to do quality work, treat people with respect, and be kind. Reflecting on it, my approach to recruitment and in a way, my stint in sales have been deeply influenced by my background.\n
\nHow I found my way into Recruitment \nRemember I said I had a career stint in sales? I sold ads in a school newspaper at the university I attended. I also worked at a non-profit where I was responsible for selling tickets for an annual event, which was our main fundraiser for the year. I also worked as a salesperson in a couple of software start-ups where I was either directly selling or had to get qualified leads booked for my manager to have sales meetings with potential clients. \nI was also in a business fraternity where I was responsible for different things. For example, I was in charge of  “Alumni Relation” where I was responsible for re-building relationships with people who used to be members and raising money from them. I also had to figure out ways to leverage their position in tech companies to benefit our active members. This led to several people finding jobs and internships. Although I didn’t realise it then, I was actually serving as a connecting dot and being a recruiter. \nThrough these experiences, I saw that sales and recruitment were alike. This led me to join a recruitment agency as an entry-level recruitment coordinator when I moved to Portugal. When we think about recruitment, it's easy to overlook the skills borrowed from sales that make a recruiter truly exceptional.\nThe Intersection of Recruitment and Sales\nImagine you were a candidate I was convincing to join Moniepoint. What would you like me to do? What would you like to see or hear? And would that be different from, say, trying to get you to buy something? In my experience, not so much.\nRecruitment, like sales, centres on three pillars:\nRelationship building\nMy approach has always been to treat candidates respectfully, genuinely understand their career aspirations, and maintain high-quality interactions. This philosophy isn't something I consciously decided to follow; it reflects the values instilled in me by my parents and my cultural heritage.\nPersuasion\nPersuasion is another sales skill that plays a pivotal role in recruitment. It’s not about manipulation. Rather, it's the art of presenting opportunities in a way that resonates with candidates. Every time I speak with a potential candidate, I try to highlight how the role aligns with their aspirations and growth. Similarly, in sales, it's about showing the value of a product in meeting a customer's needs. This skill demands a deep understanding of both the product and the customer—or, in the case of recruitment, the role and the candidate. It's about painting a picture of a future that's too compelling to pass up.\nGrit\nAs a recruiter, I’ve come to accept that not every candidate would take up my offer. However, when there’s a candidate I’m sure would offer value to the company, grit is what keeps me going even when the candidate declines. I once followed up with a potential candidate for over 6 months because I was sure the candidate was the best fit for the role.  Grit is perhaps the most critical value I bring to my role: a relentless determination and resilience that I've inherited from my hard-working parents. This quality is necessary in both sales and recruitment. Facing rejections, navigating challenging negotiations, and continuously striving to meet targets require a level of perseverance that not everyone possesses. Grit means pushing through the no’s to get to a yes, constantly refining your approach and never losing sight of your goals. It's about being resourceful, learning from each interaction, and never giving up on finding the perfect match for both candidates and the company.\n\nInterestingly, my experience in sales helped solidify these principles. Sales is about connecting with people, understanding their needs, and providing value. Similarly, recruitment is about connecting the right people with the right roles, understanding the needs of both the candidates and the company, and ensuring a good fit. The two aren't all that different when you boil them down to their essence, as both require empathy, understanding, and the ability to build trust.\nMy laid-back tone and approachable manner might mask the depth of determination inherited from my parents. My mom's tenacity and my dad's discipline have subtly influenced my work ethic, making me relentless in pursuing quality and excellence in recruitment. This has not only helped me stand out in my field but also in building meaningful, lasting relationships in the professional world.\nMoreover, my international background has endowed me with a broader perspective, allowing me to appreciate diversity and leverage it in recruitment strategies. Recognising the strength in diverse experiences and backgrounds has been key in my role, much like it is in sales, where understanding and adapting to various customer backgrounds can make or break deals.\n
\nExpanding my Experience at Moniepoint \n\nMy experience at Moniepoint has been nothing short of enlightening, largely due to the incredible people I've had the pleasure of working with. As an international company, Moniepoint has introduced me to individuals from diverse cultural backgrounds, enriching my professional life and personal growth. This diversity mirrors my own multicultural upbringing and aligns with my belief in the strength of diverse perspectives.\nWorking at Moniepoint, I've found a place where my values—quality, respect, empathy, and grit—are not just appreciated but are part of the company’s values. The opportunity to meet and interact with people from all walks of life has not only enhanced my recruitment skills but has also made my daily work deeply rewarding.\nThanks for joining me on this personal reflection. Come join us and make a difference at Moniepoint through the work you do by checking out our \ncareers page\n. 

How My Background in Sales Prepared Me For Recruitment 

Ding!! Yup, that's the sound of your first salary payment or probably the first significant salary after a career upgrade. \nBeginning your career journey and getting compensated for it for the first time is exciting and memorable. \nHowever, as a first-time employee, the associated deductions like taxes and pension annuity contributions can come as a surprise. \n\nFurthermore, deducting essential expenses like rent, school fees, and home upkeep without a solid financial management plan can overwhelm you. In fact, research shows that  \n63% of Nigerians\n say that their income is not enough for them, let alone with dependants. \nKnowing how to manage your money before it hits your bank account enables you to create a long-term safety net for yourself. \nSounds like a lot of work, right? No worries; we'll explore six good money habits to start with your first salary.\n1. Understanding your Fixed Monthly Expenses\nA good thing about fixed monthly expenses is that they are expected, and having a fixed income enables you to plan accordingly. Deductions like rent, utility bills, subscriptions, etc., are constant, and you have to ensure that you're spending less than you're earning. \nUltimately, tracking your expenses on an Excel spreadsheet, apps like Expensify and  GoodBudget, or your notebook helps you stay aware of your expenses and make adequate financial decisions.\n2. Create a Budget\nA key to appropriately spending your first salary is to create a workable budget. A reasonable budget lets you keep track of your expenses and enables you to start saving realistically.\nListing your expenses in a budget helps you learn what items are necessary and which are non-essential. A common budgeting rule you could start with is the 50-30-20 rule, which involves dividing your income into three groups. \nThese categories include 50% for your needs, 30% towards your wants, and 20% for savings. For instance, if you earn 100,000 naira per month, you can set aside 50,000 for rent, school fees, and utilities. \nYou can also allocate 30,000 naira for wants, like eating out and entertainment, and finally set aside 20,000 naira for savings. Ultimately, spending according to your budget helps you build good money habits.\n\n(\nSource\n)\n3. Set up an Emergency Fund\nYou should balance the excitement of earning your first salary with the need to plan properly for your financial future. If there's a common truth, it's that life doesn't always go according to plan, which is why you need to build an emergency fund for unexpected uses. \nYou can draft out what you consider an emergency, such as a health crisis or an accident. A workable rule of thumb is to have enough savings to handle six months' worth of unexpected expenses. \nConsider putting these funds in a high-yield savings account like the \nMoniepoint Personal savings\n plan.\n\n(\nSource\n)\n4. Pay off Pending Debts\nEarning your money without anyone dictating how you can spend it comes with its temptations. This is why, upon earning your first salary, create a plan to pay off any pending debt and avoid creating more. \nYou can maintain solid long-term financial goals by prioritizing paying off essential debts and only taking calculated loans.\n5. Start an Investment\nThe best time to start investing is yesterday. This is a sure way to grow your money even while sleeping. You can start by learning about the \nvarious investment options\n and explore which ones match your risk profile to aid you in making informed decisions. \nRegardless of how little you want to start with, you can gain financial freedom by building your investment portfolio over time.\n\n6. Enjoy Spending your Disposable Income\nWhether you wish to save up for a vacation or enjoy the immediate gratification of ordering your long-awaited desires, your disposable income is yours to spend. \nWe all have a responsibility to take care of ourselves, and it is advisable to do so after deducting essential expenses. Proper money management can be complicated at first, but your financial situation becomes favourable once you get the hang of it.\n7. Saving for Retirement\nWe all expect to grow old someday, and it's only proper to lay the financial foundations for that phase by \nsaving for retirement\n. \nBy leveraging the principle of compound interest on your initial deposits, you can earn increased interest and build up your retirement accounts. \nYour company-sponsored retirement plans are adequate as you get to put in pre-tax funds and have your company contribute to your retirement plans.\n\nFinal Words\nYour first salary opens the doors to a lifetime of financial responsibilities, and your ability to channel your finances properly is essential. \nUsing a \nMoniepoint Personal Banking Accoun\n\nt\n enables you to perform reliable and secure transactions with your salary, from saving money and smooth transfers to bill and utility payments.

7 Good Money Habits to Start with Your First Salary

At the beginning of the year, we shot \nthis video\n with our team. In it, we spoke about how we've all found the feeling of what it means to work for a company where you can see the products you create impacting people every day. We've seen our products become a part of not just our lives but also the lives of those around us – customers, and businesses.\n\n\nKelvin, who’s on the User Experience team, spoke about how remarkable it felt to see his wife using a product that he had designed. He remembered how she used to shuttle between accounts for her maternal care business before she switched to Moniepoint. Seeing the product he worked on improving her experience was fulfilling.\nAlmost everyone on our team has a story about someone they know who either uses a Moniepoint product or has been influenced by its impact. And this brings me to why I wrote this short piece about marketing from the inside out.\nTypically, organisations think about Marketing from a “how to reach new customers” perspective, or from a “selling to new and recycled audiences” perspective. However, thinking about marketing solely from this point of view can be quite limiting and keeps you thinking inside the box. There may be a huge audience you’re not paying attention to - your employees.\nIn this short article, I’ll attempt to paint the picture of our Internal Communications at Moniepoint. Beyond just conveying information, it is a combination of communicating and marketing to this very valuable group of customers. \nWhat is Internal Marketing?\nInternal Marketing refers to marketing communications directed at the internal stakeholders of an organisation, i.e. the employees. Here, the customers are the employees themselves. Yes, those who build the product, sell the product, help the organisation run efficiently and everything in between - the people who help shape the what and how of the organisation itself.\nWhy are we crazy about Internal Marketing at Moniepoint?\nInformation Flow\n\n\nAs a growing company, focusing on Internal Stakeholders helps us move fast without leaving anyone behind. By allotting attention to internal marketing, we make room for information holistically. Company updates, employee activities, processes, and new goals are communicated not only with a view to “just let people know what's going on”, but also to get their buy-in. And getting their buy-in means helping employees understand details about decisions and activities, and what it means for them on an individual level, and for the organisation as a whole.\nEngaged employees\n\n\nWe are a bunch of curious, technically adept people at Moniepoint, and we play with these characteristics in internal comms/marketing. We leverage our internal comms to keep employees engaged with one another, especially because we are a remote company—from games where people win prizes and tickets to frequent company hangouts.\nFor example, we use Workplace to give employees reason and corners to bond over diverse interest points and then hangout based on these interests - we’ve had pockets of movie corner hangouts; we also had a football match in July.\nInternal marketing is our surefire way of driving genuine enthusiasm about the company’s products, and activities amongst our employees. We are keen on involvement, so we ensure everyone knows what’s going on, what it means for them as internal stakeholders, and how they can be involved.\nEmployees and Stakeholders as Influencers\nAnother reason we take internal marketing to heart is to *whispering* give employees an innate reason to be \nvoltrons\n of the company's work and culture. Eh, if you’re too young to remember Voltron, think of them as the Avengers instead.\nWe definitely want our people to talk about the various impact the work they do has on people, communities, and society at large. This is why you see employees excitedly talk about how they feel when they see Moniepoint POS at a Merchant’s store.\nEmployee branding\nWe are big on employees being outspoken about their technical depth. An internally engaged employee naturally wants to share their genius with the world. With increased brand awareness, employees are better equipped to do their work.\nHow we approach Internal Marketing\nWe use a 2 pronged approach to internal marketing - Content and Policies\nContent\nWe leverage a vibrant content production strategy. We create stories that help people get to know one another, address engaging topics, create interactive activities, and create ways for information to flow. We come up with the most creative ways to convey even the most boring topics and information and get people involved.\nPolicies & Programs\nWe have programs in place to nudge our internal customers into the most satisfied group. For example, we started a performance bonus program that ensures employees are rewarded in addition to their salaries based on performance. We also have a policy that inadvertently encourages and cultivates collaboration across levels and departments.\nWhat can you take away from this?\nCaveat: \nWe’re not perfect. But the ways we’ve mentioned above ensure that our employees are at the centre of everything we do.

Creating a well-engaged community of employees takes intentionality, especially as the company expands and grows - You want to ensure that there is a constant air of ownership, and a culture of team spirit - a great way to kickstart this is through your internal communications; make it enjoyable, cultivate the values you want on display with the right triggers, and create good policies that ensure the love of your employees. ;)

Why we take Internal Comms to heart at Moniepoint

Ejiro is the founder of Anaborhi, a Nigerian female-owned maternal and baby company. Their focus is supporting breastfeeding and childcare for a wholesome experience for Nigerian mothers. Her company pioneered locally owned products like Breast Pumps, Feeding Bottles, Nipple Shields, and more.\n\n\nHer company was founded in 2019, but just as quickly, they began to experience challenges with accepting payments. In her words, “Sometimes, if a customer sends money, up to the next day, I won’t get it. And then, customers start getting frustrated”.\nWith challenges like this, she needed an instant and reliable banking solution to ensure that customers' payments went through every time.\nHer first encounter with Moniepoint? Our business banking solution.\n\nEjiro’s husband, Kevin, is a User Experience designer at Moniepoint. Through him, she learned about our business banking solution and considers herself one of the first 10 people to sign up as soon as it launched.\nNow, her customers can pay seamlessly to her business, without the issues that accompany delayed payments. For her, this means;\nInstant payments\nNo dispute issues\nEasier customer interactions\nWith a seamless business banking experience, Ejiro found it easy to sign up for Moniepoint’s personal banking solution. Moniepoint’s terminals everywhere around her mean she can rest easy knowing that every transaction she makes will go through.\nIf you’d like to enjoy a seamless business and personal banking experience, visit \nmoniepoint.com/ng\n

Simplifying payments for Anaborhi, a women-focused Nigerian business.

When I started working at Moniepoint, I knew it would be hard and rewarding, seeing that Moniepoint is a fast-growing company. I love the Moniepoint energy! We don’t wait around for things to happen—we are always at the forefront of changes, envisaging them, making room for them, and creating products and features ahead of the curve. This makes my work here super-rewarding.\nHi, My name is Konstantinos Prassas. I joined Moniepoint in October 2022, as an Enterprise Architect, and now I’m a Principal Software Engineer. This is a short breakdown of how I think about processes.\n\n\nWhat every day looks like for me\nWhen I started, there was one payments team, which meant that the team handled every form of payment - card payments, withdrawals, purchases, etc. We also dealt with POS transfers, transfers, deposits, savings. Everything. \nNow, we've split into three teams, and since late last year, I've been leading the card payments team as Principal Software Engineer. Every day, I deal with production issues and help the rest of the engineering team. \nI also handle the deployments. I work with the product manager to meet business goals and technical KPIs. One of the many perks of working here is that I have ownership of the product(s) I’m working on, so I can be very structured and put in the right processes. \nI have a team of five: two Software Engineers, two QA Engineers, and one Technical Product Manager.\nThe most exciting thing about my work\nI absolutely love working on new features. That may seem like a no-brainer to someone else, but it's dear to my heart. We engineers sometimes struggle in companies where people do not commit much to a new feature or a change going live. 

At Moniepoint, however, we’re always forward-thinking in that aspect. Because we have as much ownership of the product as possible, this translates to commitment—to an effort, task, or a new feature. Whenever there's a new feature or a new improvement that we're going to do, I get really excited. \nAnother major thing I love about my work is that it gives me the platform to advocate for best practices. I’m constantly optimising best practices and best processes to help engineers level up.\nProcesses need some level of PR because they have such a bad reputation. Sometimes, engineers and business people feel that implementing and enforcing processes makes progress harder. But in reality, only bad processes do that.\nA good process helps things go faster. It also creates a sense of security for the participants involved, because you know you're not reinventing the wheel or going on your own.  You have the proper structures and how-tos, from the inception of a project, when it comes from business, right down to the user experience after the deployment.

\n\nMy go-to framework and mental model\nThe most important mental model that has helped me a lot to communicate with my colleagues and also helped me set up guides for myself when implementing, is a Unified Modeling Language (UML), a language created for diagrams. \nI'm a big fan of diagrams - component diagrams, flow diagrams, and diagrams in general, because a picture, as they say, is a thousand words.\nFor me, a flow or sequence diagram gives my mind the same feeling as a video. I look at it and understand a lot of things that would be hard to explain in a document. Over the years, it has been really helpful for me, especially when creating user stories or presenting a new use case.\nI also love how the UML started as a more technical way to describe technical documents or actual architecture classes and evolved into a tool that works across various aspects of our work, not just technical stuff—from logistics to accounting to engineering everywhere. It's a really sweet and smooth way to communicate complexities in a standardised format.\nMy ideology on leadership \nFor me, leadership means building trust in my team, colleagues, engineers, QAs, and everyone to uphold their side of the work. Trust is very important so that we don't micromanage. Trust also leads to a feeling of safety. People perform better when they feel safe than when they feel anxious or fearful.\nTrust in your team needs to be built, and it takes some time. It can be difficult with new teams, but I think trust is the biggest thing that I want to do. And it goes both ways: the team's trust in me and my trust in the team.\nFor fun\nI mostly play music for fun. I play the guitar and bass. I used to hike when I was in my hometown, but since moving to Athens, I find it tedious to get in my car and stay in traffic to go to a mountain. It ruins the experience of the mountains or the sea for me to stay in traffic. \nSo, when I want to relax, the first thing I do is pick up an instrument and play something alone to clear my mind. Sometimes, I have friends come over, and we play something together.\nMoniepoint is a fast-paced and incredibly rewarding environment. If you'd like to do engineering that makes a difference, visit our \ncareers page\n to join us.

My framework for leading as an engineer

\n\nNigeria's definitive bank for small and medium-sized businesses, as well as their customers and employees, Moniepoint Microfinance Bank, has unveiled its new Unstructured Supplementary Service Data, USSD service. This service, accessible via the account control code *5573#, offers a fast, secure, and user-friendly platform for consumers to conduct their banking activities with ease, from any mobile device without the need for an internet connection. This move is expected to increase convenience and accessibility whilst showcasing the bank's commitment to financial inclusion and enhancing safety and security across the digital payment ecosystem.\nThe USSD Banking suite includes a variety of services such as Funds Transfer, Airtime and Data Purchase, Account Balance and Details Inquiry, PIN Management, and Account Security Measures like Blocking/Unblocking access for oneself or others. The introduction of *5573# is a security measure against unauthorised access, safeguarding customer funds in case of loss or theft of mobile phones, ATM Cards, or hardware tokens, and in situations where account details may be compromised. This code empowers customers to secure their accounts promptly from any mobile device, without needing to contact the bank, especially in cases of suspected fraud.\n"At Moniepoint MFB, our top priorities are delivering exceptional customer service through digital innovation and ensuring the highest security standards," said Babatunde Olofin, Managing Director, Moniepoint MFB. "Our new USSD service provides the convenience of mobile banking with an added layer of security that gives customers control over protecting their accounts, even by using a third-party mobile device.”\nHe continued, “We have always been guided by our mission to create a society where everyone experiences financial happiness, and in these times, what that looks like for us is increasingly empowering consumers to take charge over their bank accounts, even as we curate a seamless and secure banking experience. In addition, we have always spoken about our commitment in supporting the central bank's financial inclusion agenda. With this feature, customers, especially the least digital-savvy ones, irrespective of their location, have now been eminently positioned to carry out a wide range of transactions effortlessly.”\nExisting customers, encompassing business and personal accounts, can initiate transactions and manage their accounts, by navigating to \nUSSD Banking\n settings on their mobile banking app in order to activate this feature while new users will have the feature activated by default upon sign up. \nIt will be recalled that in 2022, Moniepoint MFB received an award from the CBN as the most inclusive payment platform in the country. Moniepoint MFB helps over 3 million people and businesses with banking, payments processing, access to loans and business management tools with a view to powering their dreams. Moniepoint MFB has established a solid reputation for reliable service, synonymous for innovation, and a deep commitment to delivering value-added solutions in the Nigerian market. 

Moniepoint MFB unveils new feature to combat fraud and enhance convenience. 

From being the only one on the team when I first joined to now leading a team of 6, what a ride it has been! As I reflect on my journey with Moniepoint, I realise that the path of learning and development is about imparting knowledge and helping others find their best selves. Wondering how I got started with Moniepoint and the Learning and Development team? Let me share my story. \nMy professional genesis\n\n\nMy passion for learning and development started during my university years, and has, over the past decade, evolved from academic roles to spearheading learning initiatives in several organisations. Before Moniepoint, I was an academic director at Utiva and played pivotal roles at [AI] Analytics Intelligence and Triciabiz, among others. These roles and experiences honed my program management and learning operations skills, setting the stage for my next big leap. \nInterestingly, I wasn’t actively applying for a job when Moniepoint contacted me.  But it was an opportunity I couldn't pass up, and I started with the team on the 21st of March, 2022. Known as TeamApt at the time, the company had already made significant strides in digitising payments for banks—a testament to its innovative spirit. What stood out to me wasn't just the role itself but the company's flexibility, openness to growth, and the chance to work alongside global minds. It was a perfect match for my aspirations and my personal mission to bring about change through learning.\nJoining Moniepoint, I was faced with the challenge of creating a Learning and Development (L&D) framework from scratch. My objective was clear: to empower the workforce with the knowledge, skills and capabilities necessary to deliver their responsibilities. Drawing from my extensive experience in educational program management, instructional design, and technology, I identified three core elements essential for any learning initiative's success: technology, content, and people.\nLaying the L & D foundations\nThe first challenge was to create a learning and development framework for a team that was rapidly evolving - the offline distribution team (also known as the offline sales team).  I had to deeply understand my "customers" – the employees. Rather than adopting a one-size-fits-all approach with off-the-shelf learning platforms, I applied a product management lens to this task. This approach allowed me to understand the unique learning preferences and constraints of a team that was always on the move.\nThe end result? A custom learning platform designed to continuously upskill our distribution team without disrupting their work schedules. This wasn't only about getting the technology right; it required creating content that was engaging, accessible, and, most importantly, integrated into the team’s daily operations. \nIt was designed so that all they had to do was log into their CRM tool, and it would show them the courses they were supposed to learn for the week. With a click, they could access the courses and complete the required module for the week. This straightforward method ensured they never had to go to another place to learn. \n\nOvercoming challenges\nMy next task was to build a Learning and Development (L&D) team from the ground up within a dynamic and rapidly evolving company like Moniepoint. Soon, I realised that I couldn’t handle it alone, so I hired more people to join the team. Today, the learning and development team has learning specialists, a content manager, and a creative designer. \nAnother significant challenge was integrating our internal learning management system (LMS) with existing management systems. This integration was crucial for creating a seamless learning experience that aligned with the Moniepoint team's daily workflows. The challenge here was balancing my project timeline with the engineering team's availability. \nIn facing these challenges, I dedicated considerable effort to deepen my understanding of Moniepoint's customers and the industry at large. In retrospect, this period of waiting and apparent inactivity was a strategic investment. It allowed me to gain insights into our team's specific needs and challenges, which made the latter L&D initiatives more targeted and impactful. This deep dive into customer and industry understanding ensured that we were better positioned to create and implement solutions that resonated deeply with our audience when the SMEs and engineering support became available.\nLooking back, it's clear that these early challenges were not merely obstacles but stepping stones that enabled me to build a robust, impactful L&D framework that continues to drive Moniepoint forward.\nMatching up with the evolving landscape\nAs Moniepoint continued to evolve, it was evident that we had to adapt and refine our Learning and Development (L&D) strategies to meet the company's shifting needs. Our metrics of success centre on adoption, engagement, and retention. Our approach focuses on treating learning initiatives as products, with distinct goals aimed at maximising our success metrics.\nAt the core of any L&D initiative we set up, are the Functional, Adoption, Onboarding and Growth features. The functional features ensure that every learning initiative we launch has a clear and tangible value to our employees. Adoption features ensure that there are no barriers, and every team member finds it easy to engage with learning content.  Once a team member decides to engage with an L&D initiative, the Onboarding features come into play. These features ensure learners feel supported and understand how to navigate the learning environment effectively.  Finally, we use Growth features to keep our L&D programs relevant and valuable over time. These features are designed to evolve with the learner, offering advanced content, new challenges, and opportunities for further development as they progress. \nSuccessfully implementing these strategies relies heavily on the right mix of technology, content, and people. The technology we choose must support the functional, adoption, onboarding, and growth features of our L&D programs, offering a seamless and accessible learning experience. The content must be relevant, engaging, and aligned with our team's needs, while the people driving these initiatives—whether L&D professionals, subject matter experts, or managers—must be committed to fostering a culture of continuous learning and development.\nOur recent initiatives \nAs Moniepoint grew, so did the scope of our learning initiatives. From focusing solely on the sales team, we expanded to encompass the entire organisation. This expansion was not just in breadth but depth, with our team creating specialised programs and courses tailored to various departmental needs.\nBy engaging directly with team managers, directors, and vice presidents, we identified critical skills and knowledge areas that could significantly enhance the performance of various teams. This led to the rapid development of courses to meet these identified needs. We also subscribed to e-learning platforms like Udemy Business and Google Cloud Skill Boost to improve learning across the company. \nLooking ahead\n\n\nOur next steps include scaling our initiatives, enhancing our metrics, and, most importantly, continuing to light the path for our team to grow, innovate, and excel. The journey so far has been incredibly rewarding, and I'm excited for what lies ahead. Together, we're not just navigating the learning curve; we're redefining it.\nStepping into the role of leading and building the Learning and Development (L&D) team at Moniepoint has been a journey marked by challenges and triumphs. This role, unlike any other I've assumed before, has had a profound impact on my personal and professional growth. It has pushed me to confront my vulnerabilities, be open to learning on the fly, and be comfortable with being uncomfortable. These experiences have taught me the value of grit and the strength that lies in vulnerability. \nProfessionally, the journey has been a catalyst for tremendous growth. This has not only stretched my capabilities but also refined them. It compelled me to innovate, adapt, and apply a broad spectrum of skills ranging from product management to strategic planning and team leadership. It has also deepened my understanding of how to effectively manage and inspire a team towards achieving shared goals, even in the face of uncertainty and change.\nMoniepoint has moulded me into a better version of myself, and you can enjoy this character development, too. Visit our \ncareers page\n now—there’s a role for you!

Improving the working experience at Moniepoint through learning and development

\n\nNearly everyone in the banking system faces this. You just received a huge sum of money for the first time ever, but you hit a roadblock when you try to cash out. When you go to the bank, they ask you for an updated utility bill to upgrade your account. But why? What’s the big deal with utility bills?\nThe answer is one of the biggest cardinal rules in finance. KYC, short for "Know Your Customer." It’s how banks verify who you are to prevent fraud. It's a global practice designed to keep the financial system safe for everyone. Utility bills are just one branch of KYC that verifies that you live where you say you live. To help us understand why this is important, we brought in Grace from our legal team and Glory from our Compliance and transaction monitoring team.\nHow KYC is structured\nKnow Your Customer (KYC) regulations are very important rules that financial institutions must follow to verify who their clients are. You might find this cringe, but the series of questions couples face when facing either parent for the first time? That truly captures the spirit of KYC. \nBanks and financial institutions need to know who they’re doing business with to prevent fraud and financial crimes like money laundering. KYC needs to have non-negotiable features.  \n
\nComponents of KYC\nGlobally, KYC has three components. There can be slight variations from country to country or bank to bank but think of these components as boxes to tick before banking anyone—business or individual. They include: \nIdentifying the customer\n: This is where the bank establishes that the customer is who they say they are. They provide documents that prove their name, address, date of birth, and nationality. For businesses, it could include things like business licenses, incorporation details, or financial statements. \nRunning due diligence\n: Once the customer provides details, the bank needs to know what information they can trust (Risk profile). They could get additional information from private companies or public agencies and verify where they actually live. They also do the same checks for business owners. \nOngoing monitoring\n: The KYC process never stops. Today's risky customer could be tomorrow's model citizen or vice versa. Banks monitor things like how often the customer moves money, the typical amount that comes in and goes out, and the customer's usual location. In some cases, banks could track political activities, sanctions, or adverse media coverage of the person or business. \nSo, which documents are required? \nThese documents vary from bank to bank, but you’d typically find these in Nigeria.\nProof of Name and birth\n:\nNational Identification Number (NIN), International Passport, Driver's License, Voter's Registration Card, and Bank Verification Number. \nProof of Address\n: Utility Bills (Electricity, Water, Waste), rent receipt or tenancy agreement.\nOthers around the globe\nSocial security numbers\nCredit history report\nTax ID\nCertificate of Incorporation (Businesses)\nEmployment information
\nHow Utility bills became a thing \nEven history lovers would find it hard to pinpoint an exact date when utility bills became a requirement for KYC, but we can make an educated guess. Banks have tried identifying their customers since they started 3000 years ago. However, we didn’t have formal KYC systems until a series of unchecked financial crimes from illegal activities and terrorism forced the US to enact the Bank Secrecy Act in 1970. \nIn 1989, at the G7 summit in Paris, world leaders created the Financial Action Task Force (FATF). An international task force that helped create the global standard that we know today as the components of KYC.\nWhy utility bills? It shows two things. 
\n1) That you actually live where you claim to live \n2) How dutiful you are in paying your bills as of when due. \nThe second is especially important if you’re applying for a loan, as it helps the bank understand your financial habits. \nThe different utility bills accepted\n: The most popular utility bill is the Electricity Bill. Others include the water bill, waste management bill, and sometimes, the tenancy agreement or rent receipt. \nNote: In Nigeria, prepaid metres are getting more popular, and, with a few exceptions, it’s difficult to get an address when paying for tokens online. But you can easily resolve this issue by paying at a Moniepoint PoS agent close to you, and ask the agent to give you the receipt. Yeah, another important feature of PoS receipts, and you can find more in this \npiece\n. 
\nEven more globally\n: Utility bills extend to gas and phone bills in Europe, and some Asian countries also accept telephone bills. In the US, these also extend to Internet, cable, and even community association fees. \n
\nUtility bills have some hiccups\nWe agree. No system is perfect. Utility bills seem like a simple solution for address verification, but they can present some challenges, especially in developing countries. Here’s what the challenges look like:\nLimited Access\n: Imagine needing a document to prove you live somewhere, but you don't have access to the service that will give you the needed document! Millions in developing nations lack formal connections to electricity, water, or waste management, making it difficult to provide these bills as proof of address.\nThis could potentially exclude people from the financial sector. Thankfully, countries like Nigeria create different account tiers that don’t require you to provide a utility bill from the onset. 
\nAddressing system\n: Addressing systems in most African countries can be tricky. Imagine living in a gated community with a confusing numbering system. Worse, some places don’t have addresses, making it difficult for verification companies to pinpoint their bills' locations accurately. Without proper verification, people could bring the wrong addresses.\nCost of KYC\n: Complying with KYC regulations isn't free for financial institutions. It costs banks between ₦50 million to ₦400 million for KYC annually.  Also, training staff and maintaining secure data storage systems all come at a cost. A 2021 survey shows that 15 - 30% of customers who start KYC processes don’t finish the process since they find it difficult and stressful.\n
\nKeeping it secure: Best approaches to KYC\nAt Moniepoint, we understand the importance of KYC regulations in ensuring a safe and secure financial space for everyone. While providing a utility bill might seem simple, it's crucial to go beyond that for robust verification.\nCross-checking information\n: Compare customers' details with various databases to ensure consistency and identify potential discrepancies.\nAdditional checks\n: This involves working with verification partners to ensure that you actually provided the right address and not that of a friend or relative. \nAdvanced algorithms:\n Leveraging sophisticated technology to detect unusual patterns or inconsistencies in the information provided, helping to flag suspicious activity.\nGeolocation\n: This is particularly useful to monitor transactions, and helps loan teams or companies provide a better service for users. \nRegular updates\n: Fraudsters find creative ways to bypass security measures, so companies need to update their KYC processes regularly. \nAt Moniepoint, we designed our KYC measures are designed to strike a balance:\nA smoother experience\n: We strive to make the KYC process as user-friendly and efficient as possible for our customers. So you don’t abandon the sign up process midway.\nRobust security\n: We maintain high security to protect your financial information and safeguard against fraudulent activities.\nSo, now you know why your bank asks you to provide light bills. It protects you, me, and everyone else. If you think KYC is a one type process, think again. So don’t get discouraged when asked to link a new identity number or provide a fresh documents. ​​

What’s the point of Utility bills for KYC? 

\n\nAgainst the urgent need to deepen the Federal Government's economic agenda - financial inclusion, job and wealth creation and fiscal growth, the critical role played by family businesses as the heartbeat of Nigeria's economy has once again been spotlighted and thrust into sharp focus. Africa’s leading digital financial services provider, Moniepoint Inc, has released its latest case study – \nHow Families Power Nigeria’s Economy\n, a reflective chronicle of how the legacy of family businesses, from centennial conglomerates to bustling local eateries, are a living narrative and solid testament to Nigeria's entrepreneurial spirit.\nIt will be recalled that the Special Adviser to the President on Presidential Enabling Business Environment Council (PEBEC) and Investment, Dr Jumoke Oduwole recently revealed that there are approximately 23.8 million family businesses, responsible for millions of jobs, dispersed throughout the country, and collectively they contribute around $200 billion annually into the nation’s economy. Closely aligned to this disclosure is the oft-stated data that with over 40 million micro, small and medium enterprises (MSMEs) contributing nearly 50% of the national GDP; accounting for over 84% of total employment as well as 96% of businesses in Nigeria. These figures reflect the glaring significance and the impact that family businesses have on Nigeria’s economy.\nAccording to the Moniepoint study, which provides deep insights into what has kept these businesses going across generations, how they navigate challenges, and opportunities for growth and innovation, more than half of Nigerian family businesses don’t have strong digital capabilities, with very few seeing it as a priority area. The lack of clear governance and business management structures, as well as poor succession planning, are some of the challenges that undermine the scalability of family businesses in Nigeria. \nKey drivers that undergird a lot of these enterprises include, strong cash flow with a view to ensuring that they remain profitable, high levels of trust driven by shared vision and business objectives and cohesive cultural bonds where one out of every two Nigerian businesses bear the distinction of being a family business. \nFurthermore, the study avers that the story of Nigerian family businesses is one of resilience, adaptation, and enduring legacy. It posits furthermore that the future of Nigerian family businesses is bright with potential even as more enterprises embrace the tools and strategies for success in a digital age, supported by innovative driven solution partners. It contends that as they evolve, family businesses will remain at the heart of Nigeria's economic and cultural identity, powering the nation's economy and shaping its future for future generations while ushering in a new era of growth, sustainability, and global competitiveness.\nSpeaking to the rationale behind this latest study, Vice President of Communications and Public Relations, Moniepoint Inc, Edidiong \nDidi\n Uwemakpan noted that the decision to focus on family businesses was driven by their significant contributions to Nigeria’s economy despite their varying sizes and sectors.\n“At Moniepoint, we pride ourselves on being more than just a financial services provider; we are an astute partner to business owners, helping them to be financially happy while ensuring that our innovative solutions power the dreams of these enterprises. We believe that the growth of family businesses directly supports the entire economy, which in turn essentially extends our ability to positively impact everyone else, which aligns with our brand's mission,” she said. \nStating Moniepoint’s commitment to helping these businesses embrace digitisation, “Our services have helped several family-owned businesses improve their operations through simplified payment collection, cash flow management, and access to capital. Our recent partnership with the CAC will further catalyse technology adoption for these businesses while providing a foundation for them to adopt better record-keeping, financial reporting and governance practices which are pivotal for their efficiency, productivity and long-term viability, and also drive market access and trade facilitation into regional and global value chains for them.”\nIn 2023, Moniepoint MFB, was honoured with the prestigious \nRising Star Family Business Award\n in recognition of the giant strides made by the firm over the years and their contribution to the Nigerian economy at the Businessday, My Family My Business, and PwC Nigeria Family Business Summit.  \nTo learn more about the case study, visit – \nhttps://www.casestudies.moniepoint.com/familybusinesses/\n

Strong cultural bonds, high levels of trust and strong cash flow: key drivers of Nigerian family businesses, Moniepoint study reveals

Forgive this title, but if you’re reading it, something sure got your attention, and I hope I can keep that attention till the end. \nNow, where do I start? \nMy name is Emmanuel, and I work as an IT Governance Risk and Compliance Analyst at Moniepoint. I have many “how it started versus how it’s going” stories, but I’ll focus on my growth across teams here at Moniepoint. Yes, I said across teams. Typically, people grow within a team, but in my case, I switched teams, and here’s how that happened.\n\nThe journey to Moniepoint\nAs a kid, my dream was to study either medicine or computer science. Reading the book “Gifted Hands” automatically sealed the medicine path for me. I did everything possible to achieve that dream, including travelling to Ukraine to study. \nFor whatever reason, I did not think about what it meant in its entirety and by my third year in medical school, I realised that I had an aversion to seeing blood. I remember witnessing a session in the theatre one day, and I couldn’t just go on. That day, I started considering my options.\nA few weeks later, I packed my “Best Student of the Year” award (which I had won twice), and returned to Nigeria to pursue my other dream - computer science. After completing my study in Computer Science, I got an opportunity to work with GTbank as a graduate trainee. After 6 months of training, the department realised I had a skill for documenting product processes. So, I was drafted to the business analysis and solutions architecture team. \nOne of my highlights working there was when we had staff members from Moniepoint (then TeamApt) come around for meetings. We were one of the vendors for whom TeamApt had built a core banking system, and every time we had sessions with the people from TeamApt, I always found myself admiring the level of work they were delivering. Deep down, I knew I wanted to work here, even if I wasn’t an engineer. So, even when I left the bank to help a start-up build a new product, my eyes were still set on the goal, and the moment an opportunity came to join the team, I jumped at it. \nWhat has Technical Writing got to do with Security and Risk Assessment?\nEven while studying medicine, I loved to break processes down and look for areas that fascinated me. When I joined Moniepoint as a Technical Writer, my favourite part was documenting the whole software development cycle. I was so into writing that I started paying attention to areas I thought needed extra attention, one of them being security.\nAs my interest grew, I fanned them to flames and eventually went to the UK to study Security threat Intelligence and Forensics. All this while, I was still a Technical Writer at Moniepoint. About a year into my studies, I started looking for opportunities to apply what I was learning and that’s when I found out that we were hiring for that role internally. I applied to join our Cyber security team and got it!\n\n\nA new path: expectations vs responsibilities\nOne would think it’d be easy to switch from technical writing to cyber security since I had a Master’s Degree in Security threat. Still, I’ve realised that theories have no place near practicals or, should I say, reality. Thankfully, we have a great onboarding system that helped me transition easily.\nMy team lead, Albert, was always available to help, and he didn’t leave any stone unturned when showing me the rings. I was well settled in a few weeks and could apply my knowledge. One of the reasons I love our \n4Ms framework\n is how it hits the nail on the head. Mastery is my favourite motivation here because I have seen multiple opportunities to apply my skills and improve. I have a very supportive team, and when I work with other departments to ensure all loose ends are tied, the technical depth is so evident that you just learn something new. \n
\nIf I kept your attention until this point, then you’re probably interested in joining the team. I think you should push that interest by checking for an \nopen role\n that suits you.

From Technical Writer to Cyber Security Analyst: Is That a Technically Secure Transition?

Family-owned businesses contribute over $200 billion to the Nigerian economy. This is particularly important, considering that these businesses account for one in two Nigerian businesses.\nAs the business banking partner for millions of businesses across Nigeria, we’ve seen how often businesses in the country are run by members of the same family. In 2023, we were awarded the PwC Rising Star Family Business Award, reinforcing the impactful of our work on businesses in this sector.\n\n\nExcited by this, we’ve explored the world of family-owned businesses, which form the backbone of Nigeria’s economy. Our latest case study explores these family-owned businesses and how they contribute significantly to Nigeria’s economy despite their varying sizes and sectors.\nIn this case study, you’ll get insight into what keeps these businesses going across generations, how they navigate challenges, and their opportunities for growth and innovation.\nBut that can’t be, all right? Yes, we’re doing more than just research. At Moniepoint, we pride ourselves on being more than just a financial services provider; we partner with businesses to help them gain financial happiness. We’ve also highlighted how our services have helped several family-owned businesses improve operations through simplified payment collection, cash flow management, and access to capital. \nThis deep dive highlights remarkable examples of thriving family-owned businesses we support. \nTo learn more, visit \ncasestudies.moniepoint.com/familybusinesses\n; and if you’d like a great financial partner for your own family-owned business, click \nhere\n to experience firsthand what several family businesses already enjoy. \n \n

Case study: A deep dive into Nigeria's family-owned businesses.

Enjoy offline banking on point. \nThe Moniepoint USSD code *5573# allows you to easily perform your quick, secure, reliable, and convenient financial operations, simply dial Moniepoint's USSD code *5573# with your registered phone number. \n\n\nNow, let’s answer some questions you might have concerning the Moniepoint USSD code and its functions.\n\n1. Does Moniepoint have a USSD Code?\nYes, the Moniepoint USSD code is *5573#. You can use it to perform the following transactions:\nTransfers\nBuy airtime for yourself and others.\nBuy data for yourself and others.\nCheck account details and balance.\nBlock/Unblock accounts for self and others.\nChange the user PIN.\nGet and see OTPs.\nGet usernames.
\n2. Will I be affected as an existing customer?\nYou can enable the USSD channel from your mobile/web applications via settings as an existing customer. You will need to authorise this action using your user PIN.\n3. Will everyone with my phone have access to my private information?\nNo, any sensitive operation (seeing the balance, performing any kind of transaction, changing the user PIN, etc.) will need to be authorised through the user PIN.\n4. What if I see a message telling me that the channel is not enabled after trying to dial the USSD code?\nThe channel can be enabled from either the mobile application (business or personal) or the web app.\nOn the mobile apps, click on your profile picture  -> Click on settings -> Turn on the USSD Banking feature.\nOn the web app, click the settings icon -> security tab -> USSD banking toggle.\nNote that enabling/disabling the channel requires PIN authorisation.\n5. What if I see a message telling me that I don't have a Moniepoint account even though I do?\nMake sure you dial the USSD code from your registered mobile number with your account; this could happen when you dial the USSD code from an unregistered mobile number.\n6. How do I transfer money with USSD?\nYou can transfer money from your Moniepoint Personal or Business account by dialling *5573#.\n7. Can I disable the USSD channel after enabling it?\nYes, you can always enable/disable the channel from the settings pages in the personal & business applications and on the web application.\n8. What if I don't see all my Moniepoint accounts in the list of accounts?\nIf you have chosen to use a different phone number during your onboarding experience (onboarding from business to personal or vice versa), that will affect the accounts you see when you use the phone number to dial the USSD code.\nFor example, a user already has a Moinepoint business profile and account using a particular phone number. \nIf he/she uses it to log into the personal app and chooses an entirely different phone number instead for their personal use, dialling the USSD code with the original phone number will only allow them to see their business account(s), while dialling the USSD code with phone number B will allow them to see only their personal account.\n9. Can I block my own account(s)?\nYes, you can by dialling the USSD code \n*\n5577*911# \nfrom your phone number and choosing the 
“\nStop Debit transactions\n” and then \n“for yourself” \noptions, which will prompt you to enter your user PIN. If verified successfully, it will block all your Moniepoint accounts (business, personal, and business owner accounts).\n10. What if my phone was stolen, and I don’t have access to the SIM? \nYou can still block your account(s) if you have a friend/family member with access to the Moniepoint USSD channel. All you/they have to do is dial the same USSD code ( \n*\n5577*911#)\n, \nchoosing the 
“\nStop Debit transactions\n” and \n“for others” \noptions, then provide the phone number or account number of the intended user whose accounts are to be blocked. \nYou/they will be asked to provide the user PIN for the account(s) owner, not the owner of the channel(phone). If verified successfully, this will block all your Moniepoint accounts (business, personal, and business owner accounts).\n11. Can I unblock my account(s)?\nAt any point the user who blocked the account(s) (whether they were their own accounts or others) is the \nonly\n user who can unblock the accounts back.\n12. Can I open a new Moniepoint account using USSD?\nNot yet, but this will be available soon.\n13. How much would it cost to use USSD?\nDialling the Moniepoint USSD code *5573# doesn't cost anything.\n14. What are the shortcodes for all services on USSD?\nYou can access the specific flow by dialling the main USSD code *5573# and selecting the relevant flow from the main menu or dialling a slightly extended code that can directly lead you to the needed flow. The available direct codes include:\nCheck balance and account details\n  *5573*5#\nTransfer to Moniepoint\n*5573*1*Amount*Account Number#\nTransfer to other banks\n*5573*2*Amount*Account Number#\nBuy Airtime (SELF)\n*5573*Amount#\nBuy Airtime (OTHERS)\n*5573*Amount*Phone Number#\nBuy Data\n*5573*4#\nReset user PIN\n*5573*6#\nGet OTP\n*5573*73Code#\nBlock account\n*5573*911#\nForgot username\n*5573*73*1#\nGet OTP (signup)\n*5573*74Code#\n15. What are the limits for USSD transactions?\nThe various USSD functions and their limits include;\nTransfer Single limit: 20,000\nTransfer daily cumulative limit: 100,000\nAirtime single and daily limit: 10,000\nData single and daily limit: 10,000\nConclusion\nWith the Moniepoint USSD code, you get to experience convenient, reliable, speedy, and secure offline transactions anywhere, anytime. \nSimply download the Moniepoint \nPersonal\n or \nBusiness\n banking app, activate the USSD feature on the app settings, and enjoy banking on point.

15 Frequently Asked Questions About Moniepoint USSD Code Answered!

We’re pretty sure that you already know what a USSD means. \nBut just in case you don’t, with a USSD code, you can perform that quick transfer, check your balance, reset your PIN, top-up airtime and data, and block your account without an internet connection. \nWhat’s better, you can now transact using Moniepoint’s USSD code!\n\n\nTo easily perform your quick, secure, reliable, and convenient financial operations, \nsimply dial Moniepoint's USSD code *5573# with your registered phone number.\n \nLet's look through the various functions you can perform with the USSD code.\nWhat can I do with Moniepoint's USSD Code *5573#?\n\nWith the Moniepoint USSD code, you can perform the following transactions:\nTransfer money\n: By dialling the code *5573#, you can make payments and transfer funds from your Moniepoint account to another Moniepoint account or any other bank in Nigeria. Easily transfer funds to your friends, family, and vendors without the challenge of a hanging network connection.\nCheck Account Balance\n: Stay informed of your financial details and conveniently retrieve them anytime. You can check your Moniepoint personal or business bank account balance by dialling the USSD code.\nBlock and Unblock your Account:\n Are you offline? Your peace of mind is guaranteed. You can easily block and unblock your account with or without your phone by dialling *5573*911#. We’ll explain further as you read on. \nBuy Airtime:\n Keep your conversations going. Dial *5573# and buy airtime for yourself and your friends speedily. The best part is that you do not need an internet connection. You can easily top up your airtime on any network providing service in Nigeria.\nTop-up Data\n: No data to buy data? You can easily purchase data for yourself and anyone else by dialling *5573#.  Always stay in touch and updated.\nReset PIN\n: Forgot your PIN? No worries! You can securely change and reset your transaction PIN, even while offline, and stay in control of your financial security.\nInstantly Retrieve an OTP: \nScale through extra security even without an internet connection. Simply dial *5573# to retrieve OTP and enjoy banking on point. \nYou can activate the USSD banking feature by navigating to the settings in your personal or business app and selecting 'USSD BANKING.' \nUpon signing up, new users will have the USSD banking feature activated by default.\nOn the mobile apps, go to settings -> USSD Banking toggle.\nOn the web app, click the settings icon -> security tab -> USSD banking toggle.\nNote that enabling/disabling the channel requires PIN authorisation.\nHow to Transfer using Moniepoint's USSD code *5573#\nTo make easy transactions using Moniepoint USSD code, follow the steps below;\nDial the USSD code *5573# with your registered phone number.\nChoose the Transfer option from the menu options displayed on your screen.\nInput the amount you wish to transfer and the destination bank. If you do not find the destination bank on the list of banks, you can search by typing the first 3 letters of the bank or scrolling through the displayed list.\nIf you have only one account associated with the phone number, you can then confirm the transaction details: amount, bank name, account name, and account number.\nIf you have more than one account associated with the phone number, you then select the account number to debit from a list of accounts.\nGo ahead to enter your PIN for the domain the account belongs to.\nOnce you are done, you'll receive a text message confirming your successful transfer.\n\n\nHow to Top-up Airtime using Moniepoint's USSD code *5573#\nTo top-up your airtime on any network operator in Nigeria using Moniepoint USSD code, follow the steps below;\nDial the USSD code *5573# with your registered phone number.\nSelect from the ‘Airtime for myself’ and ‘Airtime for others’ options from the menu options displayed on your screen.\nIf you select ‘airtime for myself’, enter the airtime you want to buy.\nIf you select ‘airtime for others,’ select the network provider (MTN, GLO, Airtel, or 9Mobile) for the phone number you want to recharge.\n Enter the amount of airtime you want to buy.\nIf you have only one account associated with the phone number, confirm the transaction details: amount, network, and phone number.\nIf you have more than one account associated with the phone number, select the account number to debit from a list of accounts.\nEnter your PIN for the account you wish to use.\nIf successful, you will receive a prompt; “transaction successful”.\nIf failed, you will receive a prompt - “transaction failed”- and the reason for the failure.\n\n\n\n\nHow to Top-up Data using Moniepoint's USSD code *5573#\nTo top-up your data on any network operator in Nigeria using Moniepoint USSD code, follow the steps below;\nDial the USSD code *5573# with your registered phone number.\nSelect from the ‘Data for myself’ and ‘Data for others’ options from the menu options displayed on your screen.\nIf you select ‘data for myself’, enter the data plan you want to buy.\nIf you select ‘data for others,’ select the network provider (MTN, GLO, Airtel, or 9Mobile) for the phone number and the data plan you want to recharge.\n Enter the amount of data you want to buy.\nIf you have only one account associated with the phone number, confirm the transaction details: amount, network, data plan, and phone number.\nIf you have more than one account associated with the phone number, select the account number to debit from a list of accounts.\nEnter your PIN for the account you wish to use.\nIf successful, you will receive a prompt; “transaction successful”.\nIf failed, you will receive a prompt - “transaction failed” - and the reason for the failure.\n\n\n\n\nHow to Reset New PIN using Moniepoint's USSD code *5573#\nTo reset your PIN using the Moniepoint USSD code, follow the steps below;\nDial *5573# and choose between Change PIN and Forgot PIN from the displayed Menu options.\nTo reset or change your PIN, enter your old PIN.\nThen input your new PIN.\nConfirm it again by re-entering it.\nYour new PIN will successfully be reset.\nIf you select Forgot PIN, you will prompted to visit the nearest agent or branch.\n\n\nHow to Check your Balance using Moniepoint's USSD code *5573#\nTo check your balance using the Moniepoint USSD code, follow the following steps;\nChoose the Check balance option from the menu displayed.\nIf you have more than one account, you will see a list of accounts and their account names.\nChoose the account you want to use and enter your PIN.\nYour details( account name, account number and balance) will be displayed.\n\n\n\n\nHow to Retrieve OTP using Moniepoint's USSD code *5573#\nTo quickly retrieve an OTP from an OTP service provider, simply;\nDial the USSD code with your registered phone number to retrieve OTP from the OTP service for that phone number.\nYour retrieved OTP will be displayed.\n\n\nHow to Block your Moniepoint Account using Moniepoint's USSD code *5573*911#\nTo easily block your Moniepoint account, simply;\nDial *5573*911# with your registered phone number.\nYou will see the options to ‘stop’ debit transactions and ‘resume’ debit transactions.\nProceed to stop debit transactions.\nYou will be asked whether you are blocking the account for yourself or for others.\nProvide your account number or phone number.\n Authorise the process by inputting your transaction PIN.\nIf successful, a success message is displayed on the terminal screen. “Your account 8082475267 has been blocked successfully. You can unblock it by dialling *5573*911#\nA PND is placed on all the accounts associated with you.\n\n\nHow to Unblock your Moniepoint Account using Moniepoint's USSD code *5573*911#\nYou can easily unblock your account by following the steps below;\nDial *5573*911# with your registered phone number.\nYou will see the options to ‘stop debit transactions’ and to ‘resume debit transactions’.\nChoose to \nresume\n debit transactions.\nYou will be asked whether you are unblocking the account for yourself or others.\nInput your account number or phone number.\nAuthorise the process by entering your transaction PIN.\nIf successful, a success message is displayed on the terminal screen. “Your account 8082475267 has been unblocked successfully.”\nA PND is lifted on all the accounts associated with you.\n\n\nWhy you should Use Moniepoint's USSD Code\nThere are many benefits to using Moniepoint's USSD code *5573#. \nSome of them include;\nConvenience\n: Nothing should stand in between you and a successful transaction. Moniepont's USSD code allows you to perform your desired financial operation without a smart device or internet connection. \nSecurity\n: You can perform safe transactions with Moniepoint's USSD code using your verified phone number and PIN. You can also block your account if you lose your debit card or suspect fraudulent activities on your account.\nReliability\n: You can rest assured that you can access our reliable services continuously using the USSD code.\nInstant Processing\n: You can use Moniepoint's USSD code to transact and instantly get your funds reflected.\nSpeed\n: No need to wait around longer than necessary when transacting. By dialling the Moniepoint USSD code, you can quickly transfer, pay bills, and reach customer support in minutes.\nCost-Effective\n: You do not have to worry about the cost of data when making transactions. Simply dial *5573# to perform operations without the internet.\nCheck this post for some of the \nfrequently asked questions about the Moniepoint USSD code\n.\nConclusion\nYou can enjoy speedy, reliable, secure, and convenient financial operations on your Moniepoint account even without an internet connection. \nSign up on the \nMoniepoint Personal\n or \nBusiness Banking app\n, activate the USSD feature in the settings option, and dial the USSD code *5573# to get started.\n\n

What is Moniepoint USSD Code?

In accordance with regulation by the Central Bank of Nigeria (CBN), we’re updating our account tiers. \nBased on your level of KYC verification, here are the transaction limit restrictions we’ll be enforcing for Moniepoint banking accounts from April 2, 2024;\nBusiness banking transaction limits.\n\nPersonal banking transaction limits.\n\nIf you’re not sure what level you’re on, you can check within your app. \nBut here is a breakdown of the different levels and their KYC requirements;\nLevel 1\nFor this level, you must have completed your BVN verification, liveness verification, residential address and signature.\nLevel 2\nKYC requirements for Level 2 include, in addition to Level 1 documents; next of kin, Govt-ID document verification, and Proof of Home Address.\nLevel 3\nFor level 3, you’re required to have your Proof of Home Address verified, and Indemnity provided, in addition to the requirements for level 2..\nLevel 4\nAt this level, you must submit your Legal name, Business Registration Type, \nCAC number\n, and all relevant CAC documents.\nLevel 5\nOperating at level 5 requires verifying all your CAC documents, in addition to the requirements from the previous levels.\nIf your current balance exceeds your KYC level, Moniepoint is legally mandated to place a restriction on your account. \nBut not to worry – by providing the \nrequired KYC documents\n, you can have your account upgraded, and go ahead with banking as usual. \nIf you need any assistance, kindly reach out to us within your app, and you’ll get prompt support.\n

We’re updating our banking account tiers.

Every day at Moniepoint, we process over 750 million transactions monthly, leveraging data to provide financial happiness to users across our business and personal banking products.\nIn this lightning round, Habib, our Data Engineering Lead, breaks down why he loves working with data and how he got into data engineering.\n\n\nWhat led you to Moniepoint?\nI got into tech while I was still in university, studying mechanical engineering. I used to work on drones, so I learned to code because I wanted to build drones that could fly themselves. This main motivation to learn how to build drones, over time, evolved into something I enjoyed.\nTosin, Moniepoint’s CEO, came to deliver a lecture at OAU around the time I was getting immersed in programming. I was not at the lecture, but people told me about it and how good it was. This registered Moniepoint (then TeamApt) in my mind, and I was fascinated. 

A few days later, someone shared a vacancy at Moniepoint. I applied and went through the interview, and that's how I got into Moniepoint four years ago. Towards the end of 2019, I returned to school for my Masters degree and rejoined the company afterwards. \n
\nCan you think of anything you've enjoyed working on in the last year?\nThe most interesting thing I've worked on recently is this data pipeline for our business loans product. I worked on a data pipeline that gathers our data from all our data sources, harmonises the data, and presents it in a way the product can understand.\nThat's the largest data set I've worked with, so it was challenging getting it to work. If you have a very large data set it can take days to process if you don't do things the right way. So the challenge was to make it run as fast as possible, and achieve something workable and usable by the product.\n\nIf you were to describe your role as a type of food, what would it be?\nMy role as a data engineer is like ponmo (\nponmo refers to cow skin, a favourite beef part enjoyed as a side dish, snack and condiment in southwestern Nigeria\n). Yes, I'll compare it to ponmo, and the reason I'm describing it that way is because sometimes it's soft work, and sometimes it's so tough, it almost blows your teeth dry. \nWhat’s one weird challenge you’ve dealt with?\nOne of the main challenges I have at work is talking to or maybe reaching out to people. You see, I’m incredibly shy, and if I absolutely have to reach out to someone, I might think about it for an hour before making the move. Sometimes, I will just talk to a person I already have a rapport with to help me talk to the person. \nBut with time, I've been getting better at reaching out to people.\n\n\nWhat’s your favourite M, in the 4Ms Framework?\nOut of the \nfour M's\n the one that resonates with me the most is mastery. And that's because whenever I take something or start working on something new I'm not always satisfied with just being ordinary. I always want to take it to the next level.\nAt least be the at least best or the closest to being the best at doing that thing. So it's mastery. If I wasn't a data engineer I'd probably be a university professor. I might still become one in the future. \nWhat do you love most about working with Data?\nWhat I love about working with data is that data doesn't lie. It's pretty much the way a scientist makes hypotheses.\nYou have a question, conduct research, establish your hypothesis, then run an experiment to verify whether your hypothesis is true, and analyse the results. \nWorking with data is similar to that. You can hypothesise that on Fridays, you're likely to make more money because of a couple of conditions or events. Then you work with and check your data, you run your analysis and find out, “Oh okay, it's not actually Friday”, maybe it's Mondays you're supposed to make more money.\nSo, just like the scientific process, you make a hypothesis, and you verify your hypothesis.\nIf you found this fascinating, you should check out the \nvideo version\n, and stop by our \ncareers page\n to see our open roles.\n

I love the scientific process behind working with Data - Habib

\nGiven the critical importance of financial inclusion to national development and building a sustainable economy, Group CEO Moniepoint Inc, Tosin Eniolorunda has reaffirmed his organisation’s resolve to increase financial inclusion and driving the adoption of technology by the underserved consumers in the country. \nThe Moniepoint boss was speaking on the sidelines of the 16th edition of Leadership Newspapers Conference and Awards where Moniepoint Inc received an award as the Fintech Company of the Year. The event, which took place at the Congress Hall of the Transcorp Hilton Hotel, Abuja also coincides with the 20th anniversary of founding of the Leadership Group. The selection of the award recipients followed a critical review of their various contributions to the growth and development of Nigeria, as laid down by the founding chairman of the LEADERSHIP Newspaper Group, the late Sam Nda-Isaiah.\nThe prestigious Fintech Company of the Year award recognises Moniepoint's innovative efforts to increase access to financial services for underserved and unbanked populations across Nigeria. Through its nationwide network of point-of-sale terminals and digital payments platform, Moniepoint has empowered millions of Nigerians, including petty traders and roadside businesses, to participate in the digital economy.\n"We are immensely proud to receive this recognition from Leadership," said Tosin Eniolorunda. "From the start, our mission has been to democratize financial services and create equal opportunities for every Nigerian to thrive. Powering dreams and ensuring that the large majority of our people, irrespective of where they live experience financial happiness is our reason for being. This award validates our commitment to driving genuine financial inclusion in tandem with the government’s mandate, and we are spurred to do more in terms of leveraging innovative solutions and technology to create more value for Nigerians."\nIn her welcome remarks, Chairman, Leadership Newspapers, Zainab Nda-Isaiah signposted the role of the awards in recognising individuals and organizations who are taking bold strides towards creating a more peaceful, stable, and prosperous nation. While paying homage to the legacy of the legendary and visionary Founder and her late husband, Sam Nda-Isaiah, she noted that awards spotlighted those considered deserving and exemplary in their various categories.\n“We may not be where we would like to be, but these men and women are making strides in the direction that we hope will lead us to a nation of peace, stability, and the possibility of prosperity for all who dare to seize it”, Nda-Isaiah said.\nKeynote presenter, Prof. Kingsley Moghalu, who was speaking on the theme, "An Economy In Distress: Which Way Forward?", made a case for fixing the fundamentals and advised that the current economic crisis must not be allowed to go to waste.\n“There is no better time to fix these challenges than now. The CBN’s policy actions are well intended and will serve to stabilise the macroeconomic environment. We must fully understand the causes that have led us to where we are and ensure that they are fixed by deploying real strategies.” He canvassed for property rights, innovation and access to capital as core pillars for a successful and productive economic growth.  \nProminent personalities at the event include, Minister of Information and National Orientation, Mohammed Idris Malagi, who represented awardee for Person of the Year, President Bola Ahmed Tinubu; presidential candidate of the Labour Party, Peter Obi, who received the Politician of the Year award; Governors Fr Hyacinth Iornem Alia of Benue State; Dikko Umaru Radda of Katsina State; Seyi Makinde of Oyo State and Mohammed Umar Bago of Niger State; Managing Director/CEO of First City Monument Bank Plc, Mrs. Yemisi Edun who received Banker of the Year Award and Salisu Auwalu, a \nkeke\n rider from Kano who returned a bag containing 15m naira left in his tricycle,  received an award as outstanding Young Person of the year.\nIt will be recalled that in 2023, Moniepoint MFB received the prestigious Rising Star Family Business Award Pwc/Businessday Family Business Summit; the Most Outstanding Microfinance Bank in Consumer Engagement at the Brandcom Awards, while Moniepoint Inc was listed for the second year running amongst the 100 most promising private fintech companies by CB Insights and the reputable Financial Times named it Africa’s second fastest-growing company. Moniepoint Inc also received critical acclaim as the “Most Outstanding Fintech Company in Financial Inclusion at the Brandcom Awards. Group CEO, Moniepoint Inc, Tosin Eniolorunda was named the 2024 Legit Business Leaders Awards in recognition of his outstanding contributions to Nigeria's economy.  

We’ll continue to use innovative technology to bridge the financial inclusion gap – Moniepoint Boss

Are you looking to kickstart your business career but need help deciding what you can easily and affordably do? \nI've compiled a list of 20 small business ideas you can start easily in Nigeria today.\n\n \nThere are many opportunities, as the Nigerian Bureau of Statistics shows that small businesses make up \n96% of businesses \nand 84% of the country’s employment rate.\nYou can start your small business in Nigeria today with little or no capital. Let's explore these most profitable business in nigeria with low capital business ideas!\n1. POS Business\nThe point-of-sale terminal business has boomed over the past few years thanks to the increasing demand for agency banking by financial institutions. Running a POS business allows you to gain commissions on transactions you perform for your customers. \nYou can \nquickly start a POS business\n by visiting a financial institution like \nMoniepoint MFB\n. Ensure you provide all required documentation, such as your business account details. Begin this profitable small business today without needing a large shop space and with as little capital as N30,000. \n\n2. Cleaning Services\nMost people working in busy cities in Nigeria rarely have time to clean their homes or offices thoroughly. You can explore this significant opportunity by offering your services as a house or office cleaner with little capital to purchase your basic equipment. \nThe cleaning service business has a high growth potential, and you can employ more hands as your offers increase with time. \n\n(\nSource\n)\n3. Photography Business\nPhotography is a small business that allows you to turn your creativity and passion into income. By learning and fine-tuning your photography skills and investing in a good-quality camera, you can cover weddings, birthdays, or business events. \nYou can also boost your business by selling images online on \niStock\n, \nUnsplash\n, or \nDreamstime\n. Today's world is highly digital, and the demand for photography skills is increasing, making it a profitable and fun small business you can start in Nigeria. \n4. Fashion Thrift Business\nThe famous 'okirika' or thrift fashion market continues to boom as time passes. Fashion trends keep evolving daily, and most people love to look their best on a budget. You can explore this opportunity by investing in high-grade thrift clothes and footwear. You can also create awareness for your clothing goods by opening a social media page or website to advertise them. \nAmazingly, you can do this from the comfort of your home without bothering about shop rent and utility bills. \n5. Event Planning\nAs someone who loves to organise, decorate, and coordinate celebrations, this small business idea is just for you. Organisations and families celebrate events daily, and you can explore this opportunity for profit. \nYou can build your portfolio by planning small-scale events for family and friends. If you're consistent enough, you can get referrals that can help you upscale to planning larger events. You can also upskill yourself by staying updated on the latest planning tools and ideas. \n6. Open a Palm Oil Storage Business\nNigeria is blessed with agricultural resources, and the palm oil trade is one of the numerous profitable businesses you can venture into. \nHere's how - you can buy palm oil cheaply when the palm kernel dries from February to April. Store it until July, its peak season, and its demand is expected to increase. You can then begin selling your stored palm oil in this high-demand period and enjoy a significant profit of about 50% to 60%. \nYou can grow and have distribution channels nationwide by maximising this profitable small business and setting up a \nreliable business account\n in your name.\n\n(\nSource\n)\n7. Catering Services\nIf you love to create magic with your cooking skills, you can earn very well through it. Opening a catering service business is a profitable idea you can start from your kitchen with little capital. \nAll you have to do is buy the essential ingredients and cooking equipment, hire reliable dispatch riders and start cooking for family and friends. You can upgrade to cooking for bigger events and celebrations by getting good referrals. \n8. Copywriting Service Business\nAs a creative and passionate writer, you can earn a high income by creating a copywriting business. Over the past few years, businesses have realised the importance of hiring copywriters to prepare compelling advertisement content, email campaigns, etc. \nYou'll need good writing skills, creativity, fundamental copywriting knowledge, and the ability to know your clients' needs. \nYou can begin as a one-person team for startups and smaller brands and expand your service to larger organisations or freelance platforms like \nUpwork\n. \n9. Sports Viewing Centre Business\nThe game of football brings almost all Nigerians together. If you live in an environment, for instance, a university, where people don't have access to watch live football matches, you can open up a viewing centre. \nYou can set it up with a comfortable venue, well-equipped gadgets, suitable seating arrangements, and a reliable cable connection. Through consistency, you can grow this business with loyal clients revisiting with friends. \n10. Confectionery and Baking Business\nCakes and pastries like puff-puff, small chops, doughnuts, etc., are typical treats served in almost every Nigerian celebration. You can start this business from home with your unique recipes and essential baking equipment, such as a small oven, baking pans, mixers, etc. \n\nGrow your business\n through your social media pages or word-of-mouth referrals and enjoy maximum turnovers.\n\n(\nSource\n)\n11. Laundry Business\nA laundry business is another small business idea you can easily start in Nigeria today. You can begin in your neighbourhood by doing door-to-door marketing and taking laundry orders from family and friends. \nAll you need are basic washing supplies like your detergent, soaps, and clean water supply, and you can buy a small washing machine with a bit of investment.\n12. Zobo or Hibiscus Drink Business\nMost people are taking the healthy path regarding their eating, thanks to the heavy risk awareness of over-processed foods and drinks. Zobo offers \nseveral health benefits\n, such as aiding weight loss, preventing kidney stones, regulating blood pressure, etc. \nYou can start a Zobo manufacturing and distribution business with basic ingredients like leaves and other natural spices. You can earn good profit from this ever-green market with the right market penetration.\n\n(\nSource\n)\n13. Blogging and Content Creation\nThe blogging business is another lucrative business you can venture into as a passionate and skilful writer. Blogging lets you carve out a niche for yourself and write about anything your audience wants to read about. \nBy creating high-quality and valuable content for your audience, your blogging site gets increased website traffic. You can monetise your blog through \naffiliate marketing\n and placing ads on it through \nGoogle Adsense\n from the comfort of your computer screen.\n14. Perfume Oil Business\nThe Perfume Oil business is a lucrative venture you can explore as a small business owner. You can begin with \nas little as N5000\n by buying perfumes in small quantities from reliable wholesalers at a subsidised price and reselling them to customers. \nBefore you start, research your market to find out what type of customers you would approach, their budget, and what type of perfumes they would be interested in. \n15. Become a Professional Driver\nRegister with companies like Bolt, Uber, inDrive, and Lyft and become a professional driver. For instance, as a top Bolt driver in busy cities like Lagos or Abuja, you can \nearn as much as 311,000 monthly\n. \nYou don't have to own a personal car to do this business; you can access one based on a hire-purchase agreement with a trusted party. All you require to start this business is a valid driver's license and other required documentation from your desired company. \n16. Scrap Metal Sales Business\nYou can contribute to an eco-friendly environment and profit by doing so. By gathering scrap metals in your environment, you can sell them to recycling companies using them for further production. \nTo begin this business, you'll need tools like magnets, wheelbarrows, a small truck, etc. You can create an advantage by cordial relationships with recycling companies and collectors.\n17. Road Transportation Business\nYou can start a road transport business within or outside your state, depending on your capital size. You can register with your community's road transport union and begin your private charter trips or public pickups. \nAs with company-driving businesses, you don't need your car; you can use auto rickshaws (or Keke). You can get a hire-purchase agreement with a trusted investor.\n18. Social Media Marketing\nYou can earn money through your smartphone as a social media marketer by advertising for brands. With increased social media engagement, most businesses leverage social media advertisements to boost their sales. \nYou have to set up a social media page on any platform you choose, such as Instagram, TikTok, YouTube, etc. Ensure you create engaging content for your target audience, and if your page has gained enough relevance, companies can reach out to you with marketing deals.\n\n(\nSource\n)\n19. Ice Block Manufacturing\nIn some parts of Nigeria, the power supply is often unsteady, and ice blocks are needed to run perishable commodity businesses, drink supplies, etc. \nTo begin this business, you need a suitable site, adequate power-generating equipment, and reliable delivery agents. You can profitably earn in the long run by supplying ice blocks at competitive rates.\n\n(\nSource\n)\nConclusion\nEvery business idea deserves the opportunity to operate. From catering services and copywriting to fashion designing, there are countless small business ideas you can easily start in Nigeria today. \nLike all successful businesses, having a reliable and speedy banking service like Moniepoint Business Banking Solution for your transactions and necessary business equipment makes the difference.

19 Small Business Ideas You Can Easily Start in Nigeria 

The role of women and their centrality to the growth and evolution of technology has been widely acknowledged. Yet, recent statistics show that women remain underrepresented in the technology industry. The last census results by the National Population Commission show that there are almost as many women as there are men in Nigeria, however data from the Nigerian Bureau of Statistics (NBS) on women and men in the country reveal that women occupy just 25% of the employment rate in the technology industry even as 22% of annual STEM graduates from Nigerian universities are women. Although a global challenge, these gaps have underscored the need to increase female representation in the tech industry in Nigeria.\n\n\nAs the world marks the 2024 International Women’s Day, IWD and against the backdrop of the successful execution of its three previous editions, leading digital financial services provider for emerging markets and the second-fastest growing company in Africa\n, Moniepoint Inc\n has announced the launch of this year’s edition of the \nWomen-In-Tech initiative\n. This year’s IWD campaign theme of #InspireInclusion calls for action to break down barriers, challenge stereotypes, and create environments where all women are valued and respected.\nGiven that previous editions had 5 women in each cohort, this year the 6-month internship programme which is aimed at ensuring that young women have access to building a career in technology will see 10 women take on roles in various teams that include Cloud Engineering, Backend Engineering, Technical Product Management, Data Engineering, Systems Administration, Technical Support and User Experience. Christened as the \nDream 10\n, these women will be provided with direct mentorship during the internship. Other perks include; a salary, work tools, merch, the opportunity to work on live projects during the course of the internship and an offer of full-time employment depending on assessment post-internship.\nThe goal of the Women in Tech initiative has always been to provide women with the opportunity to grow their skills by gaining the necessary experience to advance their careers. As such, selected applicants get to spend time working on real projects to help shape digital finance in Africa. Alumni from the programme have become active contributors to the development of their products making a huge difference in the world while making significant strides within the tech ecosystem.\n\nSpeaking on this year’s edition, Chinaza Nduka-Dike, Head, People Operations at Moniepoint Inc noted that with this initiative the organization is going over and beyond inspiring inclusion to demonstrating a genuine commitment to making a difference in the lives of women. \n“Increasingly we are seeing that diversity, inclusion can ignite innovation and growth. Intentional outreaches such as our Women in Tech which have helped to increase female representation and have had a transformative power to create meaningful inclusion while ensuring that we can keep pace with the talent development in a global economy. We have been able to fill talent gaps while giving women great jobs and a sustainable livelihood. Looking back at the past editions, we are filled with an immense sense of pride at the progress made and looking forward to adding more women to the pool who in turn can grow as leaders and build thriving, successful organizations”, she said.\n\n\nTefe Oladejo, a frontend engineer and member of the pioneer cohort of the Moniepoint Women in Tech expressed her delight at the increased number of internship roles available for the 2024 programme.\n“I am a living witness to the transformative power of bold action initiatives like this. It’s been a privilege to work on products that you can see making a visible difference in the lives of millions. Moniepoint’s supportive ecosystem has been very pivotal to my growth and personal development,” she said.\nSince 2019, Moniepoint’s technology has powered the dreams of over 2 million business and individuals, offering personal and business banking, payment, credit and business management tools to help them succeed. \nThe internship is open to women across Africa who are interested in starting a career in technology. Interested applicants can find out more about available roles and apply for the programme via the \nWomen in Tech\n website, \nhttps://womenintech.moniepoint.com\n

Moniepoint commemorates IWD with call for applications into 4th edition of Women in Tech Programme 

Your finances are valuable, and this is why, at Moniepoint, we constantly provide new ways to make your banking experience more convenient, speedy, safe, and reliable. \nYou can now sign in to your Moniepoint personal bank account with your email address or phone number. \n\nIt gets better because, in addition to your BVN, you also have the option to use your National Identification Number (NIN) as verification for your KYC-level upgrades. \nLet's explore the simple steps to follow.\nWhat is your National Identity Number?\nYour National Identity Number (NIN) is an 11-digit number assigned to you when you complete enrollment into the National Identity Database (NIDB). This unique number is randomly generated and given to individuals aged zero and above. \nFinancial institutions such as Moniepoint MFB use your NIN to confirm your records in the database and verify your identity. \nYou can easily \nenrol for your NIN\n at any verified enrollment NIMC Enrolment Centre with any of the required original and valid supporting documents such as your BVN, driver's license, voter's card, etc.\nGetting Onboarded to your Moniepoint Personal Banking Account using your National Identity Number\nYou can open a Moniepoint Personal Banking account in minutes using your NIN and verify your identity at different KYC levels. Follow the steps below:\nDownload the updated Moniepoint Personal Banking application from the \nApp Store\n or the \nGoogle Play \nStore.\nSign up using your phone number or email address and set up your password and transaction pin.\nLog into your account and click “Proceed” on the “Create Account” section.\nYou will see the requirements for upgrading to KYC level 1.\n\n
\nYou will receive an option to select either the NIN or BVN verification. Choose NIN and click on "Next".\nAn NIN detail is displayed if your registered phone number links to it. If the details belong to you, click "Yes, it is". If it doesn't, click "No, it's not". \n\n\n\n\nIf the displayed details do not belong to you, you can input your NIN and click "Next". You can also dial the code *346# on your registered phone number for a network service fee of N20 if you can’t remember your NIN, \n\n\nYou will be required to carry out a face verification to confirm if an actual person is opening the account and to verify that your picture matches that on your NIN database. You will be presented with prompts on the steps to follow. Click on "Proceed". Properly position your face in the oval and smile for a camera capture.\n\n\nOnce you confirm that the image is of good quality, click "Yes, use this" and "Continue" until you see the identity verified screen. Note that if your image does not match that on your NIN, you can retry verification.\n\n\nAfter this, you will be asked to provide other KYC level one upgrading verification, such as your residential address and attestation.
\nWhat are the KYC Level Requirements for my Moniepoint Personal Banking Account?\nOnce you have successfully logged in to your Moniepoint personal banking dashboard, you will be required to upgrade your KYC levels. \nThis allows you to access the beneficial features of the app. Your Moniepoint Personal Banking app has three KYC levels with varying features and transaction limitations you can upgrade to.\nYou will need to provide the following requirements to upgrade:\nKYC Level 1\n\nNationality\nYour NIN or BVN details\nFace Verification\nResidential Address\nPep Status (Politically Exposed Person)\nSource of Revenue\nAttestation \nThe single credit limit for this level is N50,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N300,000, while the daily debit limit is N300,000.\nKYC Level 2\n\nBVN or NIN\nNext of Kin details.\nAt this level, the single credit limit is N100,000, while the single debit limit is N100,000. Additionally, the daily credit limit is N500,000, while the daily debit limit is N500,000.\nKYC Level 3\n\nProof of Address Verification\nIndemnity\nThis final level has an unlimited single and daily credit limit; this means that your account has no credit transaction limit. On the other hand, your single debit limit is N5,000,000, while the daily debit limit is N25,000,000.\nWhat do I do if my NIN is not Successfully Verified?\nIf you input your NIN and it does not go through successfully, follow the tips below;\nEnsure you put in the right NIN. You can dial *346# from the number you used to register your NIN to confirm your NIN number. Note that this comes at a N20 cost from the network provider.\nPlease pay attention to the error you receive. If it reads "Invalid NIN", the NIN number you put in is invalid, and you will need to try again or retrieve the correct one.\nIf you encounter an error of "Verification failed", contact our customer support representatives by calling +234 201 888 9990 or email \nsupport@moniepoint.com\n. Doing so gives you a better explanation of the ongoing issue and a solution to it.\nConclusion\nYou can easily sign up for your Moniepoint Personal Banking app using your NIN verification for your KYC levels. At Moniepoint, we offer you banking services at your convenience. Download the personal banking app and \nsign up\n to get started.\n

How to Open a Moniepoint Personal Banking Account Using Your National Identification Number

Entrepreneurship, which is the process of setting up a business to make a profit, is essential for the economic growth of a country. \nIn Nigeria, the entrepreneurial field has created many opportunities like career growth, innovation, and increased national income. \nHowever, as promising as this field sounds, there is a noticeable gap in the ratio of male-to-female entrepreneurship success in Nigeria. \n\n\nAccording to data from the Small and Medium Enterprise Development Agency of Nigeria, women participate primarily in the informal sector at 42.1%. \nWith a staggering representation of just \n13.57% in the formal business sector\n as opposed to their male counterparts of 86.43%, some factors hinder the success of women's entrepreneurship in Nigeria. \nFrom limited funding opportunities to a lack of networking opportunities, etc, let's explore some challenges women entrepreneurs face in Nigeria and how they can overcome them. \nKey Takeaways\nThe 2024 International Women's Day Theme is "Invest in Women: Accelerate Progress."\n"Nigeria ranks \nlow on the gender gap parity\n, ranking 123 (with a score of 0.639) out of 146 countries. Women continue to experience deficits in decent work related to the business and regulatory environment and access to financial and business development services critical in formalising and growing their businesses" (\nNational Gender Policy, 2021\n).\n\n\n"According to the results from the \nWomen Entrepreneurs Survey (WES)\n undertaken under this research study and supported by evidence from the National MSME survey 2021, women have a high level of interest in becoming entrepreneurs but face challenges related to the business and regulatory environment, including access to financial and business development services critical to formalising and growing their businesses."\nNetworking can aid women entrepreneurs in accessing funding, valuable knowledge, and partnerships, which are crucial for the growth and success of their businesses.\nDigital solutions like Moniepoint MFB's business banking app can ease banking processes, allowing women entrepreneurs to manage their finances and strike a work-family balance efficiently.\nBy leveraging digital marketing tools, women entrepreneurs can combat the challenges of limited market access and create a strong foothold in the market.\nChallenges Women Entrepreneurs Face in Nigeria\nWomen entrepreneurs in Nigeria often face challenges when setting up and growing their businesses. Some of them include;
\n#1. Limited Access to Finance\nLimited access to finances to fuel their business is a significant limitation women face when growing their businesses. Most women rely heavily on personal finances when starting, which can ultimately become insufficient in the long run. \nIn addition to the limited funds, some women face obstacles like financial illiteracy and ignorance, which limit their chances of accessing funds for their business ventures. \nThe National Bureau of Statistics in Nigeria states that about \n80% of women-owned enterprises fund\n their businesses from their finances due to difficulties accessing external funding. \nWomen can combat this challenge by exploring alternative funding opportunities such as business loans, \nbusiness savings accounts\n, financial awareness training, etc. \n\n\n(\nSource\n) \n
\n#2. Insufficient Access to Networking Opportunities\nA strong professional network is vital for success in entrepreneurship; however, most women only sometimes access such networks. As a result of these limited networks, they often get limited access to capital expansion, mentors, etc., which can boost their business growth. \nWomen in today's age can overcome this limitation by attending business seminars and industry events and connecting to industry experts on platforms like LinkedIn. The rise in technological advancement also gives women an edge in business. \nThis is where they can leverage tech upskilling internships like the Women in Tech internship by Moniepoint MFB. \n#3. Balancing Business and Family Responsibilities\nA major challenge facing women entrepreneurs in Nigeria is the need to balance household responsibilities as caretakers and businesses. To overcome this, women can hire household helpers, seek support from friends and families, delegate business tasks, and prioritise tasks. \nDigital financial institutions like Moniepoint MFB make it easy for women to handle their financial needs by providing convenient \npersonal\n and \nbusiness banking solutions\n. This way, women entrepreneurs can run their e-commerce businesses, for instance, without the stress of physical visits to banking institutions. \n#4. Limited Access to Customers and Markets\nDue to limited access to markets and clients, some women entrepreneurs face challenges in growing and profiting from their businesses.\nLimiting access to profitable markets, national or local, comes from insufficient market information and the inability to scale up and enhance their competitiveness (often due to scarce resources). \nOther factors include limited capacity building, poor product quality, limited access to Information and communication technologies (ICT) tools or skills, or inadequate market integration.\nUltimately, the small size of employees in women-owned businesses creates a barrier to their \nparticipation in international markets\n where volume is a major requirement. \nThe limited market access can further hinder businesswomen from achieving a broader customer base and boosting their businesses efficiently. Women can overcome this challenge by leveraging digital marketing tools, websites, and social media platforms to target specific audiences and increase their online presence.\n\n\n(\nSource\n)\n#5. Social and Cultural Barriers\nSocietal and traditional practices in some tribes of the country restrict women's access to economic opportunities, property rights, land inheritance, and use. For example, the Land Use Act offers equal access to land ownership; however, \nsome social customs or regions present contrary practices\n. \nThese factors pose a challenge to women entrepreneurs, thereby impacting their business growth potential. To overcome these barriers, women can advocate for gender equality by actively participating in movements that promote women's empowerment. \nInnovating Trends and Opportunities for Women Entrepreneurs\nThe Emergence of Technology-driven Businesses\n: Women entrepreneurs are making a mark in launching innovative startups and digital platforms. For example, Damilola Olokesusi, the co-founder and CEO of a Nigerian transportation startup, Shuttlers, Oyindamola Honey Ogundeyi, the founder of Fashpa.com, a Nigerian e-commerce site, etc\nGrowth of Social Enterprises\n: Women entrepreneurs like Sandra Chukwudozie, a Nigerian female entrepreneur and clean energy activist, are addressing societal challenges through social enterprises. \nThe Power of Collaboration and Networking\n: Women-focused networks and mentorship programs empower entrepreneurs.\nAccess to Financial Inclusion and Funding\n: Financial institutions like Moniepoint MFB are developing tailored digital banking products to support women-owned businesses.\nUpcoming Opportunities in Agribusiness\n: Agribusinesses offer many opportunities for women entrepreneurs in Nigeria.\nRetail and e-Commerce Growth\n: The retail industry, specifically e-commerce, is booming in Nigeria thanks to technological innovation. This provides women with a fairer competing ground to execute their business operations.\nWellness and Health Entrepreneurship\n: Women are delving into fitness, healthcare products and services, wellness coaching, etc.\nFinal Words\nOnce viewed as a man's field in Nigeria, entrepreneurship has since evolved to include women, thus embracing the 2024 International Women's Day theme "Invest in Women: Accelerate Progress." \nAt Moniepoint, we believe in financial inclusivity for everyone, regardless of gender. By leveraging our digital banking solutions, more Nigerian women can access convenient and reliable business and \npersonal banking solutions\n to boost their ventures.\n

5 Challenges Women Entrepreneurs Face in Starting and Growing Their Businesses in Nigeria

\nIf you missed the last one, the wait is over, and the search for the Dream10 is on 🚀\n\nFor the past three years, every International Women’s Day, we’ve made it our mission to provide women with access to building a career in technology. Through the women-in-tech internship, five women have joined the Moniepoint team in tech roles every year since 2021. \nThis time, we’re making it bigger.\nThis year’s International Women’s Day theme is “Invest in Women: Accelerate Progress,” and in that spirit, we’re putting the medal to the pedal. Ten internship slots—twice as many as in previous years—are open for women like you to join Moniepoint in eight roles.\n\nThis six-month internship will give you real-world experience building financial technology products for emerging markets, under the mentorship of industry leaders. But that’s not all. The Moniepoint women-in-tech internship also includes perks like a salary, work tools, and some pretty cool merch (we say so ourselves).\nOpen roles for this year’s internship include Cloud Engineering, Backend Engineering, Technical Product Management, Data Engineering, Systems Administration, Technical Support and User Experience. If you’re interested in any of these industries, we’ve got a spot for you.\nVisit \nhttps://womenintech.moniepoint.com\n to apply, and come improve the financial experience for over 2 million businesses and individuals in emerging markets.\n

The Moniepoint Women in Tech Internship 4.0 is live! 

\n\nI’m usually fascinated by people taking unconventional leaps, and even though this is a bit common at Moniepoint, it is nonetheless interesting. Interesting enough that I believe it deserves a blog post of its own. \nOne of such stories is that of our VP of Mergers & Acquisitions. Peter Oriaifo used to be an investor in Moniepoint - yes, you read that right. A pretty early investor who believed in our vision. Today, many years later, Peter is driving our growth and expansion from within. \nNaturally, I sat down with him to understand why he moved. Peter’s career has always been at the intersection of finance and technology in unexpected but profoundly impactful ways, and in the next few minutes, you’ll find out how.\nHi Peter, let’s take it back to the beginning. How did your career start off?\nHi Chidinma. Younger me was fascinated with technology; you would usually find me dismantling computers for fun. This led me towards being a computer science major.\nHowever, an internship in finance unexpectedly veered my path towards the financial sector. This decision was not a departure from my tech roots but an expansion, blending my understanding of coding with the financial world.\nPost-graduation, I ventured into the financial services sector, influenced by an uncle who was in the Nigerian banking sector. My time at a boutique investment bank was instrumental in refining my expertise in growth strategies, acquisitions, and mergers, particularly within the community banking sphere. Here, I was a part of historic transactions, including handling the acquisition of JIKO by a fintech company, marking the first fintech acquisition of a bank in U.S. history—a testament to being at the right place at the right time. Witnessing another acquisition - Radius Bank's by Lending Club, helped seal my excitement for this path. \nI tried out becoming a product manager but ultimately started off as a consultant, when I couldn’t land a role. I specialised in evaluation and growth strategies for high-growth tech and life science companies. During this period, a lot of fintech companies came to my plate. One of them was Toast, which gave a foundational prep to what working in Moniepoint would be like as they share some similarities. \nSounds like equal parts fun and intense hard work. Let’s talk about investing in Moniepoint. How did that happen?\nIt certainly was a lot of work; but I had to learn, so I was happy to do the work. I knew I wanted to do more in the African tech space, and it was a delight to join the  Oui Capital team to do this. Our early investment in Moniepoint was not just a financial decision but a belief in the company's vision to redefine banking for the Nigerian consumer. My role transcended mere investment; it was about nurturing and supporting an ecosystem where every startup's success story is a collective victory.\nAha. That’s brief but packed. So why did you choose to do the work from within?\nJoining Moniepoint as VP of Mergers and Acquisitions speaks to my belief in the company and commitment to driving sustainable growth within the African tech ecosystem, particularly at a juncture marked by ‘funding winters’ and economic volatility. Today, as I witness Moniepoint's influence from local markets to family gatherings, my conviction in the path we're carving for financial inclusivity and empowerment in Africa only strengthens.\nMoniepoint, with its extensive resources and strategic position within the market, emerged as the perfect platform for me to execute this vision. The company stands at the forefront of the ecosystem's consolidation, offering a beacon of hope and a pathway for businesses facing adversity. My role in M&A is pivotal in this context, enabling Moniepoint to bolster its own growth while assisting other companies in gracefully concluding their stories or embarking on new chapters.\n…but why Moniepoint specifically?\nMoniepoint ticks the box for me in a lot of ways. Some of the reasons why I decided to join Moniepoint include: \nImpact on small businesses: \nThe work at Moniepoint significantly supports small businesses, and I find this important and fulfilling. The impact is a driving force for me, emphasising the company’s role in fostering economic growth and empowerment at the grassroots level. One instance that stands out for me is Moniepoint’s critical role during the cash crunch period, where it served as a lifeline for many businesses in Nigeria. The ability to make a tangible difference during challenging times reinforces my belief in the company’s mission and its importance to the community. \nCompany's Trajectory:\n Moniepoint's rapid growth and the dynamic nature of its business also excite me a lot. I see working at Moniepoint as an opportunity to accelerate a career within a fast-paced, ever-evolving environment that continues to grow in importance and impact. The quality of talent at Moniepoint, across all levels, stands out to me. I’m inspired by the people I work with, including specific colleagues like Habib, a data engineer whose skill and work ethic is outstanding.\nCompany culture and environment: \nThe phenomenal work culture at Moniepoint makes it a vibrant and enjoyable workplace. The remote work dynamic at Moniepoint is particularly attractive, especially in the post-pandemic world where the concept of work has evolved. I appreciate that the organisation doesn’t confine productivity to a traditional office environment. It allows for a more balanced and enjoyable approach to work. \nEnough of the serious side of you for a minute. What’s life like outside of work?\nOutside the walls of mergers and acquisitions, I’m an avid collector of African art in general. I have a deep appreciation for culture and heritage. You will find me collecting, going to, and visiting African art exhibitions. \nI also have a love for music and travelling, as I have a curious mind and am open to new experiences. I would love to visit Marrakech as my next destination as I’ve heard a lot about the country and its tourist scene.\nMarrakech is certainly a vibe. Thank you for speaking with me, Peter. It’s been a pleasure. \nIf you made it this far. Thank you for reading. With every new challenge and opportunity, we're not just changing the game at Moniepoint; we're redefining it. But here's the thing— we’re always looking for more stories like this. Moniepoint is on the lookout for curious minds, passionate hearts, and daring spirits who believe in making a real difference.\nIf that sounds like you, join us at \nMoniepoint\n. Let's innovate, impact, and inspire together. Your next big adventure awaits!\n

From Investor to Operator: Peter’s Path to Moniepoint 

I have a PhD in researching and finding things out. Okay, not an actual PhD, but a curiosity that drives me to understand, in-depth, the nuances of any problem I’m working on, and burrow into the possibilities and solutions that may be applied to the problem. This has, over time, helped me develop a keen sense of technical experimentation, failing fast, and applying practical solutions, all leading to a life of Product. \nThis short piece is an attempt to take you into how I became this research nerd today, and how it’s shaped my career.\n\nLet me go back to the beginning.\nWhen I was a tad younger and trying to shape my career, I was bent on studying Architecture but couldn’t seem to navigate my way into it, so I ended up doing project management. I had assumed studying architecture was the optimal way to explore my passion for designing and building things and seeing them come to life.\nEventually, I decided that my love for intricacies and design could be fulfilled by studying computer science. I, therefore, went back to school to study Computer Science! I fell in love with the design and principles behind how computers work, how the Software Development Cycle works, and how to solve problems. \nMy first job was at a mobile payments company, in their Research & Development(R&D) department as a junior engineer. And I’m pretty sure that was how my obsession with research kicked in. Soon, I was working directly with the head of R&D on both the hardware and the software side, building prototypes for what we saw was needed in the market. \n
When I left that company,  a couple of us came together to run a business. I ran the technical aspects, honing my love of research and development and answering the question, \n“How do we solve a problem most optimally?”\n \nI then went on to consult for various startups trying to build products that needed market and architecting solutions to achieve their MVP. Those were the first 6-7 years of my career. \n\n\nArriving at this (Monie)point\nAfter the first 7 years, I evolved into core systems and startup architecture (yay, architecture). I’ve therefore spent time on the board of a few startups, where I served as an advisor. My role involved guiding their roadmaps; what products to use, and how to design their system using open-source and cloud-hosted technologies.\nI went on to be a systems architect at a very up-and-coming IoT business in Africa that was owned by Vodafone; optimising what they had and how to future-proof the solution for the next five to ten years. \nI did this until I saw the call to join Moniepoint as Technical Product Manager, R&D. I found it exciting and decided to join the team.\nLife as an R&D Technical Product Manager\nMy current role as technical product manager in R&D is to coordinate and build out solutions that will create new products for the business. I’m also looking to solve current growing pains that none of the departments can solve by themselves, which affects the entire business as a whole. \nFor example, one problem that we're working on now is solving a pain across the entire organisation and no one has time to actually concentrate and focus on it. The other is building a completely new business unit. \nSo, between my VP and I, we work hard in researching and carving out new markets, to push the business into new areas while also solving issues that have held different departments back from achieving their goals. It sounds a bit tricky swinging between these two major bull’s eyes, but that’s the crux of what we need to do.\nWhy R&D?\nNow, you’re probably wondering why my obsession with Research is unrelenting, and I’ve decided it's because of the rapid prototyping approach that it gives me. I'm a big fan of the fast approach to building things - \ntry something, try it quickly, and if it works, then perfect; if it doesn't work, can it and find something else\n.\nI have an inbuilt mental model premised on the process - \n“don't be afraid of failing, but if you fail, make sure you fail fast, don't waste a lot of resources trying to prototype something”.\n \nThat mental model, combined with my academic perspective getting honours in artificial intelligence and the research that went into that. I enjoy applying throughout any kind of product that I design and figuring out what would be the best principles to apply while achieving the goal in the shortest time.\nLooking ahead - what impact do I want my work to make?\nI would love my contribution to have made a dramatic change in how the business operates and the products we can deliver as a whole in quality, robustness, and scalability. 
As a bank, we need to deal with vast amounts of data with pen testing security issues, all of which play a role in what my products need to solve and protect against. I therefore want to look back one year from now and be excited about all the problems I’ve solved across departments and company-wide.\n\n\nWhat do I do when I’m not geeking out on Products or GTM strategies?\nI have a 4x4 vehicle that I take out to obstacle courses with my friends and see how far we can push the car before damaging it. We're a group of friends, usually doing four to ten cars that then tackle the obstacle course and see how far we get.\nIn addition to this, I play golf a lot! 😅😅\n
\nYou’ve read Nicolaas’ curiosity-driven career path. We’re always hiring people who are driven by problem-solving and curiosity. If that sounds like you,\n join us at Moniepoint.\n\n

Nicolaas’s path to research-led technical product management at Moniepoint.

\n\nThe GC Powerlist: Nigeria recognises the most influential and innovative in-house counsel driving significant change within Nigeria's leading companies. As the first edition focused solely on Nigeria, it spotlights standout general counsels navigating complex regulatory environments and advancing their organizations through technological transformation.\nEvery year, the Legal 500 invites law firm partners and in-house counsels to nominate in-house lawyers who have been instrumental in driving their organisations and businesses forward. In-house lawyers are especially recognised for changing or forming commercial opinions; developing outstanding technical solutions to complex issues; creating innovative structures to ensure that the in-house legal function is supporting and driving the business; and providing business working models that other in-house counsels can follow.\nThe Legal 500 has been analysing the capabilities of law firms and in-house lawyers across the world, with a comprehensive research program revised and updated every year to bring the most up-to-date vision of the global legal market. The Legal 500 assesses the strengths of law firms and in-house lawyers in over 150 jurisdictions, the results of which can be viewed free of charge. Research is based on feedback from 300,000 clients worldwide, submissions from law firms and interviews with leading private practice lawyers, and a team of researchers who have unrivalled experience in the legal space.\n\nSpeaking, Lead Researcher, GC Powerlist: Nigeria 2024, Funke Olufon expressed her true delight at introducing this inaugural edition, after previous years of covering Africa in its entirety. \n“This inaugural edition not only showcases the landmark cases and impressive deals undertaken by these deserving legal professionals. Interviews conducted in this Powerlist present truly varied and thought-provoking perspectives on a gamut of issues, among which include a shared focus on leading a digital transformation in legal departments and processes; the race to align Nigeria’s compliance requirements with international standards; and the efforts being made to refurbish the legal department’s reputation to that of true business partners,” she said. \nNotable legal professionals that made the cut include Moniepoint's General Counsel, Okechukwu Eke; Adesua Dozie, Vice chairman, General Counsel, Mobil Producing Nigeria; Chidi Momah, General Counsel and Company Secretary, NNPC; Dr. Irene Robinson-Ayanwale, General Counsel and Divisional Head, Business Support Services, NGX Group; Ifedayo Lawal, Senior Director, Legal Africa, Coca-Cola Nigeria; Michael Otu, General Counsel and Company Secretary, Zenith Bank and Oluseye Alayande, Group Chief Legal Officer and Company Secretary, BUA Group among others.\nSpeaking to his inclusion in the prestigious list, Okechukwu Eke noted that Moniepoint’s legal team has been involved in a number of key initiatives, including the implementation of a contract management platform which has resulted in some significant benefits. “We have developed standardised agreements for Moniepoint’s products and services, contributing to our recognition and ranking as one of Africa’s fastest-growing companies.”\nOn the use of AI in day-to-day legal work, Okechukwu opined that "the AI feature has played a crucial role in enhancing efficiency within our legal team’s contract management process. It has significantly reduced the time spent on reviewing and drafting contracts, enabling team members to focus on more complex and strategic assignments. Furthermore, it has enhanced the efficiency of contract reviews by assisting in the elimination of errors during the review process, and it consistently improves negotiating outcomes."\nThe GC Powerlist: Nigeria 2024 showcases the fascinating stories and perspectives of the most exceptional, richly deserving in-house counsels Nigeria has to offer, and see how legal professionals continue to innovatively drive their companies forward, while skillfully navigating the nuances of the Nigerian economic landscape.\nSince the launch of the Legal 500 Powerlist in 2013, 3,000 individuals, 2,000 teams and 100+ law firms have been recognised for inclusion in 38 regions and countries across the world (also known as jurisdictional lists).\n

Moniepoint's General Counsel, Others, Named in Legal 500's Inaugural GC Powerlist for Nigeria

MPR. CRR. BLR. What are these terms?\n\n\nOver the past few months, the prices of goods and services have been climbing so high, they're practically giving everyone headaches. It's a tough pill to swallow for everyone in Nigeria, from the person pricing tomatoes to big businesses budgeting for the next quarter. \nThe Central Bank of Nigeria (CBN) has decided to step into the ring to save us all, by tweaking the monetary policy rate. This article looks to break things down, but let’s have the raw facts. \nThe CBN has increased the MPR by 400 basis points from 18.75% to a record high of 22.75%. \nThe cash reserve ratio (CRR) has increased from 32.5% to 45%\nThe bank liquidity ratio remains at 30%\nThe asymmetric corridor is at +200/-700 basis points of the MPR. \nThis is a lot, but there’s good news. We talked with Bayo, our Chief Financial Officer, who broke things down for us, so we can do the same for you. \nFirst, let’s break it down…\nWe know you’re not 5. But that doesn’t mean the terms might be less confusing. To understand what these recent policy adjustments mean, there are a few terms you need to get. Let’s break down what these big finance terms mean:\n1. Monetary Policy Rate (MPR):\nWhat it is\n: The MPR is the benchmark interest rate set by the CBN, which influences the cost of borrowing in the country. The increase of 400 basis points just means the interest rate increased by 4% (why didn’t they just say so, right? I know). \nWhat this means for you\n: It means that the lowest you can get charged for interest is higher now. With the previous MPR, banks charged between 25% - 30% interest. Now, it could get as high as 35%.\nThat sounds scary, yes. But it can be a good thing. A higher MPR also means that banks can give you higher interest rates on your savings. It could move from the typical 10% to 15%. Sweet.\n2. Cash Reserve Ratio (CRR):\nWhat it is\n: The CRR is the percentage of a bank's deposits that must be kept with the CBN as a reserve. At an MPR of 45%, for every 100 naira a customer keeps with a bank, the bank must keep 45 naira with the CBN. This money cannot be used for lending or any other purposes.\nWhat this means for you\n: With the CRR increased to 45%, banks have less money to lend. While it becomes more difficult for businesses and individuals to get loans to do anything, it also means less cash in circulation, which is good for tackling inflation.
\n3. Bank Liquidity Ratio:\nWhat it is\n: This is simply the amount of money or assets a bank must hold compared to its total deposits. This can be either cash in the bank or assets like government bonds that can be quickly converted to cash if needed. The purpose is to ensure banks can promptly meet customers' withdrawal demands. \nWhat this means for you\n: Maintaining the liquidity ratio at 30% ensures that banks remain stable and can cover withdrawals by customers. This means that your deposits are safer, but conversely affects how much banks can lend to you.\n4. The Asymmetric Corridor:\nWhat it is\n: This is the rate at which the CBN either lends to or borrows from banks, with the MPR rate of 22.75% as a starting point. If the bank has excess cash and decides to lend to the CBN, the apex bank says it will borrow at MPR - 700 basis points (15.75%). If the bank needs cash urgently, the CBN then lends at MPR + 200 (24.75%)\nWhat this means for you\n: This adjustment gives the CBN more control over interest rates and discourages banks from borrowing money from or lending to the CBN.\nWhy's the CBN doing this? The big picture.\nSo, disclaimer: we’re not the CBN. But since World War II, global central banks have used Monetary Policies or something related to regulate inflation. Now, why has the CBN implemented these specific changes?\nReduced inflation\nThe primary aim of raising the MPR is to curb inflation by slowing down money circulation. Higher borrowing costs mean businesses and consumers will likely borrow less and spend less.
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⁠Nigeria’s inflation rate as of December 2023 was 28.92% and goods and services have become super expensive. With the higher MPR, a bottled water business, for example, might initially raise prices to cover the higher costs of repaying their loans. Then, the overall demand for that bottled water is expected to decrease as consumers become more cautious about spending. 
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⁠This reduced demand could decrease inflation over time, as businesses may be forced to lower prices to encourage customers to buy stuff. Since 2022, over 45 countries have increased interest rates to fight inflation.\nIncreased control over money in supply\nIncreasing the CRR helps control the money supply more directly. With banks required to keep a larger portion of their deposits at the CBN, there's less money available for lending, aiming to temper inflation and stabilise the flow of the naira.
⁠\nInterestingly, some banks already operate at higher than 45% reserve, and others operate lower than the previous 30%. The CBN is now trying to harmonise everything to 45%. \nAdjusting the Asymmetric Corridor\nThe asymmetric corridor discourages banks from lending to the CBN and pushes them to lend to other businesses or invest in intrustments that would be profitable for them. \nBetter days ahead?\nWe wish we could see the future, but our time machine is still in R&D. However, it’s not difficult to see how these changes by the CBN, are intended to move Nigeria off the inflationary pathway. We hope you found this breakdown helpful. If you’d like to learn more about banking, finance and technology, \nvisit our blog\n to read more.\n

What’s the point of increasing the MPR?

Ever stood in line at your local supermarket, watching as receipt after receipt gets printed out for each customer? Ever wonder where all those slips of paper end up? In many Nigerian stores, they often land in the waste bin close to the security at the entrance. But have you ever stopped to think about why we still get them, and what role they play in our daily lives?\nThese slips of paper, especially from our everyday transactions at the Point of Sale (PoS) machines, are more important than we might think. They're not just for customers but also for businesses and banks. Even as everything moves online, I've noticed that paper receipts are still the go-to, even though digital options are available (companies like ours offer this choice).\n\nEzekiel, our head of distribution, shared his insights for this story. Together, we'll explore why PoS receipts are still around, why they matter to everyone involved in a transaction, and peek into what shopping could look like in the future without them. First, how did we get here? \nHistorical context on receipts\nThe journey of the receipt through history is fascinating. From the earliest days of trade, merchants and customers have used receipts for record-keeping, and trust-building. As buying and selling changed, so have receipts. \n\n\nPoint of Sale (PoS) Terminal receipts\n\n\n\nGlobal Milestones\nSweden: Often leading in digital innovations, Sweden saw a major shift towards digital receipts in the 2010s, with many retailers and banks promoting digital transactions to move towards a cashless society.\nJapan: Known for its meticulous record-keeping, Japan introduced electronic receipts in major retail chains in the late 2000s, blending tradition with technology.\nToday, digital receipts are offered by businesses globally, from small stores to multinational corporations. However, the transition isn't uniform, with many consumers and businesses still preferring or requiring paper for various reasons.\nWhy PoS paper receipts are still a thing\nReceipts, whether digital or paper, are important to help businesses and customers confirm and reconcile every transaction they make. It’s what you present to the bank if there’s an error or a dispute. Most importantly, it’s required by law. Even though you can get these receipts digitally, there are still practical reasons why paper will still be a thing. \nPracticality for Businesses\nPaper receipts help businesses stay efficient and prevent fraud.\nImagine a cashier in the middle of a high-traffic festive shopping season, with several, mostly impatient customers, waiting in the queue. The cashier can quickly verify the printed receipt without inspecting the PoS device closely or checking an email for each transaction. \nIf the PoS is configured to print a second receipt only for successful transactions, the attention-stretched cashier can quickly spot a failure if a second receipt doesn’t come out. It reduces the risk of errors or customers trying to play a fast one. It also helps both customers and merchants keep a record of the transaction.\nSettlement\nNetwork glitches can sometimes prevent the bank from settling the merchant. When this happens, the merchant can provide physical evidence that the bank’s systems may have missed. This is even more important in Nigeria, where banks can settle merchants instantly. \nFor Consumers\nThe cashier is not the only one stressed in that busy shopping traffic we just pictured. Customers standing in queues waiting to checkout amidst the sensory overload can be draining, and they could miss important details. \nEvidence of failed debit and for invoicing\nIf a customer has a failed debit, the receipt can help them seek redress at their respective bank. If the transaction is successful, the receipt is still important for record purposes. Especially if said customer is helping someone else with that transaction. \nAccuracy\nIt happens, sometimes accidentally, that the cashier enters N10,000 instead of N1,000. Instant receipts allow the customer to check that they paid for the right products at the right amount, and that there was no mix-up. \nReaching everyone\nNot everyone can access a smartphone or the Internet, but everyone shops. When merchants give customers a record of their purchase, it’s a simple step towards ensuring everyone is included in the financial system. \nFor service providers\nPoS device adoption\nAs you’ve probably guessed from our historical timeline, not all PoS terminals can issue digital receipts, so paper allows some financial institutions to comply with the law. \nBackup for service disruption\nIf network glitches prevent receipts from sending to the merchant's email, paper can be used as a backup. \nThe above benefits capture a typical Nigerian shopping experience, and while digital receipts have their benefits, paper receipts offer practicality for a typical merchant and consumer. It’s instant, easy to use, and dependable. Interestingly, Nigerians are not alone in preferring paper receipts. \nOn the global stage \nDifferent countries have varying levels of preference for receipts. Surveys conducted in 2022 and 2023 might surprise you: \nThe United States\nAbout 72% of American consumers prefer paper receipts to digital receipts. They do this because it makes them feel safe and certain. Those younger than 44 tend to lean towards digital, while those between the ages of 16 and 24 don’t even care for receipts at all. \nEurope\nSurprisingly, 54% of European consumers prefer paper receipts, and 27% have no preference at all. Most of them cite some of the practical scenarios we listed above as their reason for opting for paper receipts. \n\n\n\nHow we approach PoS receipts\nWe’re all about giving businesses and customers the tools they need to create financial happiness, so we employ an innovative approach to PoS receipts that focuses on benefits to the user. \nFueling digital adoption with reliability\nWe built our site reliability services to maintain 99.99% uptime. When we added instant settlement to the mix, confidence, fewer and fewer people (merchants or customers) saw the need for paper receipts, which are most important for disputes. As a result, merchants opt for our smaller terminals that don’t give receipts, which is usually cheaper.  Network glitches happen often, but we make sure this never happens on our systems 99% of the time. In the unlikely event of downtime, we work on rectifying the transactions during the affected period. \nTapping into culture to digitise people\nDigitisation is a gradual process, and we first tap into the existing culture by giving people paper receipts, which they’re comfortable with. Some merchants don’t want paper receipts, others can’t do without them, and we cater to all in a way that suits their operations. \nAccessibility\nWe allow merchants to download these receipts from their apps. Digital receipts might exist, but some do not allow merchants access to these receipts whenever they want. We provide end-of-day reports summarising daily transactions, making it easier for merchants to verify sales against receipts.\nSustainability\nPaper receipts take their toll on the environment, and we’re making steps to cater to the current user habits while providing more sustainable digital options for merchants. This work extends beyond transaction receipts, and it saves costs for the merchants. \nBringing it together\nGlobally, paper and digital receipts play a big part in how people interact with money, from cities to remote villages. This blend helps bridge the gap, ensuring no one's left behind as the world moves more online. However, as long as there’s Internet and power infrastructure failure in Nigeria, and payment rail failure, paper receipts will remain a thing. \nUltimately, it’s all about finding the right balance with innovation, and we're committed to doing that every day. If you'd like to be a part of our journey, there's room for you. Visit our \ncareers page\n to get started. \n

What’s the point of PoS receipts?

An employee is cruising through the career highway and suddenly senses a gap. Maybe it’s a lack of hard skills, or they think it’s time to upgrade the soft skills they already have. Moments like this can be pivotal for your employees, and how your company addresses this could impact overall productivity.\nThis is where mentorship comes in as a trusty co-pilot in creating the best employee experience for your staff. Mentorship helps people go beyond their current checkpoints, and let’s face it: life is a learning curve. Let’s take a dive into how you can help your employees when they come across this path.\n\n\nWhy you should care about mentorship.\nAs the Employer Brand Lead at Moniepoint, I’ve seen firsthand how mentorship can turbocharge careers and also the trajectory of an organisation. From employee engagement to improved culture, here are some reasons why mentorship is something we care about;\nEmployee development\nMentorship initiatives give employees the opportunity to learn and enhance certain skills. They gain valuable insights that enhance their professional capabilities and this can have a positive ripple effect on the organisation.\nKnowledge transfer\nMentorship is an excellent way to foster the transfer of knowledge, best practices and organisational culture, from experienced employees to newer or less experienced ones. It helps preserve organisational knowledge and ensures continuity, especially during periods of transition or turnover.\nIncreased engagement\nEngaging in mentorship programs and initiatives fosters a sense of belonging and support among employees. At Moniepoint, we also call this Membership. They feel more valued and supported which leads to higher levels of job satisfaction. This in turn increases their level of motivation and commitment to the organisation. \nLeadership development\nA strong organisation is one where all employees have a certain level of leadership skills, and you can build such skills through mentorship. With mentorship, mentors have the opportunity to hone their coaching, communication and leadership capabilities. On the other hand, mentees develop leadership qualities through guidance, feedback, and role modelling. \nEmployee retention and loyalty\nIncorporating mentorship programs in the organisation strengthens the bond between employees and the company. Through the value they gain, they have a higher commitment to staying long-term with the organisation. This reduces turnover rates and its associated costs. \n
\nPutting the “M” in Mentorship.\nWithin an organisation, mentorship can take different forms. At Moniepoint, here are a few ways we explore it on our team;\nA dedicated L&D team\n\n\nMoniepoint has a commitment to nurturing talent and fostering growth through its learning and development department. Our employees can always reach out to the team if they’ve identified a skill gap they desire to fill and get linked with the right resources. This extends to every level of our organisation. \nOpen communication system\nWe also run an open inter-team communication system. This extends beyond our \nopen-door policy\n, to a system where you can get and receive feedback from anyone, irrespective of level or department. Anyone can collaborate with anyone, getting knowledge and insight to ensure that they can give their best. \nInternal hiring system\nFor employees looking for a path to grow, we make it possible for them to shadow teams outside of their own. This gives them an opportunity to explore other career paths they might be interested in and allows them to pivot. For anyone on our team, it’s possible to gain new skills, or switch paths with ease.\nWomen in Tech Initiative\nEach year, Moniepoint selects five women for its Women in Tech initiative, placing them in various departments across the company. These women are then assigned mentors within their designated teams, and they get to learn while executing projects. This initiative not only provides invaluable opportunities for career advancement but also provides a path for these teams to grow as well.\n\nGive mentorship a shot. \nIf you want to include mentorship, you need to define the goals and objectives of the mentorship program you have in mind. It helps determine what skills or knowledge gaps the program aims to address and how it aligns with the organisation's overall mission and values. \nThen, develop a structured mentorship program with defined roles, responsibilities, and expectations for both mentors and mentees within divisions or departments. In developing this structure, you should also provide guidelines and resources to ensure participants understand their roles and how to maximise the benefits of the programs. \nIt’s important to put careful consideration into matching mentors and mentees. It could be based on skills, experiences, and career goals. You can consider factors such as personality compatibility, communication styles, and shared interests to facilitate meaningful mentorship relationships. \nDiversity and inclusion are also integral aspects of any mentorship program. While incorporating mentorship initiatives, encourage participation from people across different departments, backgrounds, and levels of experience to foster a rich exchange of perspectives and ideas. It is also important to foster a culture of open communication and continuous improvement by encouraging regular feedback and evaluation from both mentors and mentees. \nGet it right!\nWhen knowledge flows seamlessly within a team, efficiency skyrockets. Everyone is equipped with the knowledge they need to give their best. Win-win! \nIf you’d like to work in an organisation that prioritises your growth just as much as its own, \nwe’ve saved you a spot\n. We’re waiting for you.\n\nThis article was first published on techeconomy.ng.

What’s mentorship got to do with employee experience?

\nIn line with a critical mandate, of the Federal Government to unleash Nigeria's full economic potential by focusing on job creation, access to capital for small and large businesses and inclusiveness, the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees, Moniepoint Microfinance Bank Limited and the Corporate Affairs Commission (CAC) have joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria.  This unprecedented move will foster economic growth, ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity.\nIn a brief ceremony which was held at the Bank of Industry, BOI office in Abuja, Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, while describing the initiative as monumental, reiterated the Federal Government’s commitment to catalyzing economic development by supporting small and medium businesses with funding, thus creating a conducive environment for them to flourish and generate more opportunities.\nAcknowledging Moniepoint’s innovative strides, Dr. Uzoka-Anite pledged greater collaboration towards formalizing additional MSMEs. She noted that the Federal Government was prepared to deepen its engagement with the company, adding that it would consider its request for provision of cheaper funding and grants to enable it draw more small businesses into the formal space, as well as create an enabling environment for them to thrive.\n\n\n“The current administration is excited and passionate about creating jobs, ensuring financial inclusion and poverty alleviation. These things add up towards economic development. A lot of people have ideas but are impeded by lack of access to the right learning environment and education. Which is why we are happy to collaborate and support players like Moniepoint to bring more people into the financial sector and help the government achieve its mandate,”, the Minister said.\nOn his part, Managing Director, Moniepoint MFB, Mr. Babatunde Olofin expressed delight at the partnership and said that the engagement was in furtherance of the organization’s mantra of powering dreams while creating a society where everyone experiences financial happiness.\nHe said, “"We recognize that these businesses are the lifeblood of economies, so their growth directly supports the entire economy, essentially extending our ability to positively impact everyone else. We are heavily invested in super charging Nigeria’s economic ambitions so that enormous employment opportunities can be created and lift millions of Nigerians out of poverty. This initiative is in strong alignment with the Federal Government's agenda - financial inclusion, job and wealth creation and economic growth. Our target is that in 5 years, we will onboard 30 million businesses in collaboration with the CAC as we leverage technology to create a win-win situation for all stakeholders." \nRegistrar-General/Chief Executive, CAC, Hussaini Ishaq Magaji, SAN lauded the Minister for her visionary strides since assumption of office, noting that the feats recorded by the agency were results of the robust support and guidance she has consistently provided. He stated that the commission’s objective of formalizing 20 million small businesses while describing the 2 million businesses sign-up with Moniepoint MFB as a watershed moment in Nigeria’s economic trajectory which heralds a transformative shift that will lay a sturdy foundation for sustained growth and prosperity in Nigeria.\n“Mr. President has promised 50 million jobs for the youths. This ground-breaking ceremony will set the target off. What we are witnessing today has never happened before in Nigeria. The participation of all these stakeholders underscores the profound significance of this occasion, symbolizing a unified resolve to propel Nigeria’s economic landscape towards unprecedented heights of progress and promise,” said the CAC boss.\nThe registration of businesses and organizations across the nation has been a core mandate of the CAC over the years. This mandate which confers legal identities on businesses has been instrumental to connecting enterprises to essential opportunities that have facilitated access to financial facilities, and enabled them to increase their revenue streams.

Moniepoint MFB, CAC Partner To Boost SMEs Development, Target 30 Million Businesses in 5 Years

\nSolving problems barely sounds like the most fun thing to do. But little else is as exciting for someone like me, who grew up fixing things. From starting out in electrical engineering to exploring a career in tech, here’s how I found myself at Moniepoint - solving problems for people using our products to power their dreams.\nA little about how I got here\nIf you’re one of those people who read other career stories and think, “Well, good for you that you already knew what you wanted to become from a child; I figured mine along the way…”, then welcome. You and me both. Although I would not consider myself someone who is totally clueless, I didn’t think I would be in tech. I mean, how many homes knew “tech” to be what it is today at the time? \nAs a child, I always wanted to fix things. I grew up in a family of 5 girls. And believe me when I say my dad had no intention of leaving any stone unturned (or any wire uncovered in this case). He taught us all the “handy jobs” that were referred to as boys' jobs. As a teenager, I could change tyres, fix electricals in the house, service generators, name it (lol).\nBy the time I was applying to a university, I already knew that I wanted to have a career that had to do with fixing problems, so I went for mechanical engineering. \nEngineering school, and a career detour.\nAs excited as I was to study mechanical engineering, I began to have a change of heart as I went along with it. By the time I graduated from Ambrose Ali University in 2016, I already knew I wouldn’t be an electrical engineer professionally.\nBut what then? I still had my urge to solve problems. I just wanted to do it in a different way. As someone who liked to read a lot, I could already see that tech was the “now” of Nigeria. And it was the surest way problems were being solved. I started taking online courses, watching YouTube videos, and attending conferences. I consumed everything I could about tech and started applying for jobs.\nFive months after graduating, I got my first job in tech. I worked with Fintrak Software Limited as a three-year graduate trainee, shuffling departments until I found the one that aligned the most with my problem-solving skills - Application Support.\nToday, I work with Moniepoint as a technical support engineer. \n\n\nWhat it’s like working as a technical support engineer.\nSo, yes, I’m fixing problems for the customer. But what does this look like? And how do I make this happen in collaboration with other teams like customer support and product engineering?\nOn a daily basis, my responsibilities involve monitoring various services, including onboarding and front office services, to ensure there are no impediments that could hinder customers’ experiences. Additionally, I provide support to customers through the customer support team, addressing issues ranging from onboarding difficulties for business owners to KYC upgrade issues. Ultimately, I aim to ensure customer satisfaction and smooth utilisation of our services.\nEvery time I fix an issue for a customer, I still get that joy I got as a kid from checking what was wrong with a fan and telling my dad the problem so it could be fixed - only on a higher level. \nCollaborating with other teams\nThe customer support personnel is typically the first point of contact with a customer who has an issue. The goal is first to find out what the customer needs and manage their expectations as we work to resolve the issues they may be having.  Some of these issues can easily be resolved by guiding the customer to take the right steps; some are technical corrections that need to be made. This is where we usually come in.\nThe customer support personnel escalates the issue to me, the technical support engineer, to fix it. I examine the customer records and technical logs to diagnose and resolve the problem. I take my time to breakdown the problems and solve them step by step. Once I’ve resolved it, I  inform the customer support personnel, who relate to the customer.\n\nWhy Moniepoint?\nThree years ago, I didn’t know or hear much about Moniepoint. But now, I don’t even have to explain for people to recognise where I work. The impact we have had in helping businesses is very visible, and when I was applying, I just knew I wanted to be a part of it.\nI have a personal story of a friend whose parents were struggling with bank issues for their business. They would have cases where alerts were not dropping on time, or they could not reconcile daily transactions seamlessly. When they opened a business banking account with us, that story changed. She calls me randomly to sing our praises, and I feel proud to be here.\nAnd it’s not just about our impact externally. Before joining, I had heard stories of staff highlighting the culture, and I was curious (I mean, people lie about these things). But I’m here now, and I can attest to the fact that everyone is respectful of each other. The fact that I know my ideas are heard and implemented is also something I feel good about, and I’m excited to be a part of this team.\nIf you love solving problems like I do, then you should absolutely join us. Visit to find your path to us.\nhttps://moniepoint.com/careers\n

Making a career at Moniepoint out of my passion for fixing problems.

For Yemi, navigating the sometimes turbulent waters of communication challenges and finding creative answers is an apt description of his daily routine. Sitting through an interview with him to talk about his work process felt like an education in how ​​non-linear roadmaps can bring meaning - that there’s always a rhythm and rhyme even in a world of ever changing, ever increasing variables.\nIn this conversation, we explored what it means to be a creative director at a financial institution, and everything in between. Come on the journey with me.\n\n\nWhat does the creative direction process look like, from the moment a brief gets on your table?\nA major thing for me when receiving a brief for the creative team is clarity. Having a good understanding of the end goal and the big-picture objective of the brief. We've got to have as much understanding of what is being sold as the product owner does. You can’t sell what you don’t know. Once we interrogate the brief and have that understanding, we then proceed to work on it.\nOnce the creative team has attended to the brief, they share what they've done with the creative strategist; he's the first gatekeeper who takes a look at what has been done, speaks to them about it, and ensures that it's as close to perfection as possible, and then I come in.\nAt this point, my role would require me to do some quality assurance, ascertaining the quality of the idea generated -  whether it's from a copy perspective, a visual perspective or a holistically conceptual perspective. I take a look at it and decide if the idea(s) actually tick the boxes required in the brief.\nIf not, I have another discussion with the creative strategist or the creative team where we interrogate the idea(s) and strip them completely bare, looking for that tiny gem of brilliant simplicity that can actually turn that idea around. \nMy objective at this point would be to assist the creative team with what I call concept generation triggers, especially if I notice there’s some creative fatigue or mental blocks, I’d suggest my own thoughts to help the team rediscover their creative elixirs. Once I can open up their minds to see other possibilities and inspire them, then they're able to break out of their mental blocks and come up with great stuff. \nHow do you think through tasks, and manage expectations in a sometimes unpredictable workspace?\nWe work in a very fast business environment. Aside from the usual administrative and creative management responsibilities, certain things pop up without warning and this could be due to a number of factors: market trends, sentiments, economic policies, industry regulations, and a host of other things. We are also very data-centric at Moniepoint, so whatever the data tells us is what informs our next line of action.\nHowever, I work very closely with the director of product marketing, Chinedu, and from that relationship, I'm able to understand where the brand is, what the brand needs from a communication perspective, what objectives need to be met, as well as determining what kind of communication the brand requires to meet its objectives at any given point in time.\nNot everything can be solved by TV, radio, or still visuals. This means there are times you may have to proffer solutions that are outside of the regular spectrum. In other words, \n“How else can we push certain products, or features to our target audience out there?”\n including the \n“Who?”, “What?”, “When?”, “Where?” and “How?” \nquestions. Sometimes the most effective channel to use may not be the obvious one, and you just have to determine which one will deliver the best results at what time.\nThat's where I come in as a creative director - to guide the creativity of my team; guide their thought processes, and the ideation creation processes, and also proffer solutions, wherever there are creative roadblocks.\n
\n\nAs Creative Director, are there times that you get into a rut? That place where you are tunnel-visioned and really cannot ideate about a particular product or a thing? How do you come out of that?\nI go through that pretty much all the time. Having a creative roadblock is not a sign that you’re losing your creative touch. It's just a sign that you are trying not to do the obvious but you just haven't figured out the way to break through the usual, into the unusual.\nHere's a secret - for every brief that I'm given, I'm usually blank at first.\nAt the beginning of my career, it scared me. However, I came to realise that what I called a creative block or blankness, was my brain trying to reconfigure itself to absorb the new information that's presented in the new brief.\nFirst, I reach out to my team members. There's a lot of value in constructive teamwork, so when I hit a roadblock, I'm not too proud to go to my team members and say \n“Hey, I'm working on so-and-so, and I don't seem to be making any headway. Maybe I've gotten too close to the brief and I need a fresh pair of eyes to take a look at it and then just tell me what you think.”\nWhatever they say when they take a look at the brief may not directly be what I'm looking for, but there just might be something in between the lines (or even nuanced) that’ll lead to \nthe\n \nlight-bulb\n moment.\nThe second thing I do is to take a break. The best figurative expression for it is - \nwhen you sit too close to the TV, you can't see the entire TV… you can't see the entire screen, and you can only watch one character at a time\n.\nThat's how I see it mentally. A mental block may be a sign that I'm too close to the screen. I’ve probably been looking at the brief from just one particular angle and I've become tunnel-visioned. I need to step back and develop a much broader understanding.\nWhat does stepping back and taking a break look like?\nOne of the ways I step back from the brief is to jump on another brief. It doesn't mean that the other one would stop (because mentally, I’ve not completed it yet).\nOr I do something different - watch something, play a video game, or play with my dogs. I call it constructive distraction. Your brain probably has been overheating and you need to calm down by doing something else that relaxes it, and as it starts to relax, your subconscious ruminates on the brief at hand.\nAnd how I know that I've actually hit a gold mine is that I actually feel a thump in my chest. Like \nshoot,\n this \nis it\n. This is the Eureka moment. And, that's pretty much how I handle creative blocks.\nI’ve always been fascinated by creative backgrounds and how they shape a Creative Director. What's the difference between having a copywriting background and having a design background for a creative director role?\nNaturally, our core abilities will play a role in how we analyse work. A creative director with a copywriting background will probably have a copy-first approach ie. look at the copy first and try and see that the copy actually says what it's meant to say.  And the same goes for the more graphic-design-oriented creative director; they would probably have a design-first approach. However, personally, I disagree with either route and I try to consistently wean myself off the “stereotype”. \nHere’s my reason; Over the course of time globally, the lines between copywriting and art direction have been blurred; meaning that you don't actually have to be a copywriter to put your idea into words, nor do you have to be a graphic designer to direct art.\nA copywriter no longer behaves the way a traditional copywriter will behave, because now they no longer see the creative challenge from just a copy perspective. They see the creative challenge from a more holistic concept-led perspective. And the designer shouldn't see a creative challenge from just a visual expression perspective. Rather, they should see it from a conceptual point of view. \nThe developed concept is then cascaded across communication channels; digital banners, print ads, TV commercials, radio commercials, or whatever IMC combination you choose. It's all driven by concept. \nWhen it therefore comes to being able to direct creativity, I would rather that a creative director has elevated himself or herself above the constructs of copy and graphics into the realm of concepts. Because as a creative director, you cannot say that you don't know how to direct art because you have a copywriting background, or that you don't know how to direct copy because you have a design background.\n\n\nThe role of a Creative Director is not usual at a financial institution or bank. Did you ever think you’d work with a financial institution?\nHahaha. Nope! I grew in my creative career, seeing financial institutions as conservative and thinking they would stifle freedom of expression. Working at Moniepoint has changed that narrative for me because Moniepoint values creativity and technical depth - “\nWhat do you bring to the table? How well do you do what you do?”\nI know a couple of organisations are adopting the strategy where they have an entire creative unit in-house, but it's not common just yet, especially in our industry. And for that reason, I would applaud Tosin, our CEO, for having the vision of domiciling a properly structured creative unit in-house.\nAnd we can see the impact of that in our communication across the board. If there's one thing people look out for now, it is “What's Moniepoint going to come up with next?”. People have so far enjoyed the creative output from the brand. And it's really not just because there's a creative director, but because there is a properly structured creative unit. \nYou talked about your dogs as being part of your constructive distraction. Would you call them a creative muse?\nCreative muse? No, they are not, they are way too lazy and eat too much of my food to be muses. 😅😅\nWhenever I feel overwhelmed, I try to distract myself; and sometimes I do so by playing with my dogs. Other times, I don't have to play with them, I just have to watch them and then I relax immediately because they always get up to mischief, and do something ridiculous that would make me laugh. That helps me relax. And in my relaxed state, I'm more productive.\nI guess that's the function they play in my professional life.\n\n\nWhat’s your favourite Moniepoint campaign?\nAs the Creative Director, I cannot choose. 😂 I love all the campaigns, honestly! But if there's one that I absolutely cherish, and I wouldn't call a campaign, it's the brand tagline, “Powering Dreams”. \nMy team and I developed that on my second day of resumption, and looking back at the work and discussions that went into it, it makes me extremely happy, every time I see how it has evolved from being a tagline to becoming the ethos of the brand.\n
\nAnd there you have it! I learnt quite a lot from this conversation with Yemi, and I’m sure you did, too. If you’d like to do cool things with a creative and effective marketing team, we're waiting for you. \nJoin us\n.\n

On being a creative director in a financial institution, with Yemi Arawore

\n\nWith Moniepoint, your financial dreams can only get better! Introducing our latest innovation – the new savings feature available on your \nMoniepoint Personal Banking app\n. \nWhether you wish to lock away your money for long-term goals or conveniently deposit and withdraw it at any given time, the \nFlexible savings, Strict Savings, and Fixed Deposit\n plans allow you to save smart and reliably. \nWith a minimum of N1000, get to enjoy interest rates of up to 16% p.a, and watch your money grow to finance your desired future. \nLet’s explore these convenient savings plans.\n\nMoniepoint Personal Savings Plans\n1. Flexible Savings \n\nA savings plan suited for rainy days and emergency expenses. With the Moniepoint Flexible Savings plan, you can easily save up extra funds and withdraw them any time you need them, with no strings attached. \nEnjoy a flat rate interest of 9% annually without incurring any breakage fees. Simple, flexible, and rewarding!\nBe prepared for unexpected financial challenges and create your personal emergency go-to wallet for unforeseen emergencies.\nEasy access\n: Save and withdraw anytime \nFlexible\n: Withdraw without penalties\nStable\n: Ideal for unpredictable incomes and urgent needs.\nInterest\n: Accrue interest daily, withdraw monthly\nTop up\n: Add more funds to your existing savings\nRoll over\n: Roll over your plans upon maturity\nSecure\n: NDIC-secured\nHalal complaint\n: Opt out of receiving interests \nSave your spare funds,\n \naccrue interest daily,  and watch your emergency fund grow. The flexible savings plan offers you a personalized way to save and withdraw without penalties.\n2. Strict Savings\n\nDevelop a saving culture and become a disciplined save\nr\n. It is a smart and safe way to lock away funds for a fixed amount of time and accrue up to 16% interest annually. \nWith Strict Savings, you get to avoid distractions and stay focused on your financial goals while resting assured that your money is secure and growing. \nYou should also note that breaking the terms of your Strict Savings plan will lead to a loss of all interest rates you have accrued.
\nInterest\n: Accrue interest daily and receive payments monthly\nTop up\n: Add more funds to your existing savings\nRoll over\n: Roll over your plans upon maturity\nSecure\n: NDIC-secured\nHalal complaint\n: Opt out of receiving interests \nRule\n: If the Strict Savings contract is broken, payment of the principal will be delayed for 48 hours, and the accrued interest will be forfeited\nAvoid spending funds dedicated to a long-term goal with a Strict Savings plan. Lock away a fixed amount for 1 to 12 months with ease.\n3.  Fixed Deposit\n\nWith a minimum deposit of N1000, you can save for your big goals using the Fixed Deposit plan. Save a lump sum for a longer term, receive interest upfront, and earn up to 16% per annum. \nThe Fixed Deposit plan allows you to choose when and what to save for and how long you want to save up for. \nInterest\n: Upfront payment of interest\nGrowth\n: Ideal for substantial, long-term investment\nRoll over\n: Roll over your plans upon maturity\nSecure\n: NDIC-secured\nHalal complaint\n: Opt out of receiving interests \nRule\n: All accrued interest will be forfeited if this plan is broken before the contract’s maturity.
\nSet aside lump sums and get rewarded with highly competitive interest rates. The Fixed Deposit plan is perfect for long-term investment plans or big-budget projects.\nHow to Start a Savings Plan on your Moniepoint Personal Banking App\nTo start saving for your financial goal on any of our savings plans, follow these steps:\nLog into your \nMoniepoint personal banking app\n.\nClick on the savings icon.\nSelect your preferred savings plan.\n\nSet up your savings by filling out all necessary information, such as your target name, target amount savings frequency, and more. Click “Next” when you’re done.\n\nClick “Create plan” and make your dreams happen with Savings.\nFor support, send an email to support@moniepoint.com\nFAQs\nWhat is the minimum amount required to start a savings plan?\n1000 naira is the minimum amount you can use to start a savings plan.\nCan I change the duration or tenure of my savings plan?\nYes, you can change the duration of your savings plan after creating it by going through the Manage plan flow to make any necessary changes.\nIs there a penalty for withdrawing before the maturity date?\nPenalties depend on your savings plan of choice. For Flexible Savings, there are no penalties, while for Strict Savings & Fixed Deposit, you lose all accrued interest. \nIs the interest rate fixed or variable for the savings plans?\nFlexible Savings – Interest is fixed at a flat rate of 9% p.a. \nStrict Savings & Fixed Deposit – Interest varies based on tenure but can go as high as 16% p.a.\nHow frequently is the interest credited to my savings account?\nFlexible Savings – Interest is accrued daily and paid at the end of every month. \nStrict Savings – You can access interest at the end of your savings cycle\nFixed Deposit – Interest is paid upfront. \nCan I have multiple savings plans simultaneously?\nYes, you can have as many savings plans as you desire\nWhat are the benefits of opting for a rollover at maturity?\nRollover at maturity allows you to maintain the same savings plan at any tenure you choose, making it easier to reconcile your savings instead of creating a new one.\nIs there a limit on the number of rollovers I can perform?\nNo, there is not.\nConclusion\nYour financial dreams are possible thanks to the power of savings. Explore our different savings plans, from the Flexible Savings to the Strict Savings, and the long-term Fixed Deposit, each set up to suit your personalized savings needs. \nSimply install the \nMoniepoint Personal Banking app\n and click on the savings option to get started.

Moniepoint Personal Savings Feature: What You Need To Know

\n\nIncorporating a good savings culture into your business helps you stay within your budget and accumulate resources for reinvestment. \nWe understand this at Moniepoint, and are introducing our business savings feature with four customized savings plans – \nSave As U Transact\n, \nFlexible Savings, Strict Savings, and Fixed Deposit \n– you can activate with a minimum of N1000. \nWith a soaring annual interest rate of up to 16%, you can use any of the plans available on the \nMoniepoint business banking app\n.\nWith an inclusive halal-compliant feature on request for our Muslim users, our different savings plans offer you the discipline, convenience, and flexibility to manage your business savings on your terms. \nLet’s explore the Moniepoint business savings plans.\n\nMoniepoint Business Savings Plans\n1. Save as U Transact\n\n\nAs a Business owner, you can effortlessly save a portion of each transaction, starting from N20. Start saving on transactions today and boost your business and saving simultaneously.\n2. Flexible Savings\nThe Flexible savings plan is ideal for managing your business’s cash flow, it acts as an emergency fund with immediate access. Save with no strings attached and enjoy a competitive 9% annual interest rate. It’s simple, flexible, and profitable!\n\n\nEasy access\n: Save and withdraw anytime \nFlexible\n: Withdraw without penalties\nStable\n: Ideal for unpredictable incomes and urgent needs.\nInterest\n: Accrue interest daily, withdraw monthly\nTop up\n: Add more funds to your existing savings\nRoll over\n: Roll over your plans upon maturity\nSecure\n: NDIC-secured\nHalal complaint\n: Opt out of receiving interests \nSave your spare funds,\n \naccrue interest daily,  and watch your emergency fund grow. The flexible savings plan offers you a personalized way to save and withdraw without penalties.\n3. Strict Savings\nAre you targeting a significant business milestone? Secure your funds with and maintain your focus! Watch your capital grow at a lucrative 16% interest rate per annum, enabling you to reach your business objectives. It’s an incredible opportunity for growth! \nYou should also note that breaking the terms of your Strict savings plan will lead to a loss of all interest rates you have accrued.\n\n\nInterest\n: Accrue interest daily and receive payments monthly\nTop up\n: Add more funds to your existing savings\nRollover\n: Roll over your plans upon maturity\nSecure\n: NDIC-secured\nHalal complaint\n: Opt out of receiving interests \nRule\n: If the Strict Savings contract is broken, payment of the principal will be delayed for 48 hours, and the accrued interest will be forfeited\nDedicate to a long-term business goal with a strict savings plan. Lock away a fixed amount for a period of time with ease.\n4. Fixed Deposit\nGot a substantial amount to save for 1-12 months? Choose our Fixed Deposit plan. Deposit a lump sum and earn up to 16% interest per annum upfront, based on the duration of your savings. You should also note that this is a one-time deposit for maximum returns. \n\n\nInterest:\n Upfront payment of interest\nGrowth\n: Ideal for substantial, long-term investment\nRoll over\n: Roll over your plans upon maturity\nSecure\n: NDIC-secured\nHalal complaint\n: Opt out of receiving interests \nRule\n: All accrued interest will be forfeited if this plan is broken before the contract’s maturity.\nSet aside lump sums and get rewarded with highly competitive interest rates. The fixed deposit plan is perfect for your long-term business investment plans or big-budget projects.\n\nHow to Start a Savings Plan on your Moniepoint Business Banking App\nTo start saving for your business goals on any of our savings plans, follow these steps:\nLog into your \nMoniepoint Business Banking app\n.\n\n\nClick on the savings icon.\nSelect your preferred savings plan.\n\n\nSet up your savings by filling out all necessary information, such as your target name, target amount savings frequency, and more. Once you’re done, click on “Next”.\n\n\nClick “Create plan” and make your dreams happen with Savings.\nFor support, send an email to support@moniepoint.com\n\nFAQs\n1: What is the minimum amount required to start a savings plan?\n1000 naira is the minimum amount you can use to start a savings plan.\n2: Can I change the duration or tenure of my savings plan?\nYes, you can change the duration of your savings plan after creating it by going through the Manage plan flow to make any necessary changes.\n3: Is there a penalty for withdrawing before the maturity date?\nPenalties depend on your savings plan of choice. For Flexible Savings, there are no penalties, while for Strict Savings & Fixed Deposit, you lose all accrued interest. \n4: Is the interest rate fixed or variable for the savings plans?\nFlexible Savings – Interest is fixed at a flat rate of 9% p.a. \nStrict Savings & Fixed Deposit – Interest varies based on tenure but can go as high as 16% p.a.\n5: How frequently is the interest credited to my savings account?\nFlexible Savings – Interest is accrued daily and paid at the end of every month. \nStrict Savings – You can access interest at the end of your savings cycle\nFixed Deposit – Interest is paid upfront. \n6: Can I have multiple savings plans simultaneously?\nYes, you can have as many savings plans as you desire\n7: What are the benefits of opting for a rollover at maturity?\nRollover at maturity allows you to maintain the same savings plan at any tenure you choose, making it easier to reconcile your savings instead of creating a new one.\n8: Is there a limit on the number of rollovers I can perform?\nNo, there is not.\n\nConclusion\nRest assured, your Moniepoint Savings plan is secure, flexible, and designed for maximum business benefit. \nJoin us in making your business aspirations a reality. Start your savings plan today on your \nMoniepoint Business Banking App\n. Build your business’ future, one deposit at a time.\nDream big, save smart, make it happen!\n

Moniepoint Business Savings Feature: What You Need To Know

\nMoniepoint Inc, Africa's leading digital financial services provider, in collaboration with NITHub Unilag, has announced a call for applicants into the second cohort of the highly competitive HatchDev programme. This initiative, aimed at nurturing the next generation of market-ready software engineers, has received widespread recognition for its impactful contribution in helping to bridge the skilled tech talent gap and supporting the Ministry of Communications, Innovation and Digital Economy’s goal of creating two million digital jobs in the country.\nThe nine-month specialized training programme follows a strict recruitment policy and aspires to produce 300 junior software engineers, 100 intelligent systems developers, and 100 IoT/embedded systems engineers annually. Upon completion of the course, these professionals are readily absorbed into a market eager for their expertise. The program, which began in October 2022, has successfully trained and placed professionals in the industry.  \nThe transformative learning experience provides six months of hands-on training where participants take a deep dive into the world of full-stack development from the fundamentals to advanced techniques, and they’ll gain a solid understanding of the tools and technologies that power the web. Participants will also experience an immersive 3-month internship where their newfound skills can be deployed in a real-world setting, gain invaluable practical experience, collaborate with industry experts, and build a network that will open doors for their future careers. \nAccording to Chukwudum Ekwueme, VP Engineering, Moniepoint Inc., “As a business, we have always envisioned a transformative approach to the use of technology in powering dreams and creating financial happiness in society.  The HatchDev programme is an excellent exemplar of this mandate and one that will allow participants gain practical experience, upskilling, startup incubation, and product development, making them valuable assets to the tech industry upon completion. We are excited to be associated with an initiative that will support the government’s effort to build a robust digital economy for Nigeria.”\nDr. Victor Odumuyiwa, NitHub Director and HatchDev project lead, said, “We sincerely appreciate Moniepoint for collaborating with us to bring the inaugural edition of HatchDev to life in 2022. We have seen firsthand the programme’s transformative power to change lives and empower young people with a future that they can be proud of. I’d encourage those interested to apply and seize this unparalleled opportunity to be a part of an initiative that will shape the future of technology in Nigeria.”\nThe application deadline is set for February 18, 2024, and intending participants are expected to have some knowledge of HTML, CSS and foundational JavaScript to enable them to make the most of this program.\nTo apply or learn more about the HatchDev programme, visit \nhttps://bit.ly/HatchDev2\n.

Moniepoint, NITHub Unilag call for applicants into HatchDev programme  

It’s the season of love, and the pressure is getting “worser and worser.” \nYou’re probably considering how to surprise your loved ones with a memorable gift or experience, but the problem is Nigeria’s inflation rate, right?\nRelax; I’ve got you covered with a list of practical and cost-effective activities you can do this Valentine’s season.\n\n \nYou can plan that perfect date, movie night, or prepare memorable activities without breaking the bank. \nReady to move beyond matching red and white outfits to creating cost-effective and unforgettable moments?\nLet’s explore!\n1. Movie Date Night\nThe classy date move is to visit a cinema or a hyped-up restaurant for a lovely time, right? However, reality check shows that the prices of movie tickets and meals are hitting the roof. \n\n\n(\nSource\n)\nYou can skip the noise of overcrowded eateries and cinemas by creating a cozy movie environment with candle lights, blankets, and good old romantic movies. \nYou can binge-watch your favourite romantic series by subscribing to your favourite streaming platform using your \nMoniepoint debit card\n details shown on your Moniepoint Personal Banking app. \nWhile everyone else struggles to navigate the traffic of a busy February 14th, enjoy homemade meals and cuddle up in front of your lit-up television screen. \n2. Prepare a Home-made Dessert for Your Partner\nYou can treat your partner or loved ones to special homemade desserts like pastries, cakes, ice cream, shawarma, or pizza. Look up an easy dessert recipe and without spending much on dessert shops, you can prepare your partner’s cravings at home.\n3. Plan a Game Night\nWho doesn’t love a friendly competition in the air? With affordable board games such as Ludo, scrabble, monopoly, etc., you and your partner can play fun games. \n\n(\nSource\n)\nYou can also add a touch of romance by creating a lover’s treasure hunt with cute love notes as clues to the final price. \n4. Spa Night\nSpa night is a fun and cost-effective activity to do this Valentine’s season with your partner. Gather your skin care products, watch YouTube spa tutorials, and give your partner a relaxing spa treatment from the comfort of your home. \n\n(\nSource\n)\nYou can also spice the moment up by taking selfies and videos to post later on your social media pages.\n5. Take a trip down Memory Lane\nDo you see that box that contains old album photos of your partner’s chubby cheeks and bulgy eyes as a baby? Go through those pictures while laughing together. \nYou can recreate old love sparks on this special day by returning to old love letters, text messages, and Google photo archives of your first date. \nFurthermore, you can go the next mile by writing heartfelt love notes to your partner that you can look back on in the future.\n6. Slow Dance to your Favourite Playlist\n\n(\nSource\n)\nYou can create a playlist of your favourite love songs or even Afro beats and dance carefree to its melody. You can enjoy a memorable moment by subscribing to streaming platforms like \nSpotify\n,\n iTunes\n, \nBoomplay\n, etc., using convenient and reliable cards like the Moniepoint debit card.\nFrom loud karaoke to intense slow dance movements, you can make this Valentine’s season special and affordable.\n7. Go Together on Volunteering Activities\nNothing beats the feeling of sharing love with the underprivileged. You can visit orphanages, hospitals, and the streets and share gifts, your services, or your time. Doing this allows you to bond with your partner and give back to the community well.\n8. Paint Together\nAwaken the artistry in you both by painting together. You can paint portraits of yourselves, beautiful views, or even your future dreams, anything involving bonding times and paint brushes. \n9. Cook a Meal Together\n\n(\nSource\n)\nFind the secret ways to each other’s hearts by cooking a delicious meal together. You can get help from online tutorials or cookbooks to create magic in the kitchen. \nWhat matters is the time you spend together laughing, cutting, frying, and bonding over hot, boiling soup. \nWrapping Up\nYou don’t have to spend a fortune showing love to your family and partner this Valentine’s season. You can create a memorable Valentine’s celebration by simply re-creating romantic indoor dates, playing games, and watching movies together. \nRemember to be intentional with your finances this season by opening up a secure bank account like the \nMoniepoint personal bank account.\n This way, you can make quick and smooth transactions that won’t spoil the love mood this season.

Cost-Friendly Activities That You Can Do This Valentine's Season.

Alright, picture this – you have to fill out that government form, open or upgrade your \nbusiness account\n or \npersonal bank account\n, or fill out a financial-related form. \nHere’s the challenge; you need to input your BVN and you might not remember the first digit let alone all 11 digits. \nI understand this and can help you out.\nLet’s explore what a BVN is, how to check bvn, and why you may need to check it. \n\n\nDon't have a Moniepoint Bank Account? \nClick here to download it today\n.\nWhat is a Bank Verification Number (BVN)?\n\n(\nSource\n)\nOn the 14th of February, 2014, the \nCentral Bank of Nigeria\n, in collaboration with the\n Nigeria Inter-Bank Settlement System (NIBSS)\n, introduced the concept of the BVN. It is an 11-digit number used to identify all customers of financial institutions in Nigeria. \nThis means that your BVN is the number attached to your financial accounts that your bank can use to identify you as a customer. Like your \nNational Identification Number (NIN)\n, your BVN is linked to your biometric information, including date of birth, full name, and contact details. \nThese details are captured when registering your BVN at any bank or verified registration center. The aim of creating the BVN is to improve financial security through banking in the country by preventing financial crimes and fraud nationwide. \nHow to Check for your BVN Number\nIf you need to retrieve your BVN to access an essential financial process quickly, here are some simple steps.\n1. Dial the USSD code to check your BVN\nYou can check your BVN by simply dialing the code \n*565*0#\n using the phone number you used to register your BVN. By following the prompts displayed after you dial the code, your BVN will be displayed on your mobile device for a service fee of N20. The method is fast and doesn’t require any internet connection. \n\n(\nSource\n)\n2. The Nigeria Inter-Bank Settlement System (NIBSS) Website\n\n(\nSource\n)\nWith a vision to be the leading provider of innovative financial services in Nigeria, the NIBSS website provides a BVN lookup tool to enable you to verify and retrieve your information. You can check your BVN through the NIBSS website by following these steps;\nVisit the \nNIBSS website\n on your mobile device or computer\nInput your name and date of birth\nType in the phone number linked to your BVN\nClick on “Submit.”\nChoose your desired payment option and pay the required verification fee of N20.\nOnce your payment is successful, you will see the verified BVN displayed on your screen. Do well to take a screenshot or write it down in a safe place.\n3. Contacting the BVN Helpdesk\nAnother simple way of retrieving your BVN is by contacting the BVN helpdesk through their toll-free number – 0700-2255-226 or email – bvn@nibss-plc.com.ng. Ensure you provide the correct details, such as your full name, date of birth, email address, and phone number linked to your BVN. \nOnce they verify your details, you’ll receive your BVN details from the comfort of your current location.\n4. Go to a National Identity Management Commission Office (NIMC)\nIf you have registered for your National Identification Number and have your ID details, you can visit \nany NIMC office\n. By providing them with your correct information, they can assist you in retrieving your BVN quickly.\nHow to Check your BVN on MTN, GLO, Airtel and 9Mobile\nWhether you’re using MTN, GLO, Airtel, or 9Mobile, you can check your BVN using the following steps:\nDial the code *565*0# on the phone number you used to register for your BVN\nConfirm that you agree to the prompted N20 fee\nInput your transaction pin\nYour BVN is displayed on your screen.\nWith the same code number, you can check your BVN across the network service providers in Nigeria. The best part is that you don’t need to be connected to the internet. With just N20 naira, your digits get displayed.\nWhy do you Need a Bank Verification Number?\nAs a Nigerian citizen, your BVN is your secret identity to access innovative banking financial services. Here are some reasons you will have to check it;\nTo Verify your Identity\n: Banks like \nMoniepoint Microfinance Bank\n require you to verify your identity when opening new accounts, upgrading your KYC levels, or performing transactions. By providing a valid BVN, you are cleared to perform your desired financial operations.\nFor Security Purposes and Fraud Prevention\n: Your BVN is your unique banking identification number, which the CBN put in place to ensure that your account is not susceptible to fraudsters. If you notice suspicious activities on your bank accounts, contact your customer representative to cross-check using your BVN.\nChanges in Personal Information\n: If you undergo a vital change in your details, such as your name, biometric data, and contact information, you will need your BVN to complete the required forms.\nLinking Different Accounts\n: In cases where you have different bank accounts and wish to link them, you must provide your BVN to do so successfully.\nLoan Application\n: When you apply for a loan or credit service, the lender may require your BVN to verify your identity and facilitate the process.\nPayment and Beneficiary Verification\n: In most cases, NGOs or governments may require your BVN to process payments or verify beneficiaries. It can occur in grant applications, social welfare programmes, etc, and your BVN is a qualifying factor to access such payments.\nAccount Recovery and Emergencies\n: If you need to recover your blocked or lost account, you’ll need to verify your identity by providing specific details, including your BVN.\nFinal Words\nUltimately, your BVN allows you to access unlimited financial operations in the Nigerian banking sector. \nThankfully, in case you forget it, you can always check it through the \nUSSD code\n, NIBSS website and other helpful means listed in this article. \nFinally, keep your BVN details secure and never share them on public and unverified platforms so that you don’t get duped or scammed. 

How to Check Your Bank Verification Number (BVN)

\n\nYou see, the great thing besides opening your Moniepoint personal bank account speedily without long bank queues is the ability to control it effectively. \nWhat other way to do this better than from the comprehensive dashboard of your \nMoniepoint personal banking app\n? \nBy now, you’ve probably installed and signed up for your \nMoniepoint personal banking app\n and are one step closer to exploring its quick and easy benefits. \nFrom tracking your transfer histories to checking your current account balances, I’ll walk you through how to log in to your Moniepoint personal banking app dashboard to access other features.\n\nSteps to Login to your Moniepoint Personal Banking App Dashboard\nAfter installing your Moniepoint personal banking app, you sign up with your desired username and password. To log back into your dashboard, follow these steps below whether you are using an \niOS\n or \nAndroid device\n;\n\nOpen the Moniepoint Personal Banking App on your device.\nType in your username in the username field\nEnter your password in the password field\nClick on the “Login” button to access your dashboard\nNote that if you have forgotten your password, you can easily reset it by clicking “Forgot Password.”\n\nSome Login Issues and How to Rectify Them\nWhen logging in to your Moniepoint Personal Banking App dashboard, you might happen to run into roadblocks like these;\n1. Login Failed\n\nIf you encounter this error when logging into your banking app, it’s possible that your network connection was interrupted or is weak. You can also encounter this challenge if you input the wrong password. To rectify this, recheck your internet connection and try again or reset your password in case you have forgotten it.\n2. Account Locked Out\nYou might be unable to access your Moniepoint dashboard and get locked out of your account if you have inputted the wrong password five times. To avoid this, input the correct password or reset it if you have forgotten your current password.\n3. Using a New Device to Log in\nIf you try logging in using a device different from the one you used to register, you will be prompted to enter the OTP sent to your registered phone number. You will be required to do this for security purposes and to verify that you are the one trying to access your dashboard.\n\nFeatures on Your Moniepoint Personal Banking App Dashboard\nYour Moniepoint dashboard allows you to perform your banking operations easily and ensures you get maximum value. Here are some features you’ll see on your dashboard;\n\nCard Feature\n: Ordering your debit card is as swift as ever using the card feature on your dashboard. You can also make payments using your card and view the card payment success rate of other banks and their varying card type, from the Mastercard to the Verve Card and Visa Card.\nYour Bank Account Details\n: On your dashboard, you will see details such as your full name, verification picture, current KYC level, account number (which could also be your phone number), and current account balance.\nBank Transfer Feature\n: This allows you to transfer funds swiftly to any bank account you choose.\nAirtime Topup feature\n: On your personal banking app dashboard, you can also top up your airtime or data on any verified telecommunication network. \nBill Payment Feature\n: You can pay your bills on time using this feature on your dashboard, ranging from utilities to cable TV.\nQR Code Payment\n: Thanks to this Moniepoint dashboard feature, you can now pay and get paid quickly using the scan QR option.\nNotifications\n: On your dashboard, you can view all your notifications to stay updated on all occurrences on your bank account, from successful transfers and payments to required operations.\nTransaction History\n: You can stay on top of your expenses and track payments by viewing your transaction history, from the newest to the oldest. You can also view your spending trend either weekly or monthly.\nConclusion\nUsing a clear dashboard with features that allow you to monitor and transact quickly from the convenience of your smartphone gives your financial management the extra advantage.\nThe \nMoniepoint Personal Banking app\n equips you with a reliable platform to perform secure, easy, quick, and straightforward operations without leaving you stranded. 

How to Log in to Your Moniepoint Personal Banking Dashboard

\n\nYou’ve just been notified and might wonder, “Why is my Moniepoint account restricted?” \nDealing with a restricted account can get frustrating, especially if you don’t know the reason why. From not upgrading your KYC level to uploading incomplete documents, there are several reasons your account can get restricted.\nFirst, understand that a restricted account notice is put in place for your security rather than slowing down your financial operations. \nLet me explain some reasons your account can get restricted and how you can rectify them.\n\nReasons Why your Moniepoint Account can get Restricted\nBelow are some of the reasons why your accounts can get restricted.\n1. Incomplete Document Upload and Verification.\nWhen opening your Moniepoint personal banking account, you must upload verification documents at different KYC levels. Some documents include your Identification means, utility bill, tenancy agreement, business registration proof, etc. By not uploading the required documents, your account can be restricted. \n2. KYC Level Limitation.\nThe Moniepoint business and personal accounts have different KYC levels with credit and debit limitations. The levels range from one to three for a personal account and one to five for a business account. \nWhen using your account, there are transaction amounts that can not be made at lower KYC levels. Ensure to pay attention to your current KYC level and its limitations to ensure it is not below your desired transaction.\n3. Suspected Account Compromise or Fraudulent Activities\nYour Moniepoint account can be restricted if any suspicious activity occurs on it. At Moniepoint, we care about the safety of your transactions and enable you to stay on top of every activity on your account. \n4. Multiple Failed Login Attempts\nIf you try logging in to your account unsuccessfully after five wrong attempts, your account will get deactivated. Ensure you input your correct username or reset your password in case you forget it to avoid a restriction.\nWhat can I do if my Moniepoint Account is Restricted?\nIf your account gets restricted due to some of the reasons listed above, there’s no need to panic. Go through the following tips to rectify it;\nContact your business relationship manager or our customer support team by calling the number +234 201 888 9990 or sending an \nemail\n. By doing so, you get a better explanation of the ongoing issue and a solution to it.\nVerify your current KYC level and the attached credit and debit limitations.\nEnsure you complete the verifications and upload the required documents for your current KYC level.\n By attempting to log in with the wrong password multiple times, your account can get restricted. Ensure you reset your password if you have forgotten it to regain access to your account.\nWhat are the KYC Limitations for my Moniepoint Personal Bank Account?\nYour Moniepoint personal account is grouped into three KYC levels – levels 1 to 3. Here are the credit and debit limitations on each level.\nLevel 1:\n The single credit limit for this level is N500,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N500,000, while the daily debit limit is N200,000.\nLevel 2:\n At this level, the single credit limit is N5,000,000, while the single debit limit is N900,000. Additionally, the daily credit limit is N5,000,000, while the daily debit limit is N900,000.\nLevel 3\n: This final level has an unlimited single and daily credit limit; this means that your account has no credit transaction limit. On the other hand, your single debit limit is N1,000,000, while the daily debit limit is N25,000,000.\nWhat are the KYC Limitations for my Moniepoint Business Account?\nUnlike your Moniepoint personal account, the Moniepoint business account has five KYC levels. Below are the levels and their credit and debit limitations.\nLevel 1\n: The single credit limit is N500,000, while the single debit limit is N50,000. On the other hand, the daily credit limit is N500,000, while the daily debit limit is N200,000.\nLevel 2\n: The single credit limit for level two is N5,000,000, while the single debit limit is N900,000. Additionally, the daily credit limit is N5,000,000, while the daily debit limit is N900,000. \nLevel 3\n: Like the personal account, this level has an unlimited single and daily credit limit. It means that your account has no credit transaction limit. On the other hand, your single debit limit is N5,000,000, while the daily debit limit is N25,000,000.\nLevel 4\n: You have an unlimited single and daily credit limit at this level. Also, your single debit limit is N50,000,000, while your daily debit limit is N250,000,000.\nLevel 5\n: At the final level, you can access unlimited transactions, including single and daily credit and debit transactions. \nConclusion\nA restricted Moniepoint Personal Bank Account shouldn’t worry you. Paying attention to the KYC level requirements, document uploads, and customer care representatives will get your account back up in no time. \nWith the \nMoniepoint business account\n and \npersonal accounts\n, you can enjoy smooth transactions, pay your bills, and save up as you wish.

Why is my Moniepoint Personal Bank Account Restricted?

\nWith about 65% of Nigeria's population under 30 years old, the need to raise awareness of data protection rights and responsibilities especially among young people has been brought to the fore. The focus on this huge youth demographic follows from its ability to serve as a great incentive to boost Nigeria’s productivity credentials and the role that they can play in championing an ethical and healthy ecosystem in view of the country’s digital economy aspirations. \nIn a bid to raise awareness and ramp up sensitization for data privacy and protection as part of activities marking the National Privacy Week 2024, the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees, Moniepoint Microfinance Bank and the Nigeria Data Protection Commission (NDPC) teamed up to promote responsible use of personal data among young Nigerians.  \n"Our youth are the future of Nigeria's digital economy. It is crucial that they understand the importance of data privacy and use personal data responsibly and ethically as they engage with technology," said National Commissioner/CEO, Nigeria Data Protection Commission, Dr Vincent Olatunji.\nHe also highlighted the evolution of Data Protection in Nigeria, from the establishment of the Nigeria Data Protection Bureau to its transition into a Commission. He underscored the importance of awareness, which is paramount in building a globally competitive pool of Data Protection professionals to discharge requisite duties under the Nigeria Data Protection Act, NDPA, providing a legal framework for collecting, storing, and sharing personal data. \nAccording to the Managing Director, Moniepoint MfB, Babatunde Olofin, “Data is not just a commodity. It is a reflection of our identity.  We recognize that young people are a huge dividend to be harnessed for Nigeria’s socio-economic transformation in terms of innovation, enterprise, and job and wealth creation. Getting young people to become more aware about issues in data protection and privacy is key to succeeding in a digital and globalized environment.”\nFurthermore, he stated that, "we want to empower young people to take charge of their digital lives which starts with knowing your rights and recognizing the value of personal data. As a compliant and responsible data processor, we believe that financial happiness can only happen in an environment where data subjects behave well as responsible digital citizens and we’ll support industry stakeholders to build an ecosystem that encourages all Nigerians to take data protection and privacy seriously.”  \nMoniepoint Microfinance Bank continues to heavily invest in Nigeria’s digital economy, an industry that will create enormous employment opportunities for the country’s teeming population and lift millions of Nigerians out of poverty in furtherance of its visionary resolve to create a society where the dreams of Nigerians are powered.\nThe National Privacy Week 2024 serves as a reminder of the fundamental right to privacy and the importance of protecting personal data from unauthorized access, misuse, and exploitation.

Moniepoint, Data Protection Commission urge young people to use personal data responsibly

People say that the best strategy for achieving a dream is staying on the right path to that dream. But what happens when you do just that, get to the dream and realise it wasn’t what you thought it’d be? \nIn this episode of #BackToTheDream, Tobi walks the perfect path to a Big Tech dream, and after a year working at Microsoft, he realises he doesn’t really want to be there. Where does he go next? Well, you guessed right. Back to Moniepoint. \nCuriosity may have killed the cat, but it certainly won’t kill you and me. Let’s have a chat with Tobi and get into his headspace.\n\n\nHey Tobi. How are you doing today?\nI’m fine. Putting in the work as usual and making sure my engineers give their best.\nAlright. Talking about putting in the work. What do you do, and how long have you been doing this?\nI’m an Enterprise Architect. Think of an architect but for a digital structure. I listen to what the product team wants, take that dream, and create a structure for my software engineers to build with. The goal every time is to ensure the results from my engineers are functionally accurate and scale properly. I’ve been an Enterprise architect for about a year now, and that’s when I rejoined Moniepoint. \nThat’s interesting. You had been here before, then you left and returned. Let’s start from the beginning. How did you get into Moniepoint?\nI knew a couple of people who joined Moniepoint, and we used to keep in touch. Sometime in 2019, I did a personal review of my career growth and I wasn’t satisfied. I had risen to a senior software engineer role at the company I was and was meant to be leading a team, but it didn’t make much difference. We weren't creating code. I spent more time doing pre-sales and trying to convince customers to give us gigs. I mean, I was a software engineer, but there was nothing to engineer, and I just knew that it was time to leave.\nAround that time, I got wind of an opening in Moniepoint (then TeamApt), and I decided to dig a bit. I called someone I knew on the engineering team to give me a bit of context. After the call, I knew what I had to do. Moniepoint was a relatively small company at the time, with engineers who were ‘engineering’. I could picture myself learning from other engineers and growing. Simply put, I knew what I wanted -  to work on actual products and grow them to scale, and I knew I could find it in Moniepoint. So, I applied for the Software Engineering role and joined in 2020.\nA go-getter, I see. So, did we meet your expectations? And why did you leave?\nIt’s great that those questions came together because the reason I left, is directly tied to why I came back. I joined the team as a software engineer and worked with the cards team. I handled transaction processing - things around debiting cards, checking balances, creating cards, etc. It was thrilling. I’d say everything happened fast, even if I was here for about two years before leaving. I moved from a place where I wasn’t doing anything to a place where I was doing more than everything I wanted to do, if you get me. Moniepoint was so fast-paced that sometimes I couldn’t keep track of my growth or progress. I just found myself moving from one task to another and it was exciting. It felt great.\nBut after a while, I think about two years, I started feeling like I needed to slow it down a bit. I could see my growth not just in terms of my technical skills, but also in terms of the other core values I had built. I took some time to do a personal review and realised I had built for myself in two years, what would usually take 5 to build, and I was impressed. Beyond being impressed, I wanted more. I wanted to work for one of the big tech companies - the FAAMNNG. Honestly, I didn’t think there were many tech companies that deserved the level of capacity I had built. It had to be a big tech. I wanted to build for the world. I started applying to Amazon, Microsoft, all of them. Interestingly, I got an offer from both companies and went with the latter.  \n\n\nWhat was it like in your new dream company?\nIt was good, and to an extent, I enjoyed working there. But after a while, I just knew I wanted more. Even though the growth opportunities existed, they weren’t as easy to come by. It took a lot of intentionality to explore things that were outside of your primary role. So what you realise is that you have more access to resources that could help you grow but because of the way work was, you’d only grow in exactly what you came to do.\nLet me give a clear example: you’re learning the alphabet, and you’d get all the resources you need for that. But then, you would never get the need to learn numbers as there’d never be an opportunity to apply a knowledge of numbers, because it simply isn’t your work. However, I was building for the world and that in itself gave me joy. \n\nWhat was it like building for the world?\nIn itself, it is a good feeling. You see the number of daily users and subscribers and are over the moon. We’re doing this? The feeling is actually good but it didn’t always feel so close to home. I knew I was doing great work, and I enjoyed it, but the fulfilment wasn't the same as when I worked at Moniepoint.\nAt the time I was leaving Moniepoint, we had started working on launching cards for a wider population than just staff. And even when it was just the staff that used the card, it felt great seeing a colleague use what you work on and receiving direct feedback, so close to home. There, I could see the number of subscribers and be so thrilled, but I always felt distant.\nFor example, I don’t think my grandma had any or many reasons to do a PowerPoint presentation for example. But every day on Workplace (our intranet), you could see someone talking about how Moniepoint has made transactions more seamless for their parents, partners., neighbours, etc. And, of course, I have my personal experiences, too. \nWhy did you return? \nI missed many things - the drive, the autonomy, the culture and the people. \nAs I stayed longer at my ‘dream company’ (Big Tech), I realised that maybe the dream I wanted wasn’t the dream I needed. I enjoyed working there, but I wanted more. It felt a bit early in my career to be that relaxed. I started nursing the idea to leave and around that time, Felix reached out to me. I hope I didn’t give him a hard time, but from the first call, I knew I was coming back. Here I am today.\nWhat’s it been like since you returned?\nBalanced is the perfect word. I returned to a team with more engineers, including some of the people I worked with before. The team still had some of the best engineers I had worked with; we had grown more and delegated more, but the place for active work was still alive.\nAs I mentioned earlier, I returned as an Enterprise Architect. We were now a business bank working hard to launch our personal banking product, and I joined the cards team again. The excitement that was happening when I joined back gave me no minute to miss where I had just left.\nNow, we’ve launched personal banking, and as the number of users keeps increasing, our card requests go higher. When I see feedback that someone got their card in less than 48 hours, they were able to activate it, and they’ve been having seamless transactions, I feel great. I look back, and I’m pretty glad I took that call from Felix. But the work I do is not the only thing I'm proud of. I've seen growth in the structure and culture. I mean, I was here when we were way smaller and gave less attention to some things. To see a quarterly performance review structure that’s functional is impressive. \n\n\nWhat would you say to someone looking to join or rejoin Moniepoint?\nThe culture is excellent, and I have enjoyed working with my teammates. Even if the team has grown and it’s not the same people, one thing is constant: the engineers are great (sorry to other departments, lol). The company is also fast-paced, so be ready to roll your sleeves and do the job. \nIf you’re rejoining, I can tell you that we’ve grown, and the structure keeps improving. I think there are some advantages to returning. You already have an idea of the work process and culture; your worth is not up for debate. If it’s your first time, you’re welcome. The one thing I can assure you of is a growth in the scale of our impact. The difference between my first time here and now is glaring regarding how well people know and see us, so you’re welcome to grow with us. \nAt Moniepoint, we believe employees should have opportunities to grow, find meaning in what they do, and make decisions they’d never have to regret. There’s always a space for you, whether it’s your first or second time joining us. We can’t wait to hear about your journey and welcome you back when you’re ready. Visit \nwww.moniepoint.com/careers\n to pick your spot. 

#BackToTheDream: Tobi’s Journey from Moniepoint to Microsoft and Back

Imagine this: You just walked into your favourite restaurant to grab lunch. You skipped breakfast, so you’re already salivating over the native rice you just ordered. It’s your turn to pay, and the cashier asks you a question you’ve heard a million times before: “Cash, card or transfer?”. \nIf you’re like most Nigerians, the data suggests you’ll most likely whip out a card 8 out of 10 times. But the process might not always be smooth.  \nNot all cards process smoothly\nYou just tried to pay, only to see "issuer or switch inoperative"? That's tech speak for "Oops, we can't reach your bank right now." Let's not start with the trouble you went through to get that card or what it will take to file a complaint if there’s a problem.  \nAlso, business owners experience issues when transactions fail, and the customer is debited. There are also problems with fraud. No one wants to have headaches in their financial experience.\nTo resolve some of these roadblocks, we launched a card service that works and lifts the burden for millions. \nI spoke to Damilola, the Technical Product Manager behind our card product, to find out why people love cards and how we smoothen the card payment process. He shared valuable nuggets. Let’s dive in with the first step. \nHow do card payments work?\n\n\nSo you’re at the restaurant and decide to pay with your card. The entire process is quite complex, but let’s try to oversimplify what goes on behind the scenes.\nThe first player is the bank that gave you your card - the Issuer. The restaurant you’re eating at is the Merchant, and their bank is the Acquirer. Between the issuer and Acquirer is the payment gateway that captures the card details and sends them to a card processor. The processor then forwards the transaction details to the card network and issuing bank.\nAll this happens in seconds, and when you enter the right pin, the funds are earmarked for transfer. In most countries, the actual movement of funds to the merchant could take days, but Nigeria’s payment ecosystem has evolved to facilitate instant settlement of merchants. So the merchant gets credited for the native jollof, minus any charges from their acquiring bank or payment processor. Then you’re on your merry way.\nThe Cardolypse: Why cards are taking over. \nIn 2023, a regulatory change by the Central Bank reshaped Nigeria’s payment space. Before then, people used cards mainly to withdraw cash to spend in shops. The events that followed turned lots of us into regular card users. Because even the regular tomato seller down the street now has a PoS terminal. Transactions at PoS shot up by 40.9% during this period! But it wasn't just about the cash scarcity. There’s more. \nIn 2022 alone, Nigerians tapped, swiped, and entered PINs in a flurry of transactions—1.5 billion at ATMs and a staggering 3.9 billion at PoS terminals, cumulatively moving the economy with ₦73 trillion. So, there has to be some unspoken reason for this consistent increase in card usage. \nBanks within reach\nThe rise of mobile money in countries like Kenya and Ghana made banking accessible to millions of people. While services like Mpesa took over Kenya, agency banking became commonplace in Nigeria in the past few years. The former was mobile-driven, and the latter was card-driven. The ease and simplicity have contributed to the rise of card payments. You can read more about \nagency banking\n in this article. \nMillions of people are not tech-savvy\nTo do a bank transfer with an app or through USSD, you need either an Internet-enabled smartphone or the ability to read and write. However, smartphones are still expensive for most Nigerians, and literacy levels vary.\nThere’s a lot of friction involved with using banking apps\nThere’s even an added layer for literate people with smartphones. They’re extra careful with banking apps that are typically hard to use and don’t want to make any mistakes. Cards are straightforward. Insert, enter PIN, and done. \nOld habits look for the next best thing\nPeople love cash because it’s fast; cards are nearly as fast, especially when cash is not within reach. There’s no waiting to confirm if the merchant has received the money. Of course, it’s a different story if you use Moniepoint’s \npay-via-transfer\n feature, but that’s not the point of this story. Cards mimic the speed of cash, while offering the convenience and security of not carrying physical money. \nIt’s a global trend.\nNigerians are not the only ones who love paying via cards. UK shoppers use credit or debit cards more than any other payment method. Cards account for 57% of shopping transactions in the UK. \nThere are similar stories in the US and \nBrazil\n, as you’ll find someone using a debit or credit card for every two transactions. This number is 4 out of 10 in South Africa, another market where people love to pay by card. \nWhat we're doing differently.\n\n\nWith these few points of mine, I've shown you why cards are a big deal in Nigeria. Here’s how we’re making the card experience for millions of people despite all the bumps I mentioned above. \nSimplifying card deliveries\nImagine getting a new card faster than it takes to say, "Where's my card?" We promised customers a card in 48 hours and built a system to make that happen. Remember, when people face friction, it’s a massive barrier to financial inclusion, but simplifying the process brings more people to the financial sector. \nFraud-proof systems\nWhen there’s a fraud issue, it’s a headache for good-hearted people and businesses alike. \nWe give customers complete control over their card details, starting from the card itself. We reduce the chances of identity theft by removing any details from the card.\nThe fear of being defrauded can make people lose trust in the financial system, and we work hard to make that yesterday’s story. \nEasy card control\nFrom the app, users can prevent the card from being used at any channel they don’t want. Be it online transactions, PoS or ATMs. They also get to block the card at any time.\nHere again, we stripped down the clumsy processes and moved card ownership from a burden to a tool for financial happiness. \nThere you have it—we’ve shown how and why a simple piece of plastic is reshaping our financial landscape, making life a tad easier, one insertion at a time. So next time you're at the checkout and hear "Cash or card?" you'll know there's a story behind that simple choice. \nIf this story excites you, you could help us make the magic happen. We're not just building a future where card payments are easier; we're crafting a world where everyone finds financial happiness. So, if you've got a knack for innovation and a heart for inclusion, \nclick here to join the ranks.\n

What's the point of card payments?

\n\nAlright. Now you have a prepaid meter — finally, a relief from “estimated bills” that were squeezing your neck. You’re in full control because having a prepaid meter means you can now control the amount of electricity you use daily. \nNow you might be wondering how to recharge a prepaid meter. Don’t worry! You’re in the right place, and I’ll show you the best ways to recharge your prepaid meter. I’ll also show you how to get the meter, install it, and recharge it so you enjoy its full benefit. \nIf there’s one cool thing about using a prepaid meter, it’s that you can monitor your expenses and make the right spending decisions, especially in our current economy. \nHow to Load Your Prepaid Meter and Postpaid Electricity Bill\nOne of the easiest ways to \nrecharge your prepaid and postpaid meters\n is with \nMoniepoint\n. Let’s explore these simple steps below:\n1. Go to \nGoogle Play Store\n or \nApple App Store\n and download the mobile app.\n2. Once downloaded, open it and create an account if you are a new user. If you already have an account, log in to your personal Moniepoint bank app.\n3. Select the “Pay Bills” icon\n\n4. Click on Utilities. It will take you to a page where you can select your electricity provider.\n\n\n5. Then enter your Meter Number.\n\n\n6. Input the amount of electricity you want to buy. The amount will be deducted from your Moniepoint account. If you are using a postpaid meter, you can input the amount stated on your bill.\n7. After successful payment, you will receive your electricity token for the prepaid meter. Go ahead and input the token into your prepaid meter.\n8. For a postpaid meter, you’ll need to keep the proof to confirm your payment with the electricity official.\nAdvantages of Paying Your Electricity Bill With Moniepoint\nIf you think the convenience and high security are mind-blowing, here are more reasons you should use \nMoniepoint\n to pay your electricity bill;\nEasy to use:\n By utilizing your mobile device, Moniepoint makes it simple by providing a practical method of recharging your electricity.\nExcellent Reliability\n: You can access Moniepoint services anytime, thanks to our 24-hour availability.\nUser-Friendly Interface:\n Moniepoint has a straightforward user interface. Even if you’re not technologically savvy, you can easily use our platform to pay your electricity bills with little assistance. \nSecure Payment\n: Your safety is as important as your comfort. Moniepoint provides a robust security infrastructure against unauthorised access to our users’ accounts, providing a secure platform. \nVersatile:\n Bills come with daily breath, right? You can also pay bills besides electricity with Moniepoint, such as cable TV, airtime top-ups, and other services. \nDifferences Between Prepaid and Postpaid Meter \nLet’s dive into the differences between prepaid and postpaid electricity meters.\n1. Usage Management\nPrepaid power is more efficient than postpaid power as it gives you control over the recharge amount. On the other hand, you don’t have as much control when using postpaid electricity. \n2. Payment Methods\nBefore you can use your prepaid meter, you have to make a payment for an electricity token which you input to access power. Whereas, with a postpaid meter, you make payments at the end of the month through a monthly bill brought to you by your local electricity company.\n3. Late Penalties\nIf you pay your monthly bill after the due date using postpaid electricity, you will receive a late bill payment fee. Alternatively, using the electricity token system, prepaid customers will not receive late fees. However, if the electricity token runs out, they will experience a power cut.\nProcedure for Getting a Prepaid Meter and Postpaid Meter\nIt’s time to take the upper hand on your light bills, right? You can easily apply for either a prepaid or postpaid meter through the following steps below: \nLog on to the electricity distribution company website. \nClick on the “Download Application Form” menu to download the application.\nFill out the form carefully, providing all of the necessary information\nSubmit the completed form to your local electricity distribution offices. \nFollow up on your application forms to ensure that your prepaid meter arrives on time.\nFinal Words\nIt’s really no big deal, controlling your power expenses just got better. Simply download the Moniepoint mobile apps from the \nApp Store\n or \nGoogle Play Store\n, or visit the website at \nwww.moniepoint.com\n to begin.

How To Recharge Your Prepaid Meter (2024)

“Incorrect Password!” – I know, right? We’ve all been there. You want to access your Moniepoint account to make that quick transaction, pay a bill, or check out your transaction history, but you’re locked out. \nYou might be wondering, “How can I reset my Moniepoint password?” I’ve got you covered! \nIn this article, I’ll show you how to reset your password if you forgot it or want to tighten your security. We’ll also see other reasons why you might need to reset your Moniepoint password.\n\nHow to Reset Your Moniepoint Password\nIf you’ve made the decision to reset your Moniepoint password, follow the steps below to do so;\n1: Go to your Moniepoint online platform to log in.\n\n\n\n2: Click on the ‘Forgot Username or Password” section.\n\n\n\n3: A pop-up question will then appear on your screen asking you to choose whether you ‘Forgot Username’ or ‘Password’. Click on ‘Forgot Password’.\n\n\n\n4: Enter your Username and click on ‘Next.’\n\n\n\n5: Input the OTP sent to your registered phone number.\n\n\n6: Type in a new password while adhering to the password requirements listed and click ‘Next’. You’ll receive an email verifying if it’s you trying to make the change.\n7: After changing your password successfully, you can log in to your account using your new password. You’ll also receive another email updating you on the success.\n\n\n\nWhy You may Need to Reset Your Moniepoint Password\nTo ensure the safety of your accounts, here are some reasons you might want to reset your Moniepoint password;\n1. You Forgot Your Password \nIn our current digital age, the number of online platforms requiring passwords is no joke. This is why your finely combined letter-number password can easily slip your memory. You can use the Moniepoint password reset option if your memory fails you.\n2. Changing your Device\nYou might be required to reset your app password whenever you switch or upgrade to a new device. It ensures your account is safe to use on the new device.\n3. Security Concerns\nIf you notice any unauthorised access or suspicious activity on your bank account, it’s advisable to reset your account. You can avoid potential security breaches by constantly resetting your password to a stronger one. \nAt Moniepoint, we provide a tight security infrastructure against unauthorised access to your accounts, ensuring you have a secure platform. \n4. You’re Locked Out of Your Account\nWhile trying so many times to input your password without successfully logging in, you can create a security alert. You will have to take a security measure by resetting your password.\n5. Weak Passwords\nCreating a strong password is essential, with the number of threatening digital hackers on the loose. You may need to reset your Moniepoint password if you sense it is weak and susceptible to hacking. \nWhen resetting your password, it is essential to follow the guidelines provided to ensure a solid and impenetrable password.\nHow to Create a Strong Moniepoint Password\nWhat perfect password combination do you need to create to ensure your maximum account safety? Here are some tips for creating a strong Moniepoint password;\n1. Ensure your Password is longer than Eight Characters.\nWhen creating your password, ensure that you make it at least eight characters. This is because using fewer characters makes it easy for hackers to crack it quickly.\n 2. Combine Uppercase and Lowercase Letters, Symbols, and Numbers\nIf you are on the boat of using ‘password’ as your password, the time has come to upgrade. The Moniepoint password requirements include combining uppercase letters, lowercase letters, symbols and numbers. However, these strange combinations can be hard to remember. \nYou can avoid this by having an organised platform where you save all your passwords or play around with the first letters and favourite numbers of terms you remember easily.\n3. Use Passphrases Instead of Passwords\nIf you find remembering passwords tiring, I recommend going with passphrases. With passphrases, you can use longer words that make more sense to you. \nYou can also separate the words with hyphens, symbols, and numbers; the best part is that they don’t have to be grammatically correct. An example of a passphrase can be “overripe-pawpaw-falling-forever-letter”. Anything to access your accounts, right? \n4. Use Different Passwords for Your Accounts\nIt’s tempting to use the same password for all your accounts; no one wants to add the stress of remembering passwords to their daily struggles. However, it can be unsafe for your account as it makes the road smooth for hackers to compromise all your accounts. \nBy using unique passwords for your various accounts, be they your \nMoniepoint personal\n or \nbusiness banking accounts\n, you further secure them.\n5. Avoid Using Common Words or Family Members’ Names\nWhen you use common or personal names, you risk being hacked by a close person or even professional hackers. By using tools that speed up the hacking process, they can quickly swarm through words relatable to you and use them against you.\nFinal Words\nWhile it’s a good practice to use strong passwords and reset them often, rest assured that Moniepoint ensures that your accounts are safe using tight security measures. \nResetting your Moniepoint password is as straightforward as all our services. Head to our \nMoniepoint\n site to explore simple solutions to your business and personal financial needs.

How can I Reset my Moniepoint Password?

\nHi, I'm Adrian, and this piece is an attempt at rolling back the last 8 years of my career, which is also 8 years of working at Moniepoint. Here's to connecting the dots backwards, hopefully painting the picture of what growth within an organisation can look like!\nFirst, you set the stage.\nSince 2015, I’ve had the privilege of working and building impactful financial products and doing what I call the greatest job ever. I remember my interview with Tosin 8 years ago, more like a chat, really. I had just completed the mandatory NYSC after I graduated with a first class degree, and was looking at a couple of options for where to work. A number of companies were hiring at the time - Interswitch, PWC, etc. So, here I was, trying to decide where I'd fit in when my friend Felix reached out to me -  he had left Interswitch to start TeamApt Inc. (which is now Moniepoint Inc.),  and he asked me to join the company.\nI went to see Tosin at the TeamApt office, which at the time was also Tosin’s home at 1004 Apartments (one of Nigeria’s oldest housing estates) and we had this conversation where Tosin was painting a good picture about the dream he had for this company he was building, and how his goal was to create Financial Happiness.\nThe first thing that struck me that day was how atypical the interview was - I knew interviews were meant to be these straight-jacketed meetings, where things were formal. It was the first time I was hearing about stock options, equity, and things in that bucket. At that time, the mental model for jobs was - get a job, work at it, and keep getting promoted until you reach senior management. This was completely different.\nThe second thing was Tosin’s energy. He was so full of life and could describe in detail what the future would look like (for us and for customers/clients) if we were able to make a good impact. 
It was really an inspired conversation, and I thought to myself, “I'm young. I’ve got nothing to lose, and I’m among friends. Let’s do this!”.\nThat was it. I just gave it a shot and joined.\n\nNext, you go all in and do hard things.\nOne of the benefits and sometimes drawbacks (depending on how lucky you get), of taking a leap is that you have to go all in. There are no what-ifs, second-guessing, or being polarised.\nWhen I took the leap of joining Tosin as against going the traditional job-growth route, I went all in. At that time, we were a service business, working within the banks, and improving their internal tools. And it was fast-paced! Requirements came in frequently and fast! I was conscious of how high-stakes an environment it was; delivering excellently was paramount, or the bank could lose money.\nOur first major project was automating the Settlement and Reconciliation arm of Fidelity Bank. We also worked with a couple of banks on a project basis and built a suite of solutions that focused on automating backend processes for these banks. \nEvery day was as challenging as it was interesting, and I loved it! Coming in and doing that kind of work that you probably wouldn't do until you get to senior management was refreshing. \nWe made decisions on things that had a lot of ramifications, so it forced us to grow up quickly. We were building things that impacted the lives of people. So from that early stage, I already had a different way of thinking, knowing that what I was building was shaping a lot of people’s lives.\nA particular scenario that crystallised this for me, was after we automated Fidelity Bank’s customer support platform, which was a project I handled from A-Z. \nOne day, I was coming to work; I was living in Jakande at the time. On the bus I was in, there was a lady on the phone, talking about how good their new Customer Support Platform was. Apparently, she was a Fidelity Bank employee, working out of one of the branches. She was praising the Customer Support Platform, and she had no clue the person who built it was in the same vehicle as her. It was a mind-blowing, serendipitous moment for me.\nI've seen members of my team have moments like this over and over, which gives them renewed vigour and sheer joy. It makes them proud that the thing they are working on is really helping people - "I'm not just doing a job, but I'm actually helping people" because you can see the impact of your work in society.\nLesson: \nGo hard at things and build impact-driven solutions.\n\nYou evolve as the company evolves & pivot roles.\nAs we began to expand, to build more products, and build other things, more Engineers came in. The next major iteration was building for the bank's customers, this was now our 3rd/4th year, so we were gradually going from B2B to B2B2C. We worked on a couple of banking applications like Sterling 1pay, and Unified by Unity. \nThis required more engineers, and with more engineers came the need for me to be in charge of giving clear-cut directions on projects and products. This precipitated my being moved by Tosin into management, and being in charge of products at a new level and what a switch-up that was! 
I had to manage people, which was a different ball game entirely from doing the work yourself  - managing people, managing the products, managing what engineers were building. Testing, getting the requirements, all that good stuff. It was a change of pace and it was more hectic, with more responsibilities and more adventures for me.\nThe developers that came in, have today become Product Managers in their own rights. They're no longer developers because they've built within the company for a while. It was a natural progression. You come in as a developer, you grow - you can become an Enterprise Architect EA (for those who want to remain engineers), TPM or BPM (Technical PM or Business PM). You find your way up, or you are forced up because the reward for hard work is more hard work.\nSomewhere along the line, evolving and my innate passion for design met.\nI’ve forgotten what the motivation is now. But throughout my time from the beginning, I've always been design-inclined. Yes, I wrote code, but I liked designing more. I liked working on UI elements. I could translate almost anything into its design. Translation essentially means taking a design and converting it into something a user can interact with on a client - a website, an online software solution, a mobile app, etc.\nIt's one of the skills I have that I'm incredibly proud of, being able to translate any view. So, as my role evolved, it naturally tilted towards design, and I took on the aspect of product management that focused on design.\nLesson:\n Natural progression is always up when you are doing great work.\n\n\nYou lead and build out the Product Design team.\nFast forward to 6 years, I began officially handling the User Experience arm of the company, and I'd like to think of it as the homecoming my heart yearned for.\nThe first thing I did was restructure Design within the company. At the time, the team was structured such that every sub-product or channel had its own designer. And I recognised that we needed a cohesive experience for our users. So I took all the designers from all the teams and brought them into one funnel.\nI take all my experience of being a PM, being a developer, and being a designer, to vet all the requirements coming in from business and the PMs, to say, “Okay, this is what I think you should correct, this what I think we should do” so we just set up that funnel to make things a bit more efficient design-wise.\nIn a way, I’m the referee who tells everybody what everybody else is doing so that we are all on the same page. I am the interface between the requirements and design while being the information architect.\nA good example is with the BRM earnings. They earn commissions on different things - cards, POS, account deposits, etc. Every product team wanted to show their own commissions, but I felt that since the person earning these commissions was one person, all the money they earned would be shown on one dashboard regardless of where they were coming from.\nIn addition to structuring the team, the next thing I did was to set up a design language. We called it \nKamona\n, which is a growing library of all the elements you see anywhere on any app. \nToday all the UIs for all the user types across all the products Monnify, Moniepoint, Moniepoint business and personal and the Brms, the state coordinators, Moniepoint Kenya, Websites, etc, have a holistic design.\nDesigners no longer have to design from scratch. There's a library they can reuse and the output is very quick. It's very efficient and really good. Right now, we are a team of 7 designers and 1 illustrator.\nOf course, the team is young and still growing, right now we're trying to expand the team, make it a bit more mature, and improve the way we handle business requirements - marrying them with pain points we discover from our users during the discovery phase, removing biases. Getting more feedback channels in place to better serve our customers.\nWhat’s Next?\nI used to think I’d like to retire when I’m in my 40s, buy a boat and just sail across the Atlantic. But I know I’d get bored after a couple of months. I love how engaging my work at Moniepoint is. It feels like I started this journey yesterday, so I'm excited to continue being obsessed with maturing our User Experience.\nThere are new things we're doing, new processes we are implementing, and maturing as we go global. The frontiers are there, and we keep breaking the status quo, which gives me great joy. 
I'm evolving as the company's evolving. Everybody is learning and growing upwards. It's nice to say that after eight years, we still have that DNA of relentless growth that is still very strong.\n

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