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Thriving Hospitality Industry Essential for Nigeria—Moniepoint CEO

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Moniepoint thriving hospitality industry

By Aduragbemi Omiyale

The chief executive of Moniepoint Microfinance Bank, Mr Babatunde Olofin, has posited that Nigeria needs a thriving hospitality industry, especially at a period when the country is experiencing harsh economic challenges.

Mr Olofin made this submission while speaking on a recent award won by the company at the 2024 Hotel Industry Excellence and Sustainability Award (HIESA).

The leading digital financial services provider and definitive bank for businesses in Nigeria was honoured with the prestigious Best Hospitality Industry Support – Fintech Award, underscoring its commitment to empowering businesses within the hospitality industry through innovative financial solutions.

As a major artery in Nigeria’s booming hospitality sector, Moniepoint provides a range of digital financial services that streamline financial operations, improve guest experiences with digital payment and contribute to the overall growth and sustainability of the industry.

“We are honoured to receive this award from HIESA which is an eloquent testimonial to our collaborative work at Moniepoint.

“We believe that a thriving hospitality industry is essential for Nigeria and we remain committed to fostering a thriving ecosystem through continued innovation.

“Our customers remain at the centre of our universe and we’ll continue to ensure that we power their dreams in more ways so that they can experience financial happiness,” he said.

The HIESA is a highly respected award program that acknowledges the exceptional efforts of organizations and individuals propelling the hospitality and tourism sector forward.

By recognizing excellence in areas like leadership, innovation, and service quality, HIESA paves the way for a more robust and sustainable industry.

Revealing why Moniepoint was given the award, an executive director at IHTEF, Mr Chibuikem Diala, noted that Moniepoint has become a symbol of innovation, dedication and a testament to the resilience, expertise, partnership that is inherent in developing homegrown brands for the good of the hospitality sector in Nigeria.

“Moniepoint has been chosen by industry leaders because of its innovative contributions towards seamless financial transactions in the hospitality industry.

“It is worthy of note that Moniepoint as a financial technology brand with inventive solutions has helped to revolutionize financial services in hotels, restaurants, lounges, etc, and for small businesses especially those within the hospitality, fast foods, travel and tourism ecosystem in Nigeria who now experience very minimal processor failure disputes, considerably reduced downtime and track-able transactions, thereby providing effective tools to run hospitality businesses with ease, uncommon simplicity, security and profitability,” he said.

Travel/Tourism

Trump Slams Partial Travel Ban on Nigeria, Others Over Security Concerns

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By Adedapo Adesanya

The United States President Donald Trump has imposed a partial travel restriction on Nigeria, as part of a series of new actions, citing security concerns.

The latest travel restriction will affect new Nigerians hoping to travel to the US, as it cites security concerns and difficulties in vetting nationals.

The travel restrictions also affect citizens of other African as well as Black-majority Caribbean nations.

This development comes months after the American President threatened to invade the country over perceived persecution against Christians.

President Trump had already fully banned the entry of Somalis as well as citizens of Afghanistan, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Myanmar, Sudan, and Yemen.

The countries newly subject to partial restrictions, besides Nigeria, are Angola, Antigua and Barbuda, Benin, Dominica, Gabon, The Gambia, Ivory Coast, Malawi, Mauritania, Senegal, Tanzania, Tonga, Zambia and Zimbabwe.

Angola, Senegal and Zambia have all been prominent US partners in Africa, with former president Joe Biden hailing the three for their commitment to democracy.

In the proclamation, the White House alleged high crime rates from some countries on the blacklist and problems with routine record-keeping for passports.

The White House acknowledged “significant progress” by one initially targeted country, Turkmenistan.

The Central Asian country’s nations will once again be able to secure US visas, but only as non-immigrants.

The US president, who has long campaigned to restrict immigration and has spoken in increasingly strident terms, moved to ban foreigners who “intend to threaten” Americans, the White House said.

He also wants to prevent foreigners in the United States who would “undermine or destabilize its culture, government, institutions or founding principles,” a White House proclamation said.

Other countries newly subjected to the full travel ban came from some of Africa’s poorest countries — Burkina Faso, Mali, Niger, Sierra Leone and South Sudan — as well as Laos in southeast Asia.

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Detty December: FCCPC Investigates Possible Exploitative Air Fares

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By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has commenced an investigation into pricing templates behind high ticket rates charge by some airlines on some domestic routes.

A statement issued by the Director of Corporate Affairs of the commission, Mr Ondaje Ijagwu, in Abuja said the investigation was to establish possible violations of the provisions of the law.

Mr Ijagwu said that concerns had been expressed widely in the past few days over what appeared to be coordinated manipulation or exploitation in the pricing of airline tickets by some airlines on certain routes, adding that the routes where concerns had been raised included the South-East and South-South, as the festive season began.

According to him, the ongoing investigation targets operators on the identified routes.

He said the commission would apply appropriate enforcement measures where evidence showed any violation of the Federal Competition and Consumer Protection Act (FCCPA).

Mr Ijagwu explained that Air Peace, had instituted a court action seeking to restrain the agency from examining its pricing mechanisms, following the commencement of an investigation into its pricing model after widespread complaints from members of the public.

He said the ongoing inquiry was without prejudice to the case instituted against the Commission by Air Peace.

The director quoted the vice chairman of FCCPC, Mr Tunji Bello, as saying “the commission would not hesitate to act where evidence showed that consumers welfare or market competitiveness were being undermined.

”For the avoidance of doubt, we are not a price control board but the FCCP Act 2018 empowers us to check the exploitation of consumers.

”When we receive petitions or where we find cogent evidence, we will not stand by and watch Nigerian consumers being exploited under any guise.

”Given the arbitrary spike in airfares, the Commission is extending its review of pricing patterns, the basis for the increases reported by consumers, and any practices that could undermine fair competition.

”Where evidence confirms a breach of the Act, FCCPC will apply appropriate enforcement measures,” Mr Bello said, promising that the organisation will continue to provide updates on the ongoing investigations in the aviation industry.

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Verve, Providus Bank Unveil Travel Card for Tourists, Others

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ProvidusVerve Travel Card

By Aduragbemi Omiyale

A travel card designed for tourists, business visitors, Diaspora returnees has been launched by Verve in partnership with Providus Bank.

Known as the ProvidusVerve Travel Card, the Naira-based travel card will allow inbound travellers to enjoy a smooth, secure, and convenient payment experience throughout their stay in Nigeria. It was powered by Verve’s secure.

Created to support the surge of tourists, expatriates, business visitors, conference delegates, and returning diaspora expected during the festive Detty December season, the ProvidusVerve Travel Card enables seamless payments for transportation, hotels, dining, shopping, entertainment, and everyday essentials nationwide.

The card also works on select global merchant platforms that accept Verve, including Netflix, Google Play, and other digital services, ensuring travellers enjoy uninterrupted access to familiar services.

The ProvidusVerve Travel Card eliminates the hassle of sourcing naira or converting foreign currency on arrival. It enables instant, secure transactions, reduces reliance on cash, and supports compliance with the cashless policy of the Central Bank of Nigeria (CBN).

It also mitigates the risks associated with carrying physical cash such as loss, theft, or fraud, offering a safe, regulation-aligned option for both online and in-person payments.

“The ProvidusVerve Travel Card is a timely solution for inbound travellers seeking reliability, security, and simplicity while navigating Nigeria.

“Together with Providus Bank, we have created a product that eliminates the friction traditionally associated with accessing local payments.

“Whether for tourism, business, or festive activities, this card ensures a smooth financial experience from the moment visitors land,” the Vice President for Issuing and Acquiring Management for Africa at Verve International, Mr Paul Ohakim, stated.

On his part, the Divisional Head for Product Management and Solution Delivery at Interswitch, Mr Ademola Adeniran, described the partnership as a reflection of “Verve’s commitment to designing products that respond to real user needs.”

“The ProvidusVerve Travel Card supports everyday experiences — from booking rides and hotels to shopping, streaming, and dining. It provides inbound travellers with a secure, compliant, digital-first way to experience Nigeria without financial barriers,” he added.

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