Banking
Abbey Mortgage Bank Plots Strategies to Drive Revenue
By Dipo Olowookere
The management of Abbey Mortgage Bank has promised to put up strategies to increase the earnings of the company as it repositions for growth.
The organisation operates in the mortgage sector in Nigeria, which is still not fully explored because of several factors frustrating the growth of the industry, including government policies on land acquisition, the low purchasing power of Nigerians, double-digit high-interest rate, amongst others.
However, in the midst of these headwinds, Abbey Mortgage Bank believes it has the capacity to deliver and ensure that citizens get the financial support to own a house of their own.
In order to have the financial muscle to weather the storm, the company recently raised fresh capital from its shareholders through a rights issue and it was successful.
The extra funding helped to increase the capital of the bank by about N3 billion and according to a statement from the lender, the success of the exercise “is an indication of the confidence that the shareholders have in the management and the strategic intention of the bank.”
But in order to attain the next phase of growth, the management has identified key areas to drive revenue which includes mortgage/construction finance, treasury related activities and aggressive customer acquisition through the launch of its digital channels.
Business Post gathered that in the last few months, the bank grew its deposit liability to N14 billion from N6 billion in 2020 through aggressive sales drive and increased brand visibility.
Abbey Mortgage Bank Plc a public limited liability bank incorporated and registered in Nigeria on 26 August 1991.
The financial institution obtained its license to operate as a mortgage bank on January 20, 1992, and commenced business on March 11, 1992.
It was later converted to a public limited liability company in September 2007 and on October 21, 2008, it became officially listed on the Nigerian Stock Exchange (NSE).
The principal activities of the Bank are the provision of mortgage services, financial advisory, and real estate construction finance.
Some months ago, Abbey Mortgage Bank sold 2,261,538,462 ordinary shares to VFD Group, which acquired a key stake in the organisation in a deal worth about N2.4 billion (precisely about N2.375 billion). The shares were sold to VFD Group by way of a placement at N1.05 each.
By Adedapo Adesanya
Global financial payments giant, Visa, has made a strategic investment of $10 million in Nigerian fintech unicorn, Moniepoint, to expand its services and deepen financial inclusion on the African continent.
This development comes three months after Moniepoint raised $110 million in a Series C funding round that made the company a unicorn.
With the new play, Visa joins other investors, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst as equity partners.
This partnership will combine Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities to offer payment solutions to businesses and entities.
Moniepoint provides banking and payment services to small and medium businesses and retail banking. It is one of the market leaders in Nigeria’s agent banking space, with over 300,000 POS agents and has processed billions of transactions since it was founded in 2015.
The new Visa’s investment will further help Moniepoint expand its services and deepen financial inclusion on a continent that still has a comparatively low rate of financial services adoption.
Moniepoint will leverage Visa’s Cybersource system to gain better visibility into transactions. Additionally, it plans to integrate with Visa Direct for remittances and money transfers as it looks to expand into markets within and outside Africa.
Speaking on the move, Mr Tosin Eniolorunda, Founder and Group CEO of Moniepoint said, “Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale.
“We aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”
On his part, Mr Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, noted that, “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.
”By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond.
“We are excited to support their next phase of growth and innovation,” he added.
By Dipo Olowookere
Efforts are being made by the management of a rapidly growing financial technology (fintech) company,
Bankit Microfinance Bank (MFB), to grow its loan and gaming services.
The firm said this is one of its targets for 2025 to solidify its position as a leading platform for comprehensive, simplified banking activities after it recorded remarkable growth in 2024 with different milestones as a result of its competitive edge and cutting-edge technology.
The digital financial services provider said it was already talking to its various partners on how to ensure customers get more access to credit facilities for different needs.
It said nothing would be spared to revolutionise digital banking in Nigeria, especially with a focus on innovation, customer protection, and financial inclusion.
Last year, Bankit MFB, within its first few weeks of operations, successfully registered over 50,000 users on its platform, a testament to its innovative simple banking approach to digital banking.
This year, the small lender has an ambitious plan to increase this by 900 per cent to a record 500,000 businesses in 2025.
Business Post gathered that in 2024, the financial institution recorded impressive transaction values, exceeding N100 million, with an impressive 90 per cent transaction success rate.
Since joining the business, it has introduced web banking and other innovative banking products, with more in development.
With the financial services sector not immune to fraud, Bankit MFB said it prioritises the protection of customers’ funds, expressing its commitment to diversifying its digital services to enhance customer experience.
Bankit MFB is a financial institution licenced to operate in the country by the Central Bank of Nigeria (CBN), which is dedicated to providing innovative, customer-centric financial solutions to individuals and others.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) will on Tuesday, January 28, 2025, launch a foreign exchange (FX) code designed to boost the integrity of the market.
A statement from the banking sector regulator on Wednesday said the FX code would be unveiled at its headquarters in Abuja next week.
It explained the forex code will serve as a guideline for the ethical conduct of FX dealers in the Nigerian forex landscape.
“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of Authorised Dealers in the Nigerian Foreign Exchange Market.
“The bank will formally launch the code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the statement read.
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