By Adedapo Adesanya

Nigerian fintech unicorn, Moniepoint, is reportedly making an attempt to play in the highly competitive remittances market to serve Nigeria, with the pilot set to commence with the United Kingdom.

According to The Condia, formerly known as Benjamin Dada, the nine-year old firm is currently planning on launching its remittance product that will go by the name: MonieWorld.

The tech publication reported that the app is currently in beta phase ahead of a planned public launch.

Making a play for remittances will see Moniepoint compete with other players like Lemfi, JuicyWay, Africhange, and Kuda, among others.

One core attraction of remittances products is offering comparatively cheaper alternatives to win customers over, particularly at a time when the Nigerian foreign exchange market is experiencing volatility.

To be able to open a MonieWorld UK account, users will be required to be UK residents, aged 18 or older, with a valid mobile number.

It comes at a time the Central Bank of Nigeria (CBN) has set its sight on $1 billion in remittances monthly.

Last year, CBN Governor, Mr Yemi Cardoso, said Nigerians abroad were keen to invest and have already more than doubled the remittances they send home since the Bola Tinubu administration embarked upon monetary reforms in 2023.

According to available numbers, diaspora remittances through international money transfer operators (IMTOs) reached $4.22 billion between January and October 2024.

The figure is 61 percent or $2.62 billion higher than the amount recorded during the same period in 2023.

Moniepoint processes about N30 trillion ($22 billion) monthly and will see further increase as the company continues to serve Nigeria.

Recall that in October 2024 Moniepoint achieved a “unicorn” status after securing $110 million in funding from investors, including Google and London-based private equity firm Development Partners International.

The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes, the company had noted at that time.

Now, it appears that one of its growth plans include capturing its share of the remittances market.

By Modupe Gbadeyanka

The sum of N11 million has been won by at least 131 women in the 5 for 5 promo of Wema Bank Plc at a highly anticipated women’s month draw held on Friday, March 21, 2025, in Aba, Nigeria.

Among the winners were Ogechukwu Patience Ani from Aba, Vanessa Chiamaka Ogbonna from Lagos and Mubarakaht Abisola Alowonle from Bodija, Ibadan, all of whom won N1 million.

Others included eight individual domiciliary account holders who won N250,000 each, 40 women who won 100,000 each and 80 who won N25,000 each.

The women’s month draw closed out excellently, financially empowering Nigerian women from across the country as the women’s month draws to an end.

“Wema Bank was founded on the precept of empowerment. Since 1945, we have carried on this legacy, promoting financial inclusion for the indigenous people of Nigeria and empowering our people with the resources they need to thrive. But for us, this journey has not been a one size fits all,” the chief executive of Wema Bank, Mr Moruf Oseni, stated.

“In recognition of the gap that exists in gender equality, we have been intentional about creating tailored opportunities for women through our women-focused proposition, SARA by Wema, and our vast range of customised solutions and initiatives designed for women.

“We have simply leveraged the 5 for 5 Promo as one more way of supporting our women this women’s month. For us, it’s all about impact, and we are delighted to have put smiles on the faces of Nigerian women from all across the country. That is the joy for us,” he added.

“To the 131 women who emerged winners, I say hearty congratulations to you, and I take this opportunity to also thank you for choosing Wema Bank and continuing to trust our services. We do not take it for granted.

“For 80 years, we have pulled all stops to deliver the best quality of impactful banking to the people of Nigeria, and I boldly reaffirm that we will never relent in providing a rewarding, fulfilling and empowering banking experience for every customer of Wema Bank,” Mr Oseni concluded.

Introduced in 2021, the 5 for 5 promo is Wema Bank’s dedicated avenue for rewarding its customers for their active loyalty to the brand, its products, and its offerings.

For 3 seasons, the lender has disbursed over N150 million to 2,378 Nigerians across the six geopolitical zones in Nigeria, returning bigger than ever for season 4 with a N135 million cash prize.

Since the season kicked off in October 2024, Wema Bank has disbursed over N50 million to its customers across daily, weekly and monthly draws.

For the 5th monthly draw in March, the bank took a thoughtful step, disbursing the total N11 million cash prize to an all-women pool of winners.

By Modupe Gbadeyanka

Some business owners into exportation in Nigeria recently gathered in for a 5-day intensive program focused on equipping entrepreneurs with the skills and knowledge needed to explore international market opportunities and strengthen their capacity to thrive in the export sector.

Fidelity Bank Plc organised the training in collaboration with the Lagos Business School (LBS) under the Export Management Programme (EMP 18).

The initiative provided an opportunity for participants to scale and acquire relevant expertise to succeed in the non-oil export business.

Facilitated by key industry experts in the exports space, EMP 18 took participants through several sessions focused on critical areas in global trade such as Export Finance Instruments, Export Documentation, and Accessibility of Export Markets, amongst others.

A key feature of the training was a facility tour of one of Nigeria’s busiest Export Processing Terminals (EPT) located in Ikorodu, Lagos state. The full-day visit, which was anchored by officials of the Nigerian Customs Service (NCS), gave participants a first-hand feel of the necessary procedure and requirements for securing regulatory approval for exporting from Nigeria.

One of the participants, Mr Patrick Ulayi Awu-Patricks, the chief executive of Alliance & Frontier Limited, commended Fidelity Bank for its leadership in deploying capacity-building initiatives in the non-oil exports sector.

In a discussion with journalists, he stated that EMP 18 provided invaluable exposure to the opportunities in the export business, noting, “There are lots of non-oil export opportunities, and entrepreneurs must be able to identify and capitalize on these to play effectively in the international trade space. This course has given me insights into the power of data, which is essential for strategic decision-making.”

Also, the Divisional Head of Export and Agriculture at Fidelity Bank, Mr Isaiah Ndukwe, said, “At Fidelity Bank, our strategy to enhance non-oil exports is guided by the significant opportunities it offers to our customers and the national economy. This is why we offer a comprehensive suite of financial, advisory, and market-access solutions for businesses aiming to engage in international trade.

“Our market-access initiative, EMP, launched in 2016, has trained over 1,600 entrepreneurs. Today, we completed the 18th cohort with high-calibre participants and a 150 per cent oversubscription. This indicates a promising future for Nigeria’s non-oil exports.”