By Adedapo Adesanya

Nigerian non-interest bank, TAJBank, is finalising arrangements to raise the sum of N20 billion Mudarabah Sukuk to beef up its additional tier 1 capital with the aim of fueling its business expansion drive in the country.

The issuance is part of its larger N100 billion Sukuk programme.

The new investment initiative, which is coming two years after the issuance of the first-ever N10 billion Sukuk on the Nigerian Exchange (NGX) Limited in 2023, presents a unique opportunity for individuals and institutions to invest in an ethical instrument with a competitive 20.5 per cent per annum return.

The Mudarabah Sukuk, which is open to all investors, is designed to offer a stable and ethical investment option, allowing investors to participate in the bank’s profit-sharing ventures.

According to a statement, the the move underscores its commitment to expand access to innovative financial solutions and promoting financial inclusion in the country.

The Mudarabah Sukuk issuance terms and conditions are undergoing final regulatory assessment and approval processes.

The chief executive of TAJBank, Mr Hamid Joda, said, “We are excited to bring this Mudarabah Sukuk to the market, offering a compelling investment opportunity that aligns with ethical financial principles.”

“This listing on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model”, the banker added.

Mr Joda had, at the beating of the gong during the listing of the TAJBank’s maiden N10 billion Sukuk bond on the NGX in February 2023, assured investors that the bank’s board and management would ensure good returns on their investments.

Business Post reports that the bond was over-subscribed by over 115 per cent.

“As TAJBank gets the NGX’s endorsement today on its fund raising for operations, I want to assure all investors in the maiden Sukuk bond offer by our bank that the board and management will surpass their expectations in terms of return on their investment and other benefits,” he said.

By Aduragbemi Omiyale

Top financial technology (fintech) companies in Nigeria, PalmPay and Carbon, have commenced the issuance of Verve cards to their customers.

This allows millions of Carbon and PalmPay customers access to Verve’s extensive payment network, bringing digital payment solutions to previously underserved populations.

They began issuance of the cards following the approval of the Central Bank of Nigeria (CBN), underscoring the apex bank’s commitment to empowering fintech companies and advancing financial inclusion across the country.

The issuance of Verve cards by these firms will bring digital payment solutions to previously underserved populations.

Industry observers note that the decision by both fintech companies to align with Verve stems from the payment card’s network-wide reach and a robust infrastructure across Nigeria and beyond.

Last year, Verve marked its 15th anniversary characterized by its outstanding quality, innovativeness and vast array of options; it also announced that it has issued over 70 million cards, establishing itself as a dominant player in Nigeria’s payment ecosystem.

The domestic card scheme’s impressive penetration makes it a natural choice for fintech platforms seeking to rapidly expand their payment offerings while supporting the CBN’s financial inclusion goals.

Other fintech companies that have previously followed this line in issuing Verve cards include Opay and Moniepoint.

As a homegrown card scheme, Verve has continued to innovate its service offerings to compete effectively with international payment networks.

The company has integrated advanced features, including contactless payment technology and enhanced security measures, such as biometric authentication through other sophisticated recognition systems such as fingerprints.

Through collaborations like this, Nigeria’s journey toward a more inclusive financial ecosystem will be shortened, providing more Nigerians with access to modern banking and payment services through the combined technological capabilities of these financial service providers.

By Modupe Gbadeyanka

A leading player in the digital financial services sector, Moniepoint Incorporated, has been described by the federal government as a testament to the strength of Nigeria’s financial technology (fintech) landscape.

The Minister of Foreign Affairs, Mr Yusuf Tuggar, during a visit to the United Kingdom headquarters of the company, also said the firm reflects a true Nigerian success story.

He acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and BII, further validating its position as a leader in the fintech space.

Mr Tuggar stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.

The Minister highlighted the organisation’s impressive growth, citing its 2000+ employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.

“Nigeria is at a vantage position in the fintech and financial services sector. With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem,” he said during the visit aimed at strengthening diplomatic ties and fostering strategic cooperation between Nigeria and the UK.

In his remarks, the chief executive of Moniepoint, Mr Tosin Eniolorunda, reiterated the company’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans.

He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation.

“By empowering individuals and businesses with financial tools that are innovative and efficient, we believe that technology can be a powerful catalyst for economic growth and social development.

“This visit by the Minister signposts the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships. We recognize the critical role that international cooperation plays in advancing innovation, especially within the fintech sector.

“As a country, Nigeria has immense potential, and through strategic alliances with global stakeholders, we can unlock new opportunities that benefit both local and international communities.

“At Moniepoint, we are deeply aligned with the Nigerian government’s vision to enhance strategic cooperation in areas like trade, investment, and technology.

“We are eager to continue contributing to the development of our country’s digital economy while fostering meaningful collaborations that will leave a lasting legacy for generations to come,” he stated.

Formerly known as TeamApt Incorporated, Moniepoint, founded in Lagos in 2015 by Mr Eniolorunda and Felix Ike, has rapidly grown into a comprehensive digital financial services provider.

Offering payments, banking, credit, business management tools, and cross-border payment solutions, Moniepoint serves over 10 million businesses and individuals across Nigeria and Africa.