Banking
FMDQ Admits N3.2b LAPO Microfinance Bank Bond
By Modupe Gbadeyanka
Series 1 N3.15 billion 17.75 percent 5-year Fixed Rate Senior Unsecured Bond of LAPO Microfinance Bank Plc has been admitted on the trading platform of FMDQ.
This is the first ever microfinance bank bond in Nigeria to be listed on the platform and it comes shortly after the recent listing of the Viathan Funding Plc Power Bond on FMDQ.
The listing of the bond allows companies tap into the Nigerian debt capital markets (DCM) for stable long-term finance to fund key activities that ultimately translate to the development of the economy at large.
The N3.15 billion bond by LAPO Microfinance Bank is under a N20 billion Bond Issuance Programme of the lender.
To commemorate the listing of the bond, a ceremony was held at the FMDQ offices on Tuesday, March 27, 2018, where the OTC Exchange played host to management of LAPO Microfinance Bank led by the Managing Director, Mr Godwin Ehigiamusoe.
Also at the ceremony were co-sponsors to the issue on FMDQ, United Capital Plc, represented by Mr Jude Chiemeka, Managing Director, United Capital Securities Limited and Mr Tolu Osinibi, Executive Director, FCMB Capital Securities Limited.
Welcoming guests to the event, Ms Jumoke Olaniyan, Associate Vice President, Market Architecture Division, FMDQ, applauded the issuer for having successfully raised N3.15 billion from the domestic capital markets, and for indubitably setting the pace for other microfinance banks planning to raise capital in the Nigerian DCM.
She further commended the issuer for joining the league of corporate entities whose debt profiles have been raised via the value-packed listings and quotations service offered by FMDQ.
She reiterated the OTC Exchange’s commitment to continually align its strategies and innovation to serve and provide the much-needed support to the players in the DCM.
Speaking during his special address, Dr Godwin Ehigiamusoe highlighted that the demand for capital from micro, small and medium businesses is high, and as a pro-poor financial institution.
He said LAPO Microfinance was committed to the social and economic empowerment of low-income households through provision of access to responsive financial services on a sustainable basis.
He noted that with excellent corporate governance, experienced management, committed staff and extensive footprints across Nigeria, LAPO Microfinance was poised to deliver its core mandate of enhancing financial inclusion by continuously tapping the Nigerian DCM to raise capital to improve lives of the under privileged.
Delivering the Registration Member (Listings) remarks, Mr Jude Chiemeka highlighted that, “We are delighted to have acted as financial adviser and issuing house in the successful execution of the LAPO MFB SPV Series 1 bond issue, which is the first of its kind in the microfinance industry.
“Coming from a successful 2017, United Capital remains committed to making significant contributions to the OTC Exchange and to the success of our esteemed clients through our expertise in capital raising.
“We believe listing this instrument on the exchange will pave the way for other microfinance banks and allow them explore other funding sources available thereby establishing a robust domestic capital markets.”
Similarly, FCMB Capital Markets Limited, represented by Mr Tolu Osinibi, during his remarks, stated that, “We appreciate having been given the opportunity by the issuer to play a leading role on this landmark transaction, where FCMB Capital Markets Limited acted as lead issuing house on the first ever bond issuance by a microfinance institution in Nigeria’s capital markets.
“The success of this transaction speaks to LAPO Microfinance’s institutional strength and an affirmation of this strength by investors in the bond.
“Following this success, we expect to see LAPO Microfinance become a repeat issuer and anticipate that this landmark transaction will open-up the capital markets to other microfinance institutions that meet the criteria.”
In a statement given by Chairman of the Board of Directors of African Local Currency Bond (ALCB) Fund, one of the key investors in the bond, Mr Karl Von Klitzing commented that ALCB Fund was delighted to have anchored the first bond issued by a microfinance bank in Nigeria.
Mr Klitzing stated, “LAPO Microfinance provides financial services to underserved Nigerians, predominantly, women, for micro enterprise, farming and housing. With two investment grade ratings (national scale), the company has demonstrated bankability in the Nigerian capital markets. ALCB Fund has been involved since inception, providing technical assistance for ratings, accounting and legal services.
“We look forward to further successful bond issuances of LAPO MFB SPV Bond under its N20 billion issuance programme in 2018-2020.”
As an OTC Exchange positioned to bring revolutionary changes in the Nigerian DCM, FMDQ, with the collective efforts of its varied stakeholders said it would continue to deliver on its value-adding initiatives, ranging from development of its Listings & Quotations franchise, to product & market development, transparency & information, governance & regulation and education.
By Aduragbemi Omiyale
More than $700 million was disbursed in loans to Micro, Small, and Medium-sized Enterprises (MSMEs) in 2025 by Moniepoint, the financial technology (fintech) firm said in its inaugural Impact Report titled Creating Financial Happiness.
The report also revealed that for three out of four borrowers, a loan from Moniepoint was the first formal business credit their enterprise had ever accessed because of the strategies deployed by the organisation to make financing more accessible to small business owners.
“Ten years ago, we began this journey with a simple but audacious goal — to build financial infrastructure that worked for everyone. Today, that goal has crystallised into our mission of creating a world where every African, everywhere, can experience financial happiness.
“This report shows how that vision is taking shape, through the lives and businesses that are improving because they now have access to the right financial tools.
“For 75 per cent of the businesses we lent to this year, ours was the first formal business loan they had ever received. We also significantly expanded lending to women-owned businesses because we know that when African women thrive, entire communities are uplifted,” the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, stated.
The report showed that Moniepoint now serves over 20 million businesses and individuals, processing over $250 billion in transaction value annually.
It also highlights the impact of expanded access to credit, banking, and business management tools for MSMEs in Nigeria, which face a funding gap of approximately $32.2 billion.
In addition, businesses that received credit recorded a 36 per cent increase in average transaction value, while enterprises banking with Moniepoint employed more than 8 million people in 2025.
Beyond access to credit, Moniepoint’s payments infrastructure is extending financial access to underserved communities, as customers without smartphones or reliable internet can use the company’s USSD service, which turns a basic feature phone into a banking tool.
It was observed that people without smartphones carried out over $170 million in transactions by dialling a simple code.
Across the country, Moniepoint’s POS terminals operate in all 774 local government areas and enable payments for 100 million people in 2025. These gains are showing up in how people experience their financial lives.
In surveys of Moniepoint users, 83 per cent reported that their quality of life has improved, and 85 per cent reported increased confidence in achieving their financial goals.
Beyond its commercial operations, the report also highlights Moniepoint’s broader contribution to economic and social development through investments in talent, education, entrepreneurship and community development.
Guided by the UN Sustainable Development Goals, the financial giant has expanded employment pathways through initiatives such as Women in Tech and DreamDevs engineering programmes, while supporting STEM education, financial literacy, women entrepreneurs and underserved children, collectively reaching tens of thousands of beneficiaries.
Through strategic delivery partnerships, Moniepoint has also supported large-scale government intervention programmes, enabling subsidised food distribution to more than 800,000 people in northern Nigeria.
By Aduragbemi Omiyale
It was a double honour for Zenith Bank Plc at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking.
The lender was named Africa’s Best Bank and Nigeria’s Best Bank, the latter for the second consecutive year, at a ceremony held on Thursday, July 16, at The Peninsula London Hotel, London, England.
The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking.
“We are deeply honoured by these recognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution.
“These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa,” the chief executive of Zenith Bank, Ms Adaora Umeoji, said.
The dual recognition of Zenith Bank is a testament to its sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.
In this year’s edition, a record of over 770 entries were received from world-class financial institutions, including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.
Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions.
In the 2025 financial year, the bank grew gross earnings by six per cent year on year to N4.19 trillion and delivered profit after tax of N1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent.
In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totalling N410.69 billion) for the 2025 financial year, representing a 100 per cent increase over N5.00 per share paid in 2024.
By Adedapo Adesanya
The Wireless Application Service Providers Association of Nigeria (WASPAN) has asked the Federal High Court in Lagos to suspend the enforcement of the Federal Competition and Consumer Protection Commission’s (FCCPC) Digital, Electronic, Online or Non-Traditional Consumer Lending (DEON) Regulations 2025 pending the determination of its appeal against an earlier judgment.
The application follows the dismissal of WASPAN’s substantive suit challenging the regulations, although the court made significant pronouncements on the regulatory responsibilities of the FCCPC and the Nigerian Communications Commission (NCC).
Justice Ambrose Lewis-Allagoa had ruled that the FCCPC possesses powers under Sections 104, 105, 106, and 163 of the Federal Competition and Consumer Protection Act to investigate anti-competitive conduct, protect consumers, and issue regulations.
The court also held that there was no conflict between the FCCPC Act and the Nigerian Communications Act, affirming that while the FCCPC oversees competition and consumer protection, the NCC remains the statutory regulator responsible for licensing telecommunications operators.
However, the judge clarified that “the FCCPC lacks the power to issue telecommunications licences,” adding that “nothing in the DEON Regulations creates a telecommunication licensing.”
Despite the ruling, WASPAN has filed a notice of appeal and is seeking an injunction to preserve the status quo pending the outcome of the appellate process.
In its Motion on Notice, the association asked the court for “an order of injunction restraining the Defendant whether by itself, officers, employees, agents or such other persons howsoever named from enforcing, implementing and/or otherwise giving effect to the enforcement and/or implementation of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025” pending the hearing and determination of the appeal.
WASPAN also requested an order preventing the FCCPC from interfering with services provided by its members under the disputed regulations.
Specifically, it sought an order restraining the commission “from taking any steps towards interfering with or preventing the Plaintiff’s members from providing or continuing to provide or deploy any services or product governed by the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025.”
In addition, the association urged the court to restrain the FCCPC “from imposing any sanction, penalty, punishment or fines on the Plaintiff’s members” over any alleged non-compliance with the regulations while the appeal is pending.
According to WASPAN, the interim reliefs are necessary to preserve the subject matter of the appeal and prevent actions that could render the appellate proceedings ineffective.
Business Post reports that the latest application extends the legal battle over the FCCPC’s DEON Regulations and sets the stage for the Court of Appeal to further clarify the scope of the commission’s regulatory authority in Nigeria’s digital lending and telecommunications sectors.
