Banking
NEPZA Calls For Fast-Track of Offshore Banking Approval
By Adedapo Adesanya
The Nigeria Export Processing Zone Authority (NEPZA) and operators of the country’s Free Trade Zones (FTZs) have called on the Central Bank of Nigeria (CBN) to quicken the process for granting approval for the operation of offshore banking across the zones to further aid the ease of doing business among others.
According to the stakeholders, this will help resolve current difficulties their businesses face in accessing foreign exchange and further ease pressure of the Naira.
The stakeholders in the FTZs also maintained that offshore banking would provide businesses with a more stable financial environment to thrive.
They made their desires known when NEPZA embarked on a media tour to some of the zones in Lagos, with a view to ascertaining their state of operation, providing visibility and their challenges as well as allow journalists to assess the level of investments in the zones.
On his part, the Zone Administrator, NEPZA, Mr Garba Hayatu, called on the central bank to address grey areas that had slow down the process of approving the take-off of offshore banking to attract more investments and boost the development of the zones.
“Currently, Free Zones in Nigeria cannot access forex directly from the Central Bank of Nigeria. Offshore banking can solve this problem.
“Operators in the Free Zone are often affected by currency volatility, and the inability to access dollars directly adds to their challenges.
“Offshore banking would provide businesses with a more stable financial environment.”
He pointed out that there had been ongoing discussions with CBN, and hoped the knotty issues would be resolved as soon as possible, adding that its actualisation would mean a “major win for free zone operators”.
Similarly, operators of the Lekki Free Zone Development Company (LFZDC), said currency fluctuation had made it harder for Nigerian investors to buy land for investment as the former is priced in Dollars.
Deputy Managing Director of LFZDC, Mrs Bolatilo Ajibode, while also supporting the operation of offshore banking in the zones, said, “With the current exchange rate, it’s tough for many”, adding however, that “we have flexible payment options to ease the burden”.
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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