Banking
We Have Robust Systems to Detect Fraudulent Transactions—Moniepoint
By Aduragbemi Omiyale
The chief executive of a digital financial services provider, Moniepoint Incorporated, Mr Tosin Eniolorunda, has disclosed that the firm has put in place mechanisms to detect fraudulent transactions on its platform.
Mr Eniolorunda made this disclosure when he paid a courtesy visit to the chief executive of Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, at the bank’s headquarters in Lagos.
The visit came after Fidelity Bank prevented the flow of transactions from Moniepoint over issues relating to the identity of the neo bank’s customers.
Fidelity Bank later removed the restrictions, allowing customers of the two banks and digital banks to successfully carry out interbank transfers.
During the visit, Mr Eniolorunda noted that Moniepoint, as a responsible and compliant organisation, takes customer know-your-customer (KYC) very seriously.
“KYC is not merely an acronym but indeed a cornerstone in establishing trust, ensuring security, and complying with regulatory standards.
“All accounts created on our platform have BVN verification and in addition to this, we perform a liveliness check at the point of onboarding. This is a comparison of the account holder’s life picture and the BVN image as a way to reduce impersonation,” he added.
Mr Eniolorunda further said, “We have zero tolerance for fraud and typically go all out to ensure that we track fraudsters and fraudulent transactions on our platforms.
“We have deployed and utilised robust fraud detection systems and technologies that can analyze patterns, identify anomalies, and detect suspicious activities in the system. As such we are better empowered to identify potential fraud incidents and trigger alerts for further investigations and remedial actions.”
In her remarks, Mrs Onyeali-Ikpe thanked her guest for the visit, reaffirming the bank’s appreciation for the patience and understanding demonstrated during its banking channel integration optimisation which resulted in service disruptions and the inability of Moniepoint customers to receive financial inflow.
As partners in deepening the mandate of the Central Bank of Nigeria (CBN) of ensuring the provision of adequate and convenient financial services to consumers and guaranteeing their protection as well as the various undercurrents in the financial services industry, Moniepoint and Fidelity Bank agreed to work closely together to develop a tightly knit mechanism to stem the menace of fraudulent transactions and collaboratively push through in addressing payment challenges in the country.
Nigeria’s financial system has come under renewed scrutiny against the backdrop of the increase in the value of electronic payment transactions in Q1 2023 and the challenges posed by bad faith actors who exploit gaps in the payment systems even as Nigerian financial institutions have reported N159 billion ($201.5 million) lost to fraud since 2020. There is a need for all players in the financial services sector to come together to tackle these challenges.
By Modupe Gbadeyanka
The Nigerian banking industry has been praised for its strength, capacity and resilience, following its compliance with the March 31, 2026, recapitalisation deadline.
In March 2024, the Central Bank of Nigeria (CBN) gave financial institutions operating in the country a March 2026 deadline to jack up their capital base from N25 billion.
Banks with an international licence were asked to have at least N500 billion, while national lenders were told to raise the capital base to N200 billion, with regional banks pegged at N50 billion.
Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital.
The banking reform was to prepare operators for the $1 trillion economy target for 2030 set by the federal government.
Data showed that almost all the Nigerian banks have shored up their capital ahead of the CBN recapitalisation deadline.
According to the CBN Governor, Mr Yemi Cardoso, 32 banks have already met the new capital requirements under the ongoing recapitalisation programme.
“The banking sector recapitalisation programme has recorded commendable progress, with 32 banks having already met the revised capital requirements.
“This achievement has significantly strengthened the resilience and capacity of the Nigerian banking system, positioning it to effectively mobilise long-term capital, support productive investment, and play its critical role in enabling the transition towards a $1 trillion economy,” he said.
One group that is over the moon over this development is the Association of Corporate and Marketing Professionals in Banks (ACAMB), which applauded the disciplined execution of the exercise by all financial institutions and extended special praise to the regulator for its regulatory oversight.
The president of ACAMB, Mr Jide Sipe, said, “The Nigerian banking industry has once again demonstrated its innate strength and resilience.
“Achieving over 96 per cent compliance ahead of the recapitalisation deadline is no small feat; it is an indication of the capacity of our financial institutions to adapt and overcome.
“We commend the CBN for its visionary leadership, particularly under Governor Cardoso, whose bold reforms are reshaping the financial landscape,” he said.
Mr Sipe also congratulated the CBN on its recent recognition as Central Bank of the Year 2026 by the London-based Central Banking Awards Committee, a prestigious honour bestowed at a global gathering of central banks.
According to ACAMB, Mr Cardoso’s stewardship continues to reposition the nation’s economy with clarity, discipline, and a transformational outlook, earning Nigeria increased respect on the global stage.
The association reiterated its commitment to supporting policies that promote transparency, stability, and sustainable growth in the Nigerian banking industry.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has reaffirmed Mr Kamaldeen Adekilekun as the substantive Chairman of Living Trust Mortgage Bank Plc, easing recent uncertainty about the bank’s leadership.
In an official letter dated March 27, 2026, addressed to the Osun State Government, the banking sector regulator stated that Mr Adekilekun’s appointment remains valid and binding.
The CBN explained that once board nominations and appointments are approved by the regulator, they are tenured and guided by the Code of Corporate Governance for Primary Mortgage Banks in Nigeria, adding that such appointments cannot be withdrawn arbitrarily without clear regulatory grounds.
The CBN noted that its earlier communication (reference number OFI/DOL/CON/PLI/001/213) highlighted that the appointment was tenured in line with Sections 2.4.5 and 2.4.6 of the Code.
The apex bank also stated that there was no regulatory breach of relevant provisions of BOFIA 2020 or any CBN regulation that would disqualify him or prevent him from completing his term.
Rejecting the request for his removal, the CBN directed that the current board structure be maintained, stating, “Based on the foregoing, we therefore decline your request to withdraw Dr Adekilekun’s appointment.”
The development followed an earlier request seeking the withdrawal of the chairman’s appointment. The CBN said it had previously communicated the same position in a letter dated January 19, 2026.
The development reaffirms the central bank’s commitment to regulatory discipline, corporate governance, and institutional stability in Nigeria’s financial sector.
The clarification is expected to bring confidence to stakeholders, investors, and customers of Living Trust Mortgage Bank as operations continue under the existing leadership.
Incorporated on March 9, 1993, the bank converted from a Private Limited Liability Company to a Public Limited Liability Company on January 25, 2013 and subsequently listed on the Nigerian Exchange (NGX) on December 11, 2013, where its shares are being publicly traded.
By Adedapo Adesanya
Nigerian business-banking unicorn, Moniepoint, is eyeing a considerable foothold in East Africa as it completed the acquisition of a 78 per cent stake in Kenya’s Sumac Microfinance Bank.
The deal was finalised on Thursday and provides Moniepoint with a deposit-taking licence, an essential requirement for its credit-led expansion strategy.
The acquisition of Sumac allows Moniepoint to bypass the Central Bank of Kenya’s (CBK) policy to halt new licences to new foreign players. It will also ease worries after its move to buy payments firm Kopo Kopo failed.
By securing a majority stake in the 20-year-old institution, Moniepoint gains the regulatory infrastructure needed to deploy its high-velocity lending model to Kenya’s small and medium -sized enterprises (SMEs).
Sumac is a tier-three lender, and with its existing branch network and regulatory standing, the lender offers Moniepoint one of the ways to scale in a region increasingly shaped by digital-first credit.
The move also signals the company’s ambition to build a cross-border ecosystem that captures the entire merchant value chain, rather than solely on transaction fees.
Moniepoint’s entry into Kenya follows its acquisition of Orda, a cloud-based restaurant software provider for an undisclosed sum earlier this week, in a push to tap into the billion-dollar restaurants’ economy.
The company plans to export its business-in-a-box strategy, which integrates inventory management, payroll, and working capital by combining Orda’s vertical Software as a Service (SaaS) capabilities with Sumac’s banking infrastructure.
Orda will be rebranded Moniebook for Restaurants and integrated into Moniebook, Moniepoint’s business management platform. Orda will continue to operate as a standalone business until the full integration is completed in the coming months.
Orda currently operates in Nigeria and Kenya, but the acquisition only covers its Nigerian operations. However, with its presence in Kenya, it may set the tone for the acquisition of that subsidiary.
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