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 Dipo Olowookere
Customers, shareholders and other critical stakeholders of Access Holdings will soon begin to enjoy the benefit of the five-year strategic growth plan of Access Holdings Plc.
In 2022, the management of the financial service provider designed a deliberate and structured progression of scaling, optimising, and sustaining the business.
In the past few years, the organisation has embarked on an aggressive expansion, especially in its banking segment, penetrating into other African markets with acquisition of other banks.
Access Holdings seems to have slowed its scaling pace and is now entering a crucial optimisation phase, expected to unlock significant value for stakeholders as it heads toward 2027.
In this optimisation phase, the focus of Access Holdings will shift to streamlining operations, deepening digital innovation, enhancing customer experience, and improving capital productivity.
A critical part of this phase is leveraging data and technology to improve access, reduce transaction costs, and accelerate financial inclusion, particularly for women, youth, and rural communities.
The strategic growth plan of the organisation also places financial inclusion and impact at the core of its growth agenda.
By expanding digital access and scaling low-cost delivery platforms, it aims to onboard millions of previously unbanked and underserved individuals and MSMEs across Africa into the formal financial system.
This is part of a broader strategy to enhance intra-Africa trade, empower smallholder businesses, and strengthen the value chain across key sectors including agriculture, commerce, and manufacturing.
“Our approach has always been clear: scale first through strategic expansion, then optimise through consolidation, synergy realisation, and operational efficiency.
“During the scale-up phase, a considerable amount of funding is required to drive investments in people, systems, infrastructure, and acquisitions.
“But as we move deeper into the optimisation phase, we will begin to see the full benefits manifest, especially in terms of profitability, capital efficiency, and shareholder returns,” the acting chief executive of Access Holdings, Mr Bolaji Agbede, said.
“We are confident that as we approach 2027, the full impact of our strategic moves will become evident. This is about growing bigger and becoming better, faster, and more resilient,” Mr Agbede expressed optimism.
By Adedapo Adesanya
Sterling Financial Holdings Company is taking steps to raise $400 million in phases through multiple instruments and currencies as part of its expansion plans.
The move is also part of its broader strategy to expand operations and meet new regulatory requirements set by the Central Bank of Nigeria (CBN).
According to Bloomberg, the chief executive of Sterling Bank, Mr Abubakar Suleiman, confirmed the development in a phone interview on Wednesday.
The financial institution will use the proceeds for “long-term ambition to strengthen capital, deepen market presence and support sustainable growth,” Mr Suleiman said.
The capital raise will involve multiple currencies and be executed in stages, adding that separately, the bank is preparing to launch a public share offer within the current quarter to raise N100 billion.
Mr Suleiman described this as the final leg of its recapitalisation programme.
So far, Sterling Bank has secured N89.75 billion from earlier rights issues and private placements. With a remaining gap of N2.2 billion, the bank is intensifying efforts to close the shortfall by the end of the year.
Recall that Nigerian banks have less than a year to meet new capital requirements introduced by the CBN under the governorship of Mr Yemi Cardoso, part of a wider push to make Nigeria a $1 trillion economy by 2030.
The directive, which set a March 2026 deadline, mandates banks to bolster their capital bases in response to prolonged macroeconomic instability, including high inflation, weak economic growth, and repeated currency devaluations.
Bloomberg said while Mr Suleiman did not provide specifics, he disclosed that Sterling Bank plans to diversify beyond its two banking subsidiaries.
The company recently increased the capital base of its non-interest arm, The Alternative Bank, to meet the N20 billion regulatory requirement for standalone banks.
The company’s expansion plans, which align with its holding company structure adopted in recent years, mark another strategic response to an evolving regulatory landscape reshaping Nigeria’s financial services sector.
By Modupe Gbadeyanka
A CNY800 million term loan agreement has been secured by Stanbic IBTC Bank Limited from China Development Bank to provide enhanced financing solutions to Nigerian corporates and institutions engaged in Africa-China trade and investment flows.
A statement from the Nigerian lender disclosed that the partnership between the two organisations is expected to play a vital role in supporting Nigerian businesses, facilitating trade transactions, and encouraging foreign direct investment.
It also represents a significant step in Stanbic IBTC’s broader Africa-China strategy, which seeks to position the bank as the partner of choice for businesses seeking to participate in the growing economic corridor between Africa and China.
Also, the three-year loan, executed under the strategic collaboration framework between Standard Bank Group (SBG) and CDB, marks a significant milestone in deepening financial cooperation between Africa and China, underscoring Stanbic IBTC Bank’s direct access to Chinese Renminbi (CNY) liquidity from the Chinese market.
“We are delighted to announce this landmark agreement with China Development Bank, which reflects the strength of our strategic partnership and our collective commitment to Africa’s economic development.
“This facility provides us with direct access to much-needed Renminbi liquidity, enabling us to better serve our clients involved in Africa-China trade and investment.
“It is a significant step in advancing our Africa-China strategy, which is focused on unlocking growth opportunities, promoting cross-border trade, and driving sustainable development for Nigerian businesses,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
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