Tag: Transfers

Moniepoint MFB Launches ‘Made for your Progress’ Campaign, Unveils Prolific Striker Victor Osimhen as Brand Ambassador

Moniepoint Microfinance Bank (MFB), Nigeria’s definitive and trusted business and personal banking platform, has launched its new brand campaign, “Made for Your Progress,” reaffirming its commitment to powering the dreams of millions of Nigerians. To signpost this message of aspiration and achievement, Moniepoint also proudly announces the appointment of Nigerian football star, Victor Osimhen, as its brand ambassador.

The “Made for your Progress” campaign establishes Moniepoint MFB as the financial partner for Nigeria’s huge aspirational, ambitious and gritty doers across all spheres of human endeavour.

At its core, the campaign celebrates the real people making real moves on their journey to success. It spotlights the small, medium, and big everyday victories that lead to customer growth, underlining Moniepoint’s commitment to being a reliable, sophisticated, and approachable financial partner.

“At Moniepoint, we have always believed that the ambitions of Nigerians are the bedrock of our economy as evidenced by the informal economy’s contributions to GDP. We celebrate the people behind the many businesses we serve, and the individuals who have created value with our personal banking service, ” said Babatunde Olofin, Managing Director of Moniepoint MFB. “’Made for your Progress’ is our promise to every Nigerian with a dream – that we will provide the financial comfort, confidence, and freedom they need to focus on building those dreams. We exist to recognize and power their journey.”

He continues, “Progress looks different for everyone, and we exist to support each unique journey. With this campaign, we are shining a light on the real people and small victories that make up the fabric of Nigeria’s growth story. Our commitment is to deliver financial happiness by being the most reliable and innovative partner for individuals and businesses nationwide.”

Victor Osimhen, whose story of resilience and achievement mirrors the campaign’s ethos. Osimhen’s inspiring “grass-to-grace” story of determination, resilience, and achievement resonates deeply with the spirit of the Moniepoint brand and the audience it serves. His journey from the streets of Olusosun in Lagos to becoming an elite goal scorer on the world stage is the stuff of dreams for millions of Nigerians. From humble beginnings to becoming one of Africa’s most celebrated football exports, Osimhen embodies the spirit of ambition, hard work, triumph and the Nigerian hustle.

Speaking about his role, Victor Osimhen said, “ My journey has always been about believing in progress, no matter the challenges. That is why I am proud to be associated with Moniepoint, a brand that truly supports people’s dreams and celebrates their wins, big or small. Together, we will inspire millions of Nigerians to keep striving for more.”

Lauding Moniepoint MFB, he said, ”Their belief that every dream is valid and their commitment to powering progress aligns perfectly with my own life journey. ‘Made for your Progress’ is not a fancy, feel-good slogan; it’s a message of hope and a promise of support that I am proud to champion.”

Osimhen, who recently joined Turkish giants, Galatasaray on a permanent deal for a fee in the region of €75 million, in a move which broke the Turkish Süper Lig’s all-time transfer record brings both grassroots authenticity and global recognition to the partnership.

As part of its move to deepen financial inclusion, while powering the progress of individuals, it will be recalled that Moniepoint MFB launched its personal banking service in August 2023 to offer a comprehensive range of solutions designed to make personal financial management seamless and accessible. Key offerings include a personal banking app that enables users to easily make transfers, pay bills, and purchase airtime. The service is complemented by a Moniepoint debit card usable at ATMs, POS terminals, and online, backed by a reliable payment infrastructure trusted by over 10 million businesses in Nigeria.

The campaign will feature integrated marketing communications across traditional and digital platforms, showcasing diverse customer stories and highlighting how Moniepoint’s innovative products and services enable real progress in people’s lives. With this campaign, Moniepoint MFB will reinvent its products and services as being more than a transactional tool, but as Nigeria’s definitive financial institution that fuels ambition, powers dreams, and delivers financial comfort, confidence, and freedom with security and reliability to boot.

September 7, 2025
PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app. This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.

With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.

PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.

“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”

With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.

“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”

This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.

July 9, 2025
Feature: How to Make PoS Registration a Win-Win for Nigeria’s Financial Future

By Elvis Eromosele

The Central Bank of Nigeria (CBN) recently mandated that all Point of Sale (PoS) operators complete their registration with the Corporate Affairs Corporation (CAC) by July 7, 2024. This directive aims to formalize the operations of PoS businesses across the country, boost regulatory compliance, and promote financial inclusion.

However, for many PoS operators, this new requirement poses significant challenges, both financially and logistically. As micro-businesses are already grappling with economic uncertainties, the stringent deadline could threaten their survival and, by extension, the broader goal of financial inclusion in Nigeria.

PoS operators have become crucial players in Nigeria’s financial landscape, particularly in rural and underserved urban areas. They provide essential services such as cash withdrawals, deposits, bill payments, and transfers, bridging the gap between the unbanked population and formal financial institutions. Their accessibility and convenience have made them indispensable, particularly as the country pushes towards a cashless economy.

Reports indicate that there are close to a million registered PoS terminals in the country. According to Statista, “As of 2023, PoS payments in Nigeria were worth over 860 billion Nigerian naira, registering an increase compared to the previous years reviewed. Between 2015 and 2023, the number of POS payments rose significantly.”

These numbers tell a story. PoS operators are today an integral part of the financial inclusion value chain. So, efforts should be made to ensure the sustainability of the sub-sector.

The real issue is that the tight registration deadline poses challenges to the operators.

Number one, registering a business with the CAC involves several costs, including registration fees, documentation, and sometimes legal services. Many PoS operators, who operate on thin margins, may struggle to afford these expenses. For micro businesses that often subsist on daily earnings, diverting funds towards registration could mean a significant financial setback. What would likely happen is that many will not bother to register and may thus close shop.

Two, the July 7, deadline is too short. It provides the operators with a limited timeframe to complete the registration process. Given the bureaucratic hurdles often associated with such processes in Nigeria, this timeline is impractical for many. The urgency compounds the stress on operators who must balance their daily operations with the demands of registration. They may be forced to pay above the usual rate because of the urgency of the situation.

Thirdly, many PoS operators are not fully aware of the registration requirements or the steps involved. Without adequate support and clear guidance from the CBN or CAC, they may find the process overwhelming. The absence of targeted awareness campaigns exacerbates this issue, leaving many operators in the dark. The National Orientation Agency (NOA) has a role to play here.

The biggest challenge is the disruption of business activities. The focus on meeting the registration deadline may lead to operational disruptions. PoS operators might need to temporarily halt their services to manage the registration process, affecting their income and the communities that rely on their services.

It should not be this way. First and foremost, there must be some sort of financial assistance program. Yes, the government, in collaboration with financial institutions, could establish a financial assistance program to support PoS operators with the costs of registration. This could take the form of grants, subsidized loans, or fee waivers. Such assistance would alleviate the financial burden and ensure compliance without jeopardizing operators’ livelihoods.

Secondly, the regulator should immediately extend the deadline. Extending the deadline would provide PoS operators with a more realistic timeframe to complete the registration process. An extended period would allow operators to plan and save for the costs involved, reducing the risk of financial strain. A 12 to 24-month window sounds reasonable.

In addition, massive awareness campaigns and support have to be instituted. The comprehensive awareness campaigns are crucial to inform PoS operators about the registration requirements and process. The CBN and CAC could collaborate to disseminate information through various channels, including social media, community meetings, and local radio stations. Additionally, establishing support centres or helplines to guide operators through the registration process would be beneficial.

The CAC should streamline the registration process. The thinking is that simplifying the registration process could encourage compliance. Streamlining documentation requirements and reducing bureaucratic red tape would make the process more accessible. Online registration portals with clear, step-by-step instructions could also expedite the process.

Furthermore, community engagement and partnerships must come into play. Engaging with community leaders and local organisations can help mobilize PoS operators and provide them with the necessary resources and information. Partnerships with non-governmental organisations (NGOs) and business associations could also facilitate workshops and training sessions to aid the registration process.

The CBN’s directive for PoS operators to register with the CAC is well-intentioned. It aims to formalize and regulate the sector. However, without addressing the financial and logistical challenges faced by these micro businesses, the directive could have adverse effects on the economy. Ensuring the sustainability of PoS operations is essential for maintaining financial inclusion and supporting Nigeria’s broader economic goals.

Eromosele, a corporate communication professional and public affairs analyst, wrote via: elviseroms@gmail.com

May 28, 2024
Feature- Nigeria’s Cashless Policy: A Significant Opportunity For Growth

by Adedamola Giwa

The vision of a cashless society, while ambitious, does hold the potential to bring about a range of benefits for the country and its people if implemented correctly. These transformations in the financial landscape have significant effects on the government, businesses, and society at large.

As the world becomes increasingly reliant on technology, the traditional way of doing business is no longer feasible. A cashless society offers a more convenient and secure alternative to physical cash. The benefits are numerous, from faster transactions to reduced costs and risks associated with physical currency, such as theft and fraud. In the past, a cashless society was not an entirely new concept. However, with digital technology, it is now more achievable than ever. Electronic fund transfers, mobile payment apps, and digital wallets are now part of our everyday lives, and Nigeria is no exception. With the Cashless Policy, the country is on a path to become a cashless or cash-lite economy, and this presents an unprecedented opportunity for digital payment providers.

Sweden is a prime example of a country that has gone cashless, with over 85% of all transactions now made electronically. This has resulted in the creation of innovative financial solutions such as instantaneous mobile payment systems and even a national digital currency. Kenya leads the way in Africa with at least one individual in 96% of Kenyan households using MPesa for payments.

Why the cashless policy?

The Central Bank of Nigeria (CBN) has been driving the effort to establish a cashless society with several initiatives aimed at promoting digital payments and reducing the country’s dependence on cash for over a decade. The 2012 digital payments directive, issued by the CBN, was a significant milestone in this journey. The directive required financial institutions to increase their investment in digital payment infrastructure, promote digital payments among their customers, and work with the CBN to develop a strong regulatory framework. This initiative aimed to modernize the financial sector, increase transparency, and enhance efficiency in the economy. As a result, the country witnessed a range of achievements, which included the expansion of financial access points such as automated teller machines (ATMs), point of sale (PoS) terminals, mobile cash (mCash) facilities, as well as the proliferation of e-payment platforms, and a significant increase in the adoption of electronic channels.

For its more recent initiative, the Central Bank of Nigeria recently rolled out a new policy on cash transactions that imposes a fee for daily cash withdrawals exceeding N500,000 for individuals and N3,000,000 for corporate entities. According to the Apex bank, this policy aims to decrease the amount of physical cash in circulation and promote electronic transactions for payments, transfers, and other financial activities, without completely eliminating cash.

While this recent policy has raised mixed reactions following the CBN’s introduction of the revised cash withdrawal limits, it is important to recognize that the idea of digital payments is not new to Nigerians and a lot of progress has been made with the adoption of digital payments over the last 5 years. For instance, the number of Point of Sale (PoS) terminals rapidly increased from roughly 155,000 to 1.1 million between 2017 and April 2022 reflecting the growth in merchants and agent network. According to NIBSS, the value of electronic transactions recorded under the NIP platform increased by 42 percent to N387 trillion in 2022 from N272 trillion recorded in 2021. The growth in adoption can be attributed to greater awareness and understanding of online payments and how they work. In addition, the increasing availability of digital payment services – including peer-to-peer payments, mobile wallets, point-of-sale devices, and digital coins – proffers a plethora of options for businesses and customers, each promising transparency, efficiency, and convenience.

Amid the current shortage of Naira in circulation, Nigerians are turning to alternative payment options. Payment solutions providers, Banks and other financial institutions should ensure businesses can operate and receive payments seamlessly online. At JumiaPay, we are committed to helping our customers grow their businesses by providing them with seamless payment solutions as well as free consumer promotion and advertising. JumiaPay offers multiple payment options to customers including cards, bank transfers, and mobile money. If you are a subscription based business or digital lender requiring recurring payments from your customers, our card tokenization services are designed to meet your needs. Small businesses selling on social media are not left out, you can use the JumiaPay payment links to receive payments from your customers without requiring a website integration. This is just to mention a few of what JumiaPay offers. Any business seeking to grow in this tough operating environment, will find a reliable partner in JumiaPay.

Conclusion

Despite the challenges, the push by the Central Bank of Nigeria to modernize the country’s financial system to enable individuals and businesses to enhance their financial efficiency and security is commendable. This will pave the way for new innovations from digital payment providers and also encourage financial inclusion. As Nigeria continues to embrace the shift towards digital payments, it is vital that all stakeholders work together to ensure a seamless transition and maximize the benefits that a cashless society can offer.

Adedamola Giwa is the Managing Director, JumiaPay, Nigeria

February 20, 2023
Feature: Enjoying Banking Convenience with Firstbank’s Firstmobile

As the world is evolving digitally, Nigerian banks are currently looking for ways to make the banking experience better and FirstBank is not an exception to this aggressive drive. The efforts in this regard include building and constantly improving on its product offerings like the FirstMobile, its industry-leading mobile banking app; FirstOnline, the internet banking portal and many other platforms provided by the Bank to ensure banking operations are performed with ease and convenience without having to be physically present at the bank.

In line with its commitment to offer these value-added products and services that suit the lifestyles of its customers, Nigeria’s most valuable bank brand, has one of the best bank Apps anywhere. FirstMobile is the official mobile banking application from FirstBank and it provides convenient access to both financial and non-financial transactions by FirstBank account holders via their mobile devices. It is sleek and convenient to use – evident in its easy enrolment process as all FirstBank customers with Verve and Naira MasterCards can begin using the App without having cause to visit a FirstBank branch. It is also poised to offer a more reliable and more convenient overall digital banking experience.

With FirstMobile, customers can enjoy real-time mobile banking services such as domestic funds transfer from self-owned accounts to other FirstBank accounts and other external bank accounts; QR payments, as well as make quick airtime purchases for self and others on all mobile networks (which can be done directly by selecting phone numbers from their phone contacts); bills payments; cheque services including confirm cheque and stop cheque, flight and cinema booking; and quick account services such as account balance inquiry, statement view, Virtual Card, Limit enhancement up to 10M & Airtime top-up limit up to 50,000. FirstMobile also offers Debit card enablement for usage abroad.

In addition, the lifestyle banking app offers FirstBank customers unique access to the latest articles and videos across a wide variety of categories, including technology and gadgets, life and travel, the economy, local news, luxury goods, business, health, sports, entertainment, shopping and more. The application is free and available for download to customers of FirstBank.

FirstMobile remains yet another obvious step towards leveraging evolving technologies to bring fast and convenient financial services closer to Nigerians, in line with the bank’s digital banking strategy.

With its efficiency, the Bank has delivered an app that has, over the years, consistently shown to support the consumer lifestyle by providing users with an instant suite of financial options on their mobile devices in a convenient and highly secure way.

As of June 2021, First Bank of Nigeria Limited, the most renowned Bank in Nigeria boasts 4,596,203 users on the FirstMobile App which is a 9% growth of the total users in the previous year and an average of 27,730,830 transactions every month. With such large patronage from its over 30 million customer base, the need to always create an easy way for customers to conduct financial transactions comes into play and impressively, a dedicated platform that allows FirstBank customers to conveniently make transactions with their mobile phones, Tablets and Pc is always within customers’ fingertips.

FirstMobile is also embedded with a card protection service for customers to enable and disable cards on channels, account switch off as well as second-factor authentication and device registration. Customers can remotely initiate the request for a new debit card as well as the replacement of a lost or damaged one, whilst managing activities on their card and account.

FirstMobile takes into cognizance the security of customers and their funds. The biometric for transactions is an innovative security upgrade on the application to validate transactions. This feature includes fingerprint for transactions, allowing the customer to use his or her fingerprint to consummate all transactions. Other features of the FirstMobile App include frequent transactions; dashboard flexibility and personalisation.

Customers can also take a photo or select from the Avatar (available icons) to personalize their dashboard and beneficiaries for Transfers, Bills payment & Airtime transactions by uploading a picture to associate with their beneficiary, especially the more frequent ones. The dashboard has been designed to reflect the lifestyle and social pattern of the user as it can be customized by adding any profile picture of choice. The dashboard also enables users to monitor their spending patterns over a period. It shows the inflow and outflow of funds on their account. With FirstMobile, you can book movie tickets ahead of time, thereby averting the risk of being told the movie is sold-out upon getting to the movie theatre.

In need of a loan to meet that pressing need, FirstMobile also has you covered and puts you at an advantage with the FirstAdvance, a product designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries and also Nano Loan features. It is indeed an overall exciting App that ensures financial happiness.

To set up the FirstMobile App, customers with android phones should visit the Google Play store to download and install the FirstMobile app. Customers with Apple devices can download it from the Apple Store. Once installed, customers are required to open the app, tap the REGISTER button and use their FirstBank issued Naira MasterCard or Verve card to activate the app. After details have been inputted, an OTP code will be sent via an SMS to your phone number that is linked to your bank account and you are then required to Input a 5 digits code that will be your login password, Select two security questions and answer them, Create a personalised 4 digits transaction pin that will help your confirm transactions. Click Done and start enjoying the app.

FirstMobile is built to reflect FirstBank’s resolve at reinforcing the digitisation of payment systems, whilst putting customers at an edge to conveniently meet their everyday needs at any time, irrespective of where they are.

Culled from Nairametrics

August 18, 2021