Onome Amuge
Moniepoint Microfinance Bank has pledged to make financial inclusion the cornerstone of its expansion strategy, betting that Africa’s digital economy will be shaped less by market share battles and more by how effectively technology can transform the lives of ordinary people.
Speaking at the 2025 annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos on Saturday, Babatunde Olofin, Moniepoint’s chief executive, described the bank’s mission not as a contest with rivals, but as an effort to embed trust and access into Nigeria’s financial sector.
“Financial services should mean only one thing: progress,” Olofin told delegates, in remarks delivered on his behalf by Bemigho Awala, head of corporate communications. He illustrated the point with the story of Iyaruka, a mother of four who turned to petty trading after losing her home in Abuja. With Moniepoint’s platform, she secured credit, expanded into three shops, and now records daily revenues that once seemed unattainable.
“That is the power of access. That is the meaning of inclusion,” Olofin said.
The remarks come as Nigeria’s banking sector faces the dual challenge of harnessing rapid digital adoption while contending with mounting pressures over taxation, regulation, and consumer trust. The FICAN conference — themed “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance”, underscored the fragile balance between innovation and oversight in Africa’s largest economy.
Moniepoint noted that its approach goes beyond payments. The bank said it is positioning itself as an ecosystem player, offering small retailers tools such as inventory management systems and credit access, aimed at helping informal businesses professionalise operations. To this end, it has also launched a Dream Developments incubator to train young Nigerians in building financial solutions, while investing in financial literacy programmes to counter misinformation and predatory practices.
“Without knowledge, we are building on sand,” Olofin warned, pointing to financial literacy as a prerequisite for meaningful digital inclusion.
The bank’s new campaign , “We’re Made for Your Progress” , reflects a deliberate shift in narrative. In a sector often measured by transaction volumes and user sign-ups, Moniepoint is leaning into stories of resilience and empowerment, while signalling that Africa’s financial future will be defined domestically rather than in Silicon Valley.
Industry analysts say this stance reflects a broader truth about Nigeria’s digital economy. While fintech innovation has captured investor attention in recent years, the real test lies in whether such platforms can deliver tangible improvements for small traders, rural households, and young entrepreneurs struggling to gain footholds in a slowing economy.
Moniepoint’s emphasis on trust, talent, and literacy speaks directly to Nigeria’s regulatory debates. With central bank oversight tightening after a string of high-profile compliance failures in the sector, fintech players are under pressure to show they can scale responsibly.
Olofin asserted that the answer lies in combining homegrown solutions with patient investment in human capital. “Africa’s financial future will not be scripted in Silicon Valley but determined by local innovation, regulatory oversight, and informed journalism,” he said.
