Moniepoint CEO: Africa’s financial future will be built on inclusion, not imports

Moniepoint Microfinance Bank has restated its commitment to financial inclusion, declaring that its mission goes beyond capturing market share to transforming lives across Nigeria and the wider African continent.

Speaking at the 2025 Annual Conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos on Saturday, the bank’s Chief Executive Officer, Babatunde Olofin, said the future of African finance would be decided locally, through innovation tailored to the continent’s realities.

The conference, themed “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance”, brought together policymakers, industry leaders, and financial experts. Olofin, represented by Moniepoint’s Head of Corporate Communications, Bamigo Awala, illustrated the impact of inclusion with the story of Iyaruka, a mother of four who relocated to Lagos after losing her homes in Abuja.

Starting out as a petty trader, she joined Moniepoint’s payment platform two years ago, later gaining access to credit. Today, she operates three thriving stores with daily revenues that once seemed unimaginable.

“That is the power of access. That is the meaning of inclusion,” Olofin said. “Financial services should mean only one thing: progress.”

He explained that Moniepoint’s new campaign, “We’re Made for Your Progress,” reflects its broader mission to use technology to deliver speed, trust, and simplicity in financial transactions while powering the aspirations of everyday Africans.

According to him, the digital economy is no longer a distant vision but a lived reality built on mobile connectivity, cloud computing, and artificial intelligence. For technology to serve as a true driver of development, however, three pillars must be prioritised: trust, talent, and literacy.

Moniepoint, he noted, is investing heavily in these areas. Its Dream Developments incubator trains young Nigerians to design financial solutions, while the company also promotes financial literacy as a safeguard against exclusion and misinformation. “Without knowledge,” he cautioned, “we are building on sand.”

Beyond payments, the bank is broadening its services into inventory management for small retailers, enabling neighbourhood shops to track stock and improve profitability. It is also compiling local case studies to better understand regional markets, including livestock and crop trading hubs in Northern Nigeria.

Olofin stressed that Africa’s financial future would not be determined in Silicon Valley but shaped by homegrown innovation, effective regulation, and informed journalism.

“At Moniepoint, we are not just interested in growing the market,” he concluded. “We are committed to transformation. Everyone can bank on technology as a force for good.”