VP Shettima tasks Moniepoint, other fintechs on stronger audit to tackle fraud and criminal misuse

The Nigerian Vice President, Kashim Shettima has tasked Moniepoint and other Nigerian financial technology companies to undertake a stronger audit of their operations. The Vice President made the request during a courtesy visit by the Moniepoint team led by its founder and CEO, Tosin Eniolorunda.

In a statement by Moniepoint seen by Technext, Kashim Shettima said the rigorous auditing is necessary “to prevent misuse of the platform, especially by fraudsters and criminal elements.” He further urged Moniepoint and other fintech platforms to remain vigilant and proactive in addressing these challenges.

The Vice President congratulated the Moniepoint team on achieving unicorn status, lauding their innovative approach to leveraging technology to solve financial challenges. He acknowledged the company’s impressive growth trajectory, its workforce of over 3,000 employees, and its contribution to the country’s vision of building a $1 trillion economy.

In his remarks, the Vice President highlighted the diversity within Moniepoint’s team, describing it as a “kaleidoscope of colours” and reflecting the beauty of Nigeria’s multicultural and multi-regional identity. He was particularly pleased with the inclusion of individuals from various regions and backgrounds, including a notable representation of women in leadership and operational roles.

He acknowledged the company’s impressive journey over the past five years as Moniepoint and its earlier contributions as a software solutions company for banks, applauding their resilience and innovation.

Finally, the Vice President encouraged Moniepoint to continue expanding its global footprint, referencing his ongoing support for similar initiatives such as Amal Hassan’s Outsource to Nigeria project. He assured the Moniepoint team of his unwavering support, promising to be their “chief promoter” in advancing the brand’s visibility on the global stage.

Moniepoint CEO assures Shettima of collaborations

In response, Moniepoint CEO, Tosin Eniolorunda highlighted the company’s robust collaboration with law enforcement agencies such as the Nigeria Police Force, the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC), Mr. Eniolorunda reiterated Moniepoint’s commitment to using intelligence-driven technology to fight financial fraud and strengthen trust in the digital payment system.

He also expressed gratitude to the Vice President for the administration’s dedication to digital innovation and financial inclusion. He also emphasized Moniepoint’s commitment to Nigeria’s financial ecosystem, a commitment that has seen it grow into Africa’s latest unicorn this year, a testament to its resilience and innovation.

He detailed Moniepoint’s contributions to financial inclusion, including providing digital banking solutions to millions of Nigerians, particularly underserved communities, and empowering small and medium-scale enterprises (SMEs). 

“At Moniepoint, we are big believers in driving collaborations across the entire eco-system and this is premised on collaboration being the cornerstone of progress. Our engagement here underscores our intention to enhance the government-to-business relationship in a way that powers the dreams of millions of more Nigerians. Together, we can unlock opportunities, transform lives, and build a more inclusive economy for all”, Eniolorunda said. 

Moniepoint partnered with the Corporate Affairs Commission to formally onboard over two million businesses while targeting 30 million businesses over the next five years. It also launched Nigeria’s Informal Economy Report in July this year, in conjunction with SMEDAN and the Federal Ministry of Industry, Trade and Investments to provide a policy thrust for advancing Nigeria’s informal economy in the light of its huge contributions to the nation’s GDP.  

The courtesy visit marks another milestone in the partnership between the Nigerian government and private sector innovators like Moniepoint, who are key players in the administration’s drive to build a robust digital economy and foster financial inclusion across the nation.

See also: Moniepoint MFB appoints Bayo Olujobi as its new Chief Financial Officer