Africa’s Finance Will Be Decided Locally – Moniepoint

Moniepoint Microfinance Bank has said that the future of Africa’s financial system will be shaped within the continent, stressing that homegrown innovation, effective regulation, and informed journalism are central to building a sustainable economy.

The bank’s chief executive, Babatunde Olofin, stated this at the 2025 annual conference of the Finance Correspondents Association of Nigeria (FICAN), themed “Bracing for the Digital Economy in   Nigeria: Taxation, Banking and Finance”.

Olofin, represented by Bamigo Awala, the Head of Corporate Communications, said Moniepoint is not chasing market share alone but is focused on transforming lives by deepening access to financial services.

Citing one of the bank’s customers, Olofin said a mother of four who lost her home in Abuja and moved to Lagos to work as a petty trader had been onboarded on Moniepoint’s payment platform two years ago.

With access to credit, she now runs three thriving shops and generates daily revenues that once looked unattainable.

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

He explained that Moniepoint’s new campaign, “We’re Made for Your Progress,” reflects its broader mission to power Africans’ dreams by leveraging technology to deliver speed, trust, and simplicity.

The Moniepoint chief stressed that the digital economy is no longer a futuristic idea but a lived reality, driven by mobile connectivity, cloud computing, and artificial intelligence. He noted, however, that for Africa to fully harness the opportunities, three pillars must be prioritised: trust, talent, and literacy.

“Without knowledge, we are building on sand,” he warned. He added that the bank has rolled out programmes such as its “Dream Developments” incubator to train young Nigerians in building financial solutions while promoting financial literacy to guard against exclusion and misinformation.

Beyond traditional banking, Olofin disclosed that Moniepoint is extending its services into areas like inventory management for small retailers, helping informal businesses track stock and improve profitability. The bank also documents case studies across regional economies, including livestock and crop markets in northern Nigeria, to better understand local challenges.

He insisted that Silicon Valley cannot dictate Africa’s financial future but will be defined by solutions designed on the continent.

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