Business News

“Banks, fintechs need collaboration to tackle financial fraud in Nigeria” – Tosin Eniolorunda 

The group CEO of Moniepoint Inc., Tosin Eniolorunda, has called for a synergy between banks and fintechs in the country to tackle the menace of rising fraud in the financial system.  

According to a statement from the company, Eniolorunda stated this during a courtesy visit to the Chief Executive Officer, of Fidelity Bank, Nneka Onyeali-Ikpe in Lagos.

The visit was in connection with the recent action taken by the bank to suspend interbank transfers to some fintechs, including Moniepoint. 

The Moniepoint CEO noted that Nigeria’s financial system has come under renewed scrutiny against the backdrop of the increase in the value of electronic payment transactions in Q1 2023 and the challenges posed by bad faith actors who exploit gaps in the payment systems even as Nigerian financial institutions have reported N159 billion ($201.5 million) loss to fraud since 2020.

To tackle this problem, he said there is a need for all players in the financial services sector to come together. 

During conversations around the growth of the digital payments segment and contributions of financial services to Nigeria’s socio-economic development, Eniolorunda was said to have used the occasion to stress the point that Moniepoint as a responsible and compliant organization takes customer KYC very seriously.  

At the meeting, Moniepoint and Fidelity agreed to work closely together to develop a tightly-knit mechanism to stem the menace of fraudulent transactions and collaboratively push through in addressing payment challenges in the country.

The Fidelity Bank CEO, Onyeali-Ikpe, used the opportunity to reaffirm her bank’s appreciation for the patience and understanding demonstrated during its banking channel integration optimization which resulted in service disruptions and the inability of Moniepoint customers to receive financial inflow. 

It will be recalled that Fidelity Bank had recently announced to its customers and the general public, the resumption of interbank transfers to all licensed financial institutions in the country.

This followed reports from various media publications that the bank had imposed transaction restrictions on some neo-banks operating in the country.