The Central Bank of Nigeria (CBN) and the Banco Central do Brasil (Brazil’s Central Bank) have initiated fresh dialogues to enhance economic and financial collaboration between Nigeria, Africa’s largest economy, and Brazil, Latin America’s biggest market. During the meeting, CBN Governor Olayemi Cardoso highlighted that Brazil’s large Afro-Brazilian community—considered the biggest population of African descent outside the African continent—presents not only strong cultural ties but also a significant opportunity to increase remittance flows between Nigeria and Brazil. The discussion took place on the sidelines of President Bola Ahmed Tinubu’s state visit to Brazil and was part of a wider working mission designed to strengthen institutional and technical cooperation with the South American nation. Cardoso emphasized that both countries stand to gain substantially through knowledge-sharing and collaboration in digital finance, payments infrastructure, fintech innovation, and mobile money services. He stated: “Nigeria is building a stronger, more resilient financial system aimed at attracting capital, leveraging diaspora remittances, and creating a stable environment that encourages sustainable trade and investment.” The CBN Governor further explained that Brazil’s vast experience in financial inclusion policies offers Nigeria valuable lessons, while Nigeria’s rapidly growing fintech industry can also share innovative approaches that could benefit Brazil. “Brazil’s expertise in driving financial inclusion provides critical lessons, just as Nigeria’s fintech ecosystem offers insights and solutions that can be adapted in Brazil,” Cardoso remarked. On his part, Gabriel Muricca Galípolo, President of Brazil’s Central Bank, welcomed the dialogue and reaffirmed Brazil’s commitment to broadening financial cooperation with Nigeria. He described the engagement as a strategic step toward promoting financial stability, economic resilience, and mutual prosperity between the two nations. Beyond the high-level talks, the Nigerian delegation participated in several technical sessions with Brazilian counterparts. These discussions covered monetary policy frameworks, financial stability mechanisms, and regulatory cooperation strategies aimed at aligning both countries’ financial systems for future collaboration. The CBN Governor was accompanied by directors overseeing currency operations, financial policy regulation, and monetary policy, underscoring the importance Nigeria attaches to the partnership. This emerging partnership between Nigeria and Brazil signals a new era of financial diplomacy, with potential benefits for trade, remittances, fintech growth, and diaspora engagement.
The Nigerian government has praised Moniepoint Inc, Africa’s fastest-growing financial institution, for its significant contributions to financial technology and its commitment to advancing financial inclusion. The commendation came from Vice President Kashim Shettima during a courtesy visit by Moniepoint’s leadership team, led by CEO Tosin Eniolorunda, at the Presidential Villa. Shettima expressed appreciation for Moniepoint’s efforts to enhance Nigeria’s financial landscape, emphasizing the company’s role in supporting underserved communities and empowering small and medium-sized enterprises (SMEs) through digital banking solutions. The Vice President also acknowledged Moniepoint’s strategic partnerships with law enforcement agencies like the Nigeria Police Force, EFCC, and the Nigerian Financial Intelligence Unit (NFIU), aimed at combating financial fraud and promoting transparency in the digital payments sector. CEO Tosin Eniolorunda, who thanked Shettima for his time, shared Moniepoint’s growth story, highlighting its achievement as Africa’s latest unicorn in 2024. He stressed that Moniepoint’s success is rooted in resilience and innovation, emphasizing the company’s commitment to Nigeria’s digital ecosystem. Moniepoint’s collaboration with the Nigerian government has expanded beyond financial inclusion, with notable projects like the onboarding of over two million businesses in partnership with the Corporate Affairs Commission. The company has also launched the Informal Economy Report, aimed at boosting Nigeria’s informal sector, which contributes significantly to the country’s GDP. Vice President Shettima praised Moniepoint’s success and innovative approach, noting its workforce of over 3,000 employees and its contribution to Nigeria’s goal of becoming a $1 trillion economy. He also highlighted the diversity within Moniepoint’s team, celebrating its representation of Nigeria’s multicultural identity, including strong female leadership. While applauding Moniepoint’s achievements, Shettima urged the company to remain vigilant in preventing misuse of its platform by fraudsters, calling for stronger auditing measures. He promised continued support for Moniepoint’s global expansion, assuring them of his role as a “chief promoter” of the brand’s international visibility. The visit further solidified the partnership between the Nigerian government and private sector innovators like Moniepoint, who are crucial in driving the country’s digital economy and promoting financial inclusion nationwide. READ ALSO:
