Moniepoint Microfinance Bank has been named SME Microfinance Bank of the Year for the third consecutive year at the 14th BusinessDay Banks and Other Financial Institutions Awards.
The recognition, reported by THISDAY on October 22, highlights the company’s work in providing financial services to small and medium-sized enterprises in Nigeria.
The awards also recognised Moniepoint co-founder and Group Chief Executive Officer Tosin Eniolorunda as SME Finance Transformation Leader of the Year.
The development comes as digital financial-service providers compete to serve businesses that need reliable payment systems, access to credit and tools for managing daily transactions.
Supporting small businesses
Small and medium-sized enterprises play an important role in Nigeria’s economy. They provide jobs, distribute goods, offer services and contribute to economic activity in communities across the country.
However, many small businesses face challenges accessing affordable finance. Some lack extensive credit histories or formal records that traditional lenders may use when assessing loan applications.
Financial technology providers have increasingly developed systems that use transaction histories and other business information to help evaluate creditworthiness.
According to the award report, Moniepoint uses alternative data, including transaction records, business patterns and payment behaviour, in its assessment processes.
Such approaches can help lenders assess businesses that may not fit traditional lending models, although responsible lending still requires affordability checks and careful risk management.
Reported lending activity
The company stated in its 2025 Year in Review that its microfinance bank disbursed more than ₦1 trillion in credit to thousands of small businesses.
The award report also cited an increase in transaction value among businesses after accessing credit. These figures were reported by the company and should be understood in that context rather than as independently established outcomes for every borrower.
Access to credit can help businesses purchase inventory, maintain cash flow, invest in equipment or meet short-term obligations. The benefits depend on how funds are used and whether repayment terms match the business’s income.
Digital payments and financial inclusion
Digital payment services can help businesses receive customer payments, transfer money to suppliers and maintain records of their transactions.
Reliable transaction records may also support financial planning and provide lenders with additional information when evaluating applications.
However, digital financial services must be accompanied by effective fraud prevention, data protection, clear fees and accessible customer support. Small businesses need to understand the terms of financial products before taking on borrowing obligations.
Competition in SME banking
Nigeria’s financial-services market includes commercial banks, microfinance banks, payment providers and other fintech companies competing to serve business customers.
Competition can encourage innovation and expand access to financial services. At the same time, providers must manage credit risks, maintain service reliability and comply with applicable regulatory requirements.
Awards offer public recognition, but businesses should evaluate providers according to their own needs, including transaction costs, service availability, customer support and lending terms.
Moniepoint’s latest award highlights the importance of financial services designed around small businesses. Continued progress in SME finance will depend on responsible lending, dependable payment infrastructure and products that help enterprises grow without taking on unsustainable financial risks.
