Moniepoint began as a payments infrastructure provider but has steadily expanded its product stack. The company has established itself as a significant player in Nigeria’s financial technology landscape, processing over $250 billion in digital payment transactions annually and serving more than 20 million businesses and individuals. The food service industry in Africa is valued at approximately $50 billion, with Nigeria’s food service market expected to reach $12.37 billion by 2026.

In a significant development, Moniepoint has acquired Orda, a cloud-based restaurant management platform founded in 2020. This acquisition, announced on March 23, 2026, will see Orda rebranded as Moniebook for Restaurants and integrated into Moniebook. The deal aims to embed payments directly into the daily operations of merchants, thereby enhancing operational efficiency.

The acquisition specifically covers Orda’s operations in Nigeria, despite the company also operating in Kenya. The financial terms of the deal were not disclosed, but it is known that about 25 members of Orda’s team have joined Moniepoint as part of the transition. This move is expected to reduce reliance on manual processes in restaurant operations, streamlining workflows and improving service delivery.

Guy Futi, a representative from Moniepoint, emphasized the importance of ensuring a smooth transition for customers, stating, “For our customers, we are assuring a smooth transition with no disruption to the platform and retained access to the support you are used to.” This commitment highlights Moniepoint’s focus on maintaining customer trust and service continuity during the integration process.

Tosin Eniolorunda, another key figure in the industry, remarked, “The food industry is a major source of jobs and daily survival for many Africans.” This statement underscores the critical role that the food service sector plays in the broader economic landscape of the continent. The integration of Orda into Moniepoint’s offerings is seen as a strategic move to leverage this sector’s growth potential.

As the food service industry continues to evolve, the acquisition is expected to position Moniepoint as a more comprehensive service provider, capable of addressing the diverse needs of restaurant operators. Observers note that the integration of financial infrastructure with restaurant management tools could lead to significant advancements in how businesses operate within this space.

Looking ahead, the acquisition is anticipated to foster innovation and efficiency in Nigeria’s food service market. The collaboration between Moniepoint and Orda is likely to create new opportunities for growth, particularly as the demand for integrated payment solutions increases. The food service industry is not just about feeding people; it is a major source of jobs and daily survival for many Africans, making this acquisition a pivotal moment in the sector’s development.

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In an effort to bolster security in the rapidly evolving digital financial landscape, the Central Bank of Nigeria (CBN) announced new rules governing instant payment systems. These regulations are set to take effect on July 1, 2026, and aim to address rising concerns about fraud in mobile money transfers and online banking.

On March 12, 2026, CBN officials, including Musa Jimoh, outlined the key aspects of the new rules. Among the significant changes, customers will have the option to turn instant payments on or off at any time, providing them with greater control over their financial transactions. Additionally, new customers will have instant payments enabled by default, ensuring they can quickly engage with digital banking services.

To enhance security, banks are mandated to implement Multi-Factor Authentication (MFA) for payment settings. This requirement is designed to protect users from unauthorized access and fraudulent activities. Furthermore, the CBN has set daily spending limits that allow personal accounts to transact up to ₦25 million, while business accounts can handle up to ₦250 million, contingent upon successful risk assessments.

As part of the new regulations, the CBN requires banks to monitor unusual money movements using advanced computer systems. This initiative aims to detect and prevent potential fraud before it occurs. Additionally, the rules stipulate that ATMs must be deployed at a ratio of one for every 7,500 payment cards issued, ensuring adequate access to cash for users.

Another critical aspect of the new regulations is the handling of failed on-us ATM transactions. The CBN has mandated that these transactions must be reversed instantly, with manual reversals not exceeding 24 hours. This measure is expected to enhance customer satisfaction and trust in digital banking services.

In a move to simplify access to dormant accounts, the CBN has removed the affidavit requirement for reactivating such accounts. This change aims to eliminate unnecessary delays and administrative hurdles that previously hindered customers from reclaiming their funds. Banks are now permitted to accept dormant account reactivation requests through alternative digital channels, streamlining the process further.

Moreover, the CBN has strengthened disclosure requirements for dormant accounts and unclaimed balances, ensuring that customers are better informed about their financial status. New mobile banking users will initially face a transfer limit of ₦20,000 for the first 24 hours, allowing banks to assess risk before granting full access to their accounts.

These developments are significant for both consumers and financial institutions in Nigeria. By implementing these rules, the CBN aims to strike a balance between facilitating easier access to funds and maintaining the integrity of the financial system. As the digital banking landscape continues to evolve, these regulations will play a crucial role in shaping the future of financial transactions in Nigeria.

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