Thursday, August 17, 2023

Moniepoint - Leading Business Bank - Enters Personal Banking Market


 Moniepoint’s personal banking solution offers reliable debit cards to over 33 million Nigerians who currently use its terminals monthly, with an easy dispute resolution system that ensures funds reversal for failed card transactions

(BUSINESS WIRE) -- Moniepoint Microfinance Bank, the leading business banking platform in Nigeria announces its entry into the personal banking market with the launch of a consumer app and debit card.

Moniepoint Inc., through one of its subsidiaries in Nigeria, leads the in-person payments market and with this personal banking solution, Moniepoint Microfinance Bank, another subsidiary of Moniepoint Inc. will be extending its reliable banking infrastructure from the businesses it serves to their customers and employees. Millions of people will enjoy seamless and reliable payments with Moniepoint Microfinance Bank debit cards, at the over 1.5 million businesses who currently use its platform. These debit cards will be issued through global payment processors, including Mastercard and Verve.

The app will enable users to make transfers, pay bills and buy airtime, while its debit cards can be used at ATMs, POS terminals, and online. Merchants will also benefit from seamless transactions when customers use Moniepoint cards.

The Moniepoint Microfinance Bank team's expertise in building banking solutions is evident in its personal banking app with the introduction of a new card dispute resolution system. This system will enable users to log disputes for failed card transactions, and track them till they get a full reversal, thus giving Nigerians control over dispute resolution for the first time.

Aligning with its sponsorship of this year’s season of Big Brother Naija, the app will also feature various games. These games will see users earn points with each transaction and compete in pursuit of grand prizes of millions of Naira each week.

Ope Adeyemi, SVP for Channels and Sales Tools at Moniepoint, said:

“Launching a personal banking product means we can connect businesses and their customers more effectively, backing them with our reliable infrastructure and services. We have always been committed to providing financial happiness, so it was a natural next step when dealing with so many businesses, to also offer our reliable services to their customers and employees. By taking this step, we are determined to power the dreams of millions of people across the continent.”

Other services such as salary advances, will be rolled out in the coming months.

The launch of Moniepoint Microfinance Bank’s personal banking product follows its strong performance in the business banking market. Its parent company, Moniepoint Inc. was ranked by the Financial Times as Africa’s second-fastest growing company (and fastest-growing fintech) in its annual “Africa’s Fastest Growing Companies” survey.

Notes to Editors

About Moniepoint

Moniepoint Inc. is a global, all-in-one, digital financial services provider with operations in Nigeria and an ongoing expansion into other emerging markets. Since 2019, Moniepoint Inc.’s technology has powered over a million businesses, offering all the payment, banking, credit and business management tools they need to succeed. It aims to power the dreams of businesses, their employees and customers by providing them with the financial technology tools they need to grow, no matter their digital literacy level.

Moniepoint Inc. currently processes the majority of the POS transactions in Nigeria through its subsidiaries, processing over $170 billion in annualised TPV. It is Africa’s largest Fintech by transaction volume. It is profitable and, in 2022, became QED Investors’ first investment into Africa.

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Ben Rothschild

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