One of Nigeria’s largest corporate banks, Moniepoint, is entering the personal banking market with the introduction of a consumer app and debit card.
The Nigerian fintech company Moniepoint, which offers commercial banking services, is now branching out into the retail banking market. It will be in rivalry with OPay and PalmPay if it focuses on retail banking. Users will be able to make transfers, pay bills, and purchase airtime through a new app, and their Mastercard and Verve-issued debit cards can be used at ATMs, POS terminals, and online.
The business also claims to be launching a groundbreaking automated dispute resolution system that would let users file complaints about unsuccessful card transactions and follow them until they receive a complete reversal within 48 hours. This complies with the CBN’s chargeback regulations, which demand a 48-hour reversal period.
According to Ope Adeyemi, senior vice president for channels and sales tools at Moniepoint, the fintech company recognised a chance to improve things. “Assuming that there are 120 million adults in Nigeria, we presently have 800,000 terminals that are actively used everyday across the nation, making the ratio 150:1. We can use this to improve banking and payments.
Adeyemi also stated that the company would be able to improve payment security with the help of Moniepoint’s banking app. “We still have to rely on other banks to complete payments, but the idea here is to improve the dependability of making payments and banking by ensuring that the payment process begins with the customer on Moniepoint and ends with the merchants on Moniepoint as well; that way we can literally almost guarantee 100% success rates,” he said.
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Adeyemi stated that although Moniepoint, an eight-year-old payments company, could have introduced a personal banking product earlier, the company opted to do it now because “[Moniepoint] are positioned to do it right.” He continued by saying that the business had introduced features like salary advances to its personal banking app in order to make it as dependable as feasible. Additionally, rather than being on the debit card itself, the app would hold all the sensitive data that is often found there. Adeyemi also stated that both its corporate clients and its personal bank clients would have a chance at remittances in the future.
About Moniepoint
A global platform for corporate banking and payments, Moniepoint has became QED Investors’ first investment in Africa. It is the go-to partner for more than 600,000 companies of all sizes, fueling the aspirations of SMBs and giving them equal access to the resources they require to expand and scale.
The founders of Moniepoint Inc. (formerly TeamApt Inc.) have the goal of building a society in which everyone is financially happy. We are the parent firm of TeamApt Limited, a Switch and Processor licenced by the Central Bank of Nigeria (CBN), and Moniepoint Microfinance Bank, a Microfinance Bank licenced by the CBN.
Today, “POS terminal” and “Moniepoint” are used interchangeably on the streets of numerous Nigerian states. With a monthly TPV of almost $ 12 billion and 400 million transactions, it currently services over 1.3 million enterprises. It was given the financial inclusion award by the Central Bank of Nigeria in 2022 for good reason because it is present in every local government in the nation.
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Moniepoint’s Q2 2023 Milestone
By introducing “Working Capital Loans” in Q2, Moniepoint broadened its product selection to better serve businesses. These loans are intended to assist merchants in overcoming financial obstacles and sustaining and expanding their operations.
Businesses can access a line of credit through the Working Capital Loans product in proportion to their capital (or ownership interest) in the company. They are simple, automatic renewal short- to medium-term loans with terms ranging from 7 to 120 days.
The new product addresses two major issues by giving businesses access to a revolving credit facility that they can use to finance the purchase of additional inventory and short-term working capital for efficient business operations. These issues are affordability and convenience of accessing credit at any time.