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Moniepoint Ventures into Personal Banking, Offering Debit Cards and App for Consumers

2 Mins read

Moniepoint, a Nigerian startup known for its business banking solutions, has announced a strategic move into the personal banking sphere, unveiling a dedicated consumer app and debit card.

Since its establishment in 2019, Moniepoint has secured substantial funding, positioning itself as a comprehensive global digital financial services provider. Operating primarily in Nigeria, the company is now setting its sights on further expansion into other budding markets. With an impressive track record of empowering over a million businesses, Moniepoint has been delivering a suite of essential tools, encompassing payment solutions, banking services, credit options, and comprehensive business management resources.

This significant announcement brings to light Moniepoint’s foray into the personal banking arena, a logical progression for a company that has been instrumental in reshaping the Nigerian financial landscape. The core offering of this new initiative includes the issuance of dependable debit cards to a staggering 33 million monthly users of its terminals across the country. An innovative feature is the user-friendly dispute resolution system that guarantees swift funds reversal in cases of failed card transactions.

Moniepoint’s deep-rooted involvement in the in-person payments sector, through its Nigerian subsidiary, has positioned the company as a trailblazer in this domain. Now, with the launch of its personal banking endeavor, another subsidiary, Moniepoint Microfinance Bank, aims to extend its proven banking infrastructure from businesses to their customers and employees. This strategic alignment is set to revolutionize the financial experience for millions.

Moniepoint Microfinance Bank is set to distribute its debit cards to millions, leveraging its network of over 1.5 million businesses that are already integrated with its platform. These cutting-edge debit cards will be affiliated with global payment giants such as Mastercard and Verve, ensuring a seamless and reliable payment ecosystem for users.

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The newly introduced app is poised to provide a comprehensive array of services, enabling users to execute transfers, settle bills, and even purchase airtime. The debit cards, a cornerstone of this new venture, are slated to offer versatile usage, spanning across ATMs, point-of-sale terminals, and online transactions. Additionally, the benefits extend to merchants as well, facilitating streamlined transactions when customers opt to use Moniepoint cards.

Ope Adeyemi, the Senior Vice President for Channels and Sales Tools at Moniepoint, highlighted the company’s commitment to enhancing financial well-being.

“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.”

This strategic pivot by Moniepoint marks a significant milestone in its journey towards transforming financial accessibility and convenience for both businesses and consumers alike. As the company embarks on this new chapter, it holds the potential to reshape the financial landscape across the African continent.

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When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
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