Nigeria: Moniepoint MFB Expands its Services into Personal Banking

Moniepoint Microfinance Bank has expanded its services into the personal banking segment in a move to support the Central Bank of Nigeria’s ambitious goal of achieving 95% financial inclusion by 2024. This strategic move aims to expedite and improve access to diverse, affordable, and tailored financial services that cater to the distinctive needs and circumstances of individuals, as well as small and medium-sized businesses across Nigeria.

Buoyed by its experience and emergence as the definitive bank for small and medium-sized businesses in the country with over 1.6 million organizations leveraging Moniepoint’s payments, credit and business management tools for socioeconomic growth and stability, the bank is committed to aggressively deploying its technical knowhow to guarantee reliability for people that are not included in recognition of the transformative potential that broader financial access holds for all strata of society.

At a recent conversation in Lagos around financial inclusion, Ag. Managing Director, Moniepoint MFB, Babatunde Olofin expressed his enthusiasm about the bank’s expanded role in the financial inclusion drive and the opportunity to power the financial happiness of millions of people across the continent. He also stated the bank’s credentials as a leading innovator in the fintech space having pioneered several products and technologies – dynamic transaction switching, hyperlocal distribution network, virtual account service and instant PoS bank transactions.

“We have powered the dreams of a lot of business owners, and we know what individuals need. We want to include everyone from the regular Okada rider, the market woman in the financial services space. We have built our infrastructure in such a way that it is a very elastic. As transactions grow, we are able to expand our infrastructure and this is because we have several monitoring tools that help us to monitor how transactions are growing. Also, in every nook and cranny of the nation, we have our business relationship reps. Even in localities where there is no physical bank or ATM presence, you’ll find our precious blue boxes there.”

Olofin also took the audience on an enthralling journey through the organization’s structure, delineating the relationship between Moniepoint MFB, TeamApt and the holding company, Moniepoint Inc that has birthed a robust and reliable digital payment infrastructure that has carried out an average monthly transaction value of $12billion for about 1.6million businesses. 

In furtherance of curating an enjoyable user experience for consumers and powering the dreams of many, the bank also announced a gamified in-app approach that will see thousands of users win N2,000 weekly and a grand prize of 10million naira. Senior Vice President, Channels and Sales tools, Ope Adeyemi described this innovative touchpoint as an incentivizing tool for deepening financial inclusion.

“We want to supercharge financial inclusion because we realize that if you want to drive behavioural change and increase adoption, you should reward consistently good behaviour. Consumers are rewarded with coins on our personal banking app after they carry out transactions, and these coins allow them take part in exciting weekly games such as Shuffle, Spin the Wheel.”

Moniepoint believes firmly that financial inclusion is a commitment to uplift communities, nurture businesses, and enrich individual lives. By embracing the diversity of Nigeria’s economic landscape, Moniepoint MFB is positioned to facilitate sustainable development and prosperity for all as it continues its leading role as a driver of progress and shared prosperity.