Moniepoint enters Nigeria’s personal banking market

By Delisha Fernandes

Moniepoint Microfinance Bank, a business banking platform in Nigeria, has announced plans to enter the personal banking market by launching a consumer app and debit card.

Moniepoint Microfinance Bank, another subsidiary of Moniepoint Inc., will be extending its reliable banking infrastructure from the businesses it serves to its customers and employees.

Millions of people will enjoy seamless and reliable payments with the business banking platform debit cards, with over 1.5 million businesses currently using its platform. Global payment processors, including Mastercard and Verve, will issue these debit cards.

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 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.”

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. 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.