Moniepoint expands financial service footprint with personal banking innovation

By Onome Amuge.

Moniepoint Microfinance Bank has expanded its services into the personal banking segment which is poised towards enhancing financial services in Africa’s largest economy and supporting the Central Bank of Nigeria’s goal of achieving 95 per cent financial inclusion by 2024.

The strategic move by the all-in-one fintech company, 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 organisations leveraging Moniepoint’s

payments, credit and business management tools, the fast-growing subsidiary of Moniepoint Inc. 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.

Speaking at a recent conversation in Lagos around financial inclusion,Babatunde Olofin, acting managing director, Moniepoint MFB, 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 including 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 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 explained.

The acting MD, who described financial inclusion as the right of every Nigerian and not a privilege, also presented organisation’s structure,detailing the relationship between Moniepoint MFB, TeamApt and the holding company,Moniepoint Inc that has birthed a formidable digital payment infrastructure that has carried out an average monthly transaction value of $12billion for about 1.6 million 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 10 million naira.

Dwelling on this,  Ope Adeyemi,senior vice president,channels and sales tools, described the innovative touchpoint as an incentivizing tool for deepening financial inclusion.

“We want to supercharge financial inclusion because we realise that if you want to drive behavioural change and increase adoption, you should reward consistently good behaviour,”he said.

Adeyemi explained that consumers are rewarded with coins on Moniepoint’s personal banking app after they carry out transactions, and these coins allow them to take part in exciting weekly games such as Shuffle, Spin the Wheel, among others.

Following its progressive ventures in the fintech space, Moniepoint MFB firmly believes that financial inclusion is a commitment to uplift communities,nurture businesses, and enrich individual lives.

By embracing the diversity of Nigeria’s economic landscape,the CBN-licensed banking platform says it is well positioned to facilitate sustainable development and prosperity for all as it continues its leading role as a driver of progress and shared prosperity.