Moniepoint set to launch into the consumer banking sector

One of Nigeria’s top corporate banking platforms, Moniepoint, has made its ambitions known to join the consumer banking market. As a result, the company has revealed that it will be creating a debit card and mobile application aimed at consumers. The provider of online banking services noted that consumers will receive their debit cards through Verve and Mastercard, two payment processors.

According to sources, Moniepoint revealed that the app enables money transfers, bill payments, and airtime purchases. The company also stated that customers will essentially have access to standard banking services and these debit cards can be used at POS terminals and ATMs machines. Additionally, customers will be able to purchase anything online seamlessly with their cards.

Moniepoint also revealed that launching this new initiative, it will enable businesses to gain from Moniepoint card users. Salary overdraft and other amazing functionalities will soon be added to the app.

A cutting-edge card dispute resolution system will also feature on the app where users can submit complaints for declined card transactions right away. There is yet more to it. They are permitted to pursue the case up until a complete reversal has been made. Moniepoint intends to give Nigerians complete control over conflict resolution by doing this.

The reality television program Big Brother Naija this year has Moniepoint as one of its sponsors. The firm announced that the app will contain a number of games in addition to its decision to sponsor the show. According to the press release, “These games featured on the app will allow users to earn points with each transaction and compete in pursuit of grand prizes of millions of Naira each week.”

One part of the statement reads…”By introducing a personal banking solution, we can strengthen the connections between companies and their clients by supporting them with our dependable infrastructure and services. According to Ope Adeyemi, senior vice president for channels and sales tools at Moniepoint, “We have always been committed to bringing financial happiness, so it was a natural next step when interacting with so many businesses to also offer our dependable services to their customers and employees.

Moniepoint has long been a prominent choice for companies searching for a dependable banking solution. It promises to give consumers benefits like quicker payments, simple dispute resolution procedures, and transaction cashback.

What will happen to Moniepoint?

Moniepoint kept things running smoothly for businesses while Opay, PalmPay, and Kuda gained popularity by providing dependable banking services throughout the cash crunch. According to its excellent performance thus far, Moniepoint is currently used by almost 1.5 million merchants.

Although it may get along well with retailers, the consumer banking business is a very another story. Existing players are numerous. Given that Nigeria continues to have a sizable population of unbanked residents, a shortage of clients won’t be the main problem. Moniepoint will need to use a top-notch marketing plan to draw in clients and encourage them to sign up. The functionalities of the software must also function as promised.

The card dispute settlement function stands out among the ones that have been revealed. Every day, transactions go wrong. Its approach might become the darling of the digital banking industry if it can ensure a quick, guaranteed resolution to every discord.

Author

Joshua Samuel

A conscientious writer with a knack and passion for story telling which spans across different sectors and segments. I love telling stories in writing and bringing quality, authentic and timely information to everyone everywhere.

View all posts

Author

Why Nigerians would rather transfer money through digital banks than save their money there