Nigerian startup Moniepoint, the leading business banking platform in the country, has announced its entry into the personal banking market with the launch of a consumer app and debit card.
Founded in 2019, the well-funded Moniepoint is a global, all-in-one, digital financial services provider with operations in Nigeria and an ongoing expansion into other emerging markets. The company has so far powered over a million businesses, offering all the payment, banking, credit and business management tools they need to succeed.
The company’s new personal banking solution offers reliable debit cards to over 33 million Nigerians who currently use its terminals monthly, with an easy dispute resolution system that ensures funds reversal for failed card transactions
Moniepoint, through one of its subsidiaries in Nigeria, leads the in-person payments market and with this personal banking solution, Moniepoint Microfinance Bank, another subsidiary of Moniepoint, will be extending its reliable banking infrastructure from the businesses it serves to their customers and employees.
Millions of people will enjoy seamless and reliable payments with Moniepoint Microfinance Bank debit cards, at the over 1.5 million businesses who currently use its platform. These debit cards will be issued through global payment processors, including Mastercard and Verve.
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.
“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,’ said Ope Adeyemi, SVP for channels and sales tools at Moniepoint.
Other services such as salary advances, will be rolled out in the coming months.