Moniepoint to foster financial inclusion with personal banking

With a traction of 1,300,000 businesses, 400,000,000 monthly transactions, and a monthly average transaction value of $12 billion, Financial solutions provider fintech company, Moniepoint, has expanded its services into the personal banking segment to foster financial inclusion in the country.

This expansion is a significant stride towards supporting the Central Bank of Nigeria’s ambitious goal of achieving 95 per cent financial inclusion by 2024. It 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.

In a press briefing held in Lagos, 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.

He said, “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.”

In order to curate an enjoyable user experience for consumers, Moniepoint also announced a gamified in-app approach for the Moniepoint Personal Banking App, which 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.

He said, “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.

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