Moniepoint delves into consumer banking sector, to rival OPAY, Palmpay

One of Nigeria’s corporate banking platforms, Moniepoint, has moved to join the consumer banking market. As a result, it revealed a debit card and mobile application aimed at consumers.

The provider of digital financial services added that users will receive their debit cards from payment processors Mastercard and Verve.

This was made known in a news release by Senior Vice President for Channels and Sales Tools Ope Adeyemi of Moniepoint.

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It said that the app enables users to send money, pay bills, and buy airtime. They will essentially have access to standard banking services. Customers’ debit cards can be used at POS terminals and ATMs in the meantime, and for online purchases.

The corporation also claimed that by launching this new programme, it will enable businesses to gain from Moniepoint card users. Salary overdraft and other new features will soon be added to the app.

The app will also have a card dispute resolution system. Users can submit grievances for declined card transactions right away.

“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,” Adeyemi further noted.

Moniepoint is one of the sponsors of this year’s Big Brother Naija, a reality tv show. To complement its move to sponsor the show, the company said the app will have several games.

“These games will see users earn points with each transaction and compete in pursuit of grand prizes of millions of Naira each week,” the press statement explained.

OPay, PalmPay, and Over Wallet among others had emerged as the popular fintech apps for the month of July, according to a report from StatiSense.

StatiSense added that Newcredit, OKash, Palmcredit, OPay Business, FairMoney, Moniepoint, and EaseMoni made up the top 10 most popular apps that Nigerians cannot get enough of.

PalmPay, Opay, and Moniepoint became commonplace and have since been experiencing growth in new customer sign-ins and engagement. This was helped by the poor service delivery witnessed by most of the commercial banks until the CBN opted to extend its deadline for a full transition to a cashless economy to December 2023.

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