Moniepoint's assertive approach to take over Nigerian personal banking

29 Sep 2023

Moniepoint's assertive approach to take over Nigerian personal banking

Moniepoint intends to repeat the successful tactics that allowed it to dominate Nigerian business banking. Moniepoint, an organization well-known for its statewide distribution of POS terminals, disclosed its ambitious expansion plans into the personal banking industry at a recent media event in Lagos.

Having ventured into personal banking just a week ago, Moniepoint aims to apply the same playbook that brought it success in business banking. The very agents who previously facilitated POS sales to SMEs will now serve as mobile banking points for individual customers, marking Moniepoint's foray into the realm of personal finance.

Drawing from its past achievements, which include handling a monthly transaction value of $12 billion through 400 million transactions, serving 1.6 million businesses, Moniepoint has set its sights on acquiring at least 4.8 million retail customers in the initial three months of this endeavor.

This Microfinance Bank is committed to financial inclusion, and aiming to reach all customers, including women and regular Okada riders. The bank's extensive network of agents will facilitate this inclusive approach, bringing banking services to remote areas. Moniepoint is the headline sponsor of Big Brother Naija: All-Stars, aiming to acquire 4.8 million retail customers. The bank has allocated 200 million naira in rewards for customers who earn points through transactions on its app.

Although Moniepoint faces competition from players like Kuda Bank, it is positioned as a leading fintech/microfinance bank with a strong marketing presence. Moniepoint charges customers 10 naira for transfers and sells ATM cards for 1000 naira, aligning with regulatory guidelines that prevent them from offering dollar transaction processing.

Moniepoint intends to expand beyond Nigeria by acquiring Kenyan payment services firm Kopo Kopo. The bank combats fraud through 24-hour fraud desks and regulatory compliance. In summary, Moniepoint is poised for significant growth, leveraging its proven strategies and expanding its reach to enhance financial inclusion across Nigeria and beyond.

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