Moniepoint Launches Personal Banking Service to Promote Financial Inclusion

Sunday Ehigiator

In a significant stride towards supporting the Central Bank of Nigeria’s (CBN) ambitious goal of achieving 95 per cent financial inclusion by 2024, Moniepoint Microfinance Bank has expanded its services into the personal banking segment.

In a signed statement by the company’s Managing Director, Babatunde Olofin, he said the strategic move was aimed at expediting and improving 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.

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 appraised 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.

“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, to the market woman in the financial services space. We have built our infrastructure in such a way that it is very elastic.

“As transactions grow, we can 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 furtherance of curating an enjoyable user experience for consumers and powering the dreams of many, the bank also announced a gamified in-app approach that will see thousands of users win N2,000 weekly and a grand prize of 10 million naira.

The company’s Senior Vice President, Channels and Sales Tools, Ope Adeyemi described this innovative touchpoint as an incentivizing tool for deepening financial inclusion.

“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. Consumers are rewarded with coins on our personal banking app after they carry out transactions, and these coins allow them to take part in exciting weekly games such as Shuffle, and Spin the Wheel.”

Buoyed by its experience and emergence as the definitive bank for small and medium-sized businesses in the country with over 1.6 million organizations leveraging Moniepoint’s payments, credit and business management tools for socioeconomic growth and stability, the bank further expressed commitment to aggressively deploying its technical knowhow to guarantee reliability for people that are not included in recognition of the transformative potential that broader financial access holds for all strata of society.