Moniepoint Restates Commitment to Financial Inclusion

Emma Okonji

Fintech company in Nigeria, Moniepoint MFB, has restated its commitment to driving financial inclusion through its innovative products that address payment challenges in the country.

The Head of Partnerships at Moniepoint, Efemena Ogie, stated this at a Fintech forum organised recently in Lagos by the Nigeria Information Technology Reporters’ Association (NITRA).

According to Ogie, the initiative is in line with the company’s commitment to enhance financial inclusion through its solutions.

According to him, this is helping businesses using Moniepoint’s PoS machines to receive instant credit alerts when their customers make transfers to their accounts. He said this has also taken the customers’ burden of waiting for merchants to receive alerts before they can leave. 

Explaining the innovation, Ogie said: “We had to think outside the box to make life easy when you want to make payments. If you go to a supermarket and you forget your card and you want to make a payment, you will have to make a transfer. But at some point, you have to wait until the merchant gets an alert before you can leave. You can just get angry at that point because your account has been debited. We saw that there is a better way to do that, so what we did was that instead of waiting, when you do a transfer, the alert should just hit the PoS, and that transaction will be seen as a card transaction and the merchant is able to print your receipt right there.”

In his opening remarks at the Forum themed: ‘Harnessing Nigeria’s Fintech Potentials-Challenges and Opportunities’, the Chairman of NITRA, Mr. Chike Onwuegbuchi noted that fintech had since become the most exciting sector in the ICT industry, and in Nigeria as a whole. He added that the focus on the sector which is seen as the engine of financial dealings, economic growth, and transactional unification, was to present and aid various other sectors from the grassroots to international business/trade.

PR Manager for MoniePoint Inc, Bemigho Awala, used the forum to share perspectives around how opportunities in Nigeria’s fintech space can be robustly captured. He cited the need for increased talent development in the industry while signposting Moniepoint NITHub initiative as an exemplar.