Moniepoint enters Nigeria’s consumer banking segment, to rival Opay and PalmPay

Moniepoint, one of Nigeria’s leading business banking solutions, has announced plans to enter the consumer banking segment. As such, it unveiled a consumer-facing mobile application and debit card. The digital financial services provider added that payment processors, Mastercard and Verve will issue the debit cards to users.

In a press statement shared with Technext, Moniepoint said the app allows users to transfer funds, pay bills, and purchase airtime. Essentially, they’ll have access to everyday financial services. Meanwhile, the debit card issued to customers can be used at ATMs and POS terminals. It can also be used for online transactions. 

Through this new initiative, the company also said it will allow businesses to benefit from customers who use Moniepoint cards. Additional features like salary overdraft will be integrated into the app soon. 

Furthermore, the app will have an innovative card dispute resolution system. Upon launch, users can log disputes for failed card transactions. It doesn’t end there. They get to follow up on the complaint until a full reversal is done. By doing so, Moniepoint hopes to give Nigerians absolute control over dispute resolution. 

Moniepoint is one of the sponsors of this year’s Big Brother Naija, a reality 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. 

“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,” said Ope Adeyemi, Moniepoint’s Senior Vice President for Channels and Sales Tools. 

Since its inception, Moniepoint has been a top destination for businesses looking for a reliable banking solution. It claims to offer users perks like faster payments, easy dispute resolution processes, and cashback on transactions. 

Read also: OPay and MoniePoint dominate Nigeria’s agency banking, control 57.8% of 1.5m POS agents

How will Moniepoint fare? 

While the likes of Opay, PalmPay, and Kuda increased their popularity by offering reliable banking services during the cash scarcity, Moniepoint held down the fort for businesses. Around 1.5 million merchants currently use Moniepoint, reflecting its impressive outing so far. 

While it may have a good rapport with merchants, the consumer banking market is another ballgame entirely. Many players already exist. The main issue won’t be a lack of customers, seeing as Nigeria still has a large population of unbanked citizens. Moniepoint will need to deploy a top-notch business strategy that not only attracts customers but gets them to sign up. It must also ensure the app’s features do as advertised.

Of the ones disclosed, the card dispute resolution feature stands out. Failed transactions occur every day. If its solution can guarantee a seamless, guaranteed reversal for every dispute, then it may become the darling of the digital banking space.