Moniepoint Expands Banking Services to Individuals with Launch of Consumer App and Debit Cards

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Moniepoint, a prominent business bank in Nigeria, has taken a significant step towards enhancing its banking services by unveiling a new consumer app and debit card offering.

Formerly known as TeamApt, the digital financial services provider is venturing into the personal banking sector, aiming to establish a competitive presence alongside established players like Opay and Palmpay.

“The newly introduced app empowers users with convenient access to a range of everyday financial tasks, including money transfers, utility bill payments, and airtime purchases. Additionally, customers are now equipped with debit cards that grant them access to ATMs, enable point-of-sale (POS) terminal purchases, and facilitate online transactions. Notably, businesses will also benefit from streamlined transactions when customers utilize Moniepoint cards,” Moniepoint noted.

A standout feature of the app is its innovative card dispute resolution system, allowing users to report and actively pursue resolutions for failed card transactions.

Users can log disputes regarding unsuccessful card transactions, and the system guides them through the process until a satisfactory resolution is achieved.

This strategic move underscores Moniepoint’s commitment to offering users complete autonomy in resolving disputes.

Senior Vice President for Channels and Sales Tools at Moniepoint, Ope Adeyemi emphasized the significance of the new personal banking product, highlighting its potential to strengthen connections between businesses and their customers.

He stated, “Our robust infrastructure and services will provide substantial support in this endeavour.”

This expansion aligns with the company’s mission to provide financial satisfaction to a wider audience, including customers and employees of various businesses.

Moniepoint’s roadmap also includes the introduction of additional services in the coming months, such as salary advances, further enriching its offerings.

It’s worth noting that while Moniepoint’s consumer app and debit card may appear comparable to existing offerings, the company’s sponsorship of this year’s edition of Big Brother Naija adds an intriguing dimension.

The popularity and engagement of this African TV show, which garnered a remarkable 900 million fan votes during the 2020 season, could potentially influence Moniepoint’s visibility and reach in the market.

PalmPay recently celebrated a significant milestone by amassing 25 million users and Opay boasts a user base of 35 million registered app users, along with a vast network of approximately 500,000 agents in Nigeria, who rely on the platform for money transfers.