BrandArena: Moniepoint Introduces Consumer App and Debit Cards to Expand Banking Services to Individuals

Friday 18 August 2023

Moniepoint Introduces Consumer App and Debit Cards to Expand Banking Services to Individuals

Moniepoint, one of Nigeria's leading business banks, has launched a consumer app and debit cards in an effort to spread its dependable banking services beyond the corporate sector and into the hands of individuals. Formerly known as TeamApt, the Digital Financial Services Provider intends to compete with well-established competitors in the personal banking area, Opay and Palmpay.

Through this newly launched app, users can conveniently perform everyday financial tasks such as money transfers, utility bill payments, airtime purchases, and more. Furthermore, the issued debit cards empower customers to access ATMs, make purchases at POS terminals, and conduct online transactions. Businesses will also enjoy streamlined transactions when their customers use Moniepoint cards.

The app introduces an innovative card dispute resolution system as a notable feature. This system allows users to report failed card transactions and actively pursue a resolution. They will have the ability to log disputes regarding unsuccessful card transactions and actively pursue the resolution of their complaint until a complete reversal of the transaction is achieved. This strategic move by Moniepoint aims to provide its users with complete autonomy over dispute resolution.

Ope Adeyemi, Moniepoint’s Senior Vice President for Channels and Sales Tools, expressed in a press statement, “The introduction of a personal banking product enables us to establish more effective connections between businesses and their customers. Our robust infrastructure and services will provide substantial support in this endeavour.” He underscored that the company’s unwavering commitment to delivering financial satisfaction naturally led them to extend their reliable services to customers and employees of various businesses.

In addition to this, Moniepoint has plans to introduce further services, including salary advances, in the upcoming months.

PalmPay recently reached a huge milestone of 25 million users. Similarly, Opay has 35 million registered app users and a network of around 500,000 Nigerian agents that rely on the platform for money transfers.

While Moniepoint's mobile app and debit card do not appear to be distinct at the present, the company's sponsorship of this year's Big Brother Naija adds an intriguing layer. This African TV show received 900 million fan votes in the 2020 season, demonstrating its enormous popularity and involvement.

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