Moniepoint now in Retail Banking Market

Moniepoint now in Retail Banking Market [PHOTO: @moniepoint/Twitter]

A Nigerian fintech company, Moniepoint, is introducing a consumer app and debit card for personal banking to take on OPay and PalmPay. The debit cards, which are issued by Mastercard and Verve and can be used at ATMs, POS terminals, and online, allow users to make transfers, pay bills, and purchase airtime through the app.

According to the CBN’s chargeback guidelines, the company intends to launch a particular automated dispute resolution system that will let users track unsuccessful card transactions and get a complete reversal within 48 hours.

Moniepoint intends to use its 150:1 active terminals nationwide to enhance banking and payments. Ope Adeyemi, senior vice president of the bank for channels and sales tools, thinks that the company can increase the dependability of banking and payments by making sure that the process begins with the customer on Moniepoint and ends with merchants on Moniepoint, yielding success rates of almost 100%. This will make it easier for Moniepoint to meet Nigeria’s rising demand for banking services.

Due to its position in the market, Moniepoint, an eight-year-old payments company, has launched a personal banking product. The company has added features like salary advances to its app to ensure dependability. Adeyemi went on to say that rather than being on the debit card itself, the app would store sensitive information. In the future, bank clients will be able to send money both personally and for business purposes.

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Written by Tumininu adeleye

Proxynet Communications is appointed by Maxhub as a Value-Added Distributor for West and East Africa.

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