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

Moniepoint, one of Nigeria’s prominent business banks, has introduced a consumer app and debit cards, aiming to expand its dependable banking services from the corporate sector to individuals. Formerly TeamApt, the Digital Financial Services Provider hopes to compete with Opay and Palmpay who are well-established players in the personal banking space.

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 endeavor.” 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 marked a significant milestone by reaching 25 million users. In a similar vein, Opay boasts 35 million registered app users and a network of approximately 500,000 agents in Nigeria who depend on the platform for money transfers.

While Moniepoint’s mobile app and debit card may not appear distinct at the moment, the company’s association as a sponsor for this year’s edition of Big Brother Naija adds an interesting dimension. This African TV show garnered a staggering 900 million fan votes in the 2020 season, showcasing its immense popularity and engagement.