Nigerian fintech giant Moniepoint has set its sights on the personal banking market, unveiling a new consumer app and debit card services. The move marks a significant expansion beyond its prior role of serving businesses with a comprehensive payments, banking, and operations platform.

In a strategic pivot, Moniepoint is now offering its services to individual consumers, putting it in direct competition with established players like OPay and PalmPay. With over 1.5 million businesses already utilizing its platform, Moniepoint’s entry into the consumer banking arena holds promise for countless individuals seeking reliable and straightforward payment solutions.

“Many people will benefit from simple and dependable payments made with Moniepoint Microfinance Bank debit cards,” a spokesperson stated, emphasizing the company’s commitment to extending its reach and enhancing user convenience.

To ensure smooth implementation, Moniepoint has partnered with payments giants Mastercard and Verve, who will issue the newly introduced debit cards. This collaboration is poised to leverage the extensive infrastructure of these established players, further strengthening Moniepoint’s foothold in the competitive market.

The heart of Moniepoint’s consumer banking initiative lies in its newly launched app, offering a range of features including money transfers, bill payments, and airtime purchases. Moreover, the Moniepoint debit cards are versatile, facilitating online transactions, in-store purchases at point-of-sale terminals, and ATM withdrawals. The introduction of these cards is expected to not only empower users but also streamline transactions for merchants, contributing to a seamless financial ecosystem.

One of the key differentiators Moniepoint brings to the table is its commitment to user satisfaction. The company is rolling out an automated dispute resolution system, enabling users to swiftly address and log complaints related to unsuccessful card transactions. This innovative system will track complaints through the process, ensuring they are resolved within the stipulated 48-hour period mandated by the Central Bank of Nigeria’s chargeback regulations. This customer-centric approach underscores Moniepoint’s dedication to providing a hassle-free experience.

Moniepoint’s recent collaboration with Google Cloud further solidifies its mission to bridge the banking gap for underserved communities. The partnership, forged in June 2023, is set to extend financial services to small and medium-sized enterprises (SMEs) in suburban areas. By leveraging Google Cloud’s cutting-edge technology, Moniepoint aims to empower local businesses and contribute to financial inclusion in regions that have historically been overlooked.

As Moniepoint makes bold strides into the personal banking landscape, its consumer app and debit card offerings are poised to reshape the way Nigerians engage with their finances. With a commitment to accessibility, efficiency, and innovation, Moniepoint’s expansion marks an exciting chapter in Nigeria’s fintech evolution.