Moniepoint Microfinance Bank, a Nigerian subsidiary of UK-based Moniepoint, recently launched a debit card and a mobile app called Moniepoint Personal Banking. The app allows users to: (1) make bill payments, send money to friends and family, and purchase credit for mobile devices; (2) play games that offer prizes of up to “millions of naira [thousands of USD] each week;” (3) request a debit card; and (4) log disputes of failed card transactions and track their resolution. The debit cards can be used at retail POS terminals, automated teller machines (ATMs) and to make online purchases.
Moniepoint, whose other subsidiary is the payment processor TeamApt, provides POS terminals to 1.5 million merchants in Nigeria, enabling them to accept card payments. Each month, 33 million customers use these terminals, resulting in a payment volume USD 14 billion.
In addition to Nigeria and the UK, Moniepoint has offices in Kenya and the US. The firm is in the process of rolling out bookkeeping services as well as expanding its offerings to Kenya.
By Pranav Agarwal, Research Associate
Sources and Additional Resources
Moniepoint press release on Moniepoint Personal Banking app
https://moniepoint.com/blog/introducing-moniepoint-personal
Moniepoint Microfinance Bank webpage
https://moniepoint.com/ng
Moniepoint homepage
https://moniepoint.com/
Moniepoint Personal Banking app on Google Play
https://play.google.com/store/apps/details?id=com.moniepoint.personal
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