Site icon Naijaonpoint.com.ng

Moniepoint Boosting Personal Banking After Crossing Seven Million Users

Moniepoint Logo Coloured scaled

Moniepoint is stepping up efforts to boost its personal banking endeavours as its current customer base hit seven million users.

According to Ms Edidiong Uwemakpan, Vice President of Brand, Communications, and PR at Moniepoint, the firm is stepping up its personal banking to further affirm its status as a business that serves a myriad of customers.

Responding to a question from Business Post, Ms Uwemakpan explained that “Moniepoint is pushing towards increasing our personal banking,” adding, “we now have seven million customers.”

This indicates a core focus of the product which was launched in August 2023 to put it in competition with OPay and PalmPay. The two companies alongside Moniepoint tapped into the government’s cashless policy and saw massive growth.

With its Moniepoint Personal app, users are able to make transfers, pay bills, and buy airtime, while its debit cards, issued through Verve, can be used at ATMs, POS terminals, and online.

Although she refused to identify a specific target for the year, she noted that the company is peculiar about providing proper banking services and driving financial inclusion by offering credit facilities and financial tools like invoicing and accounting software.

She also claimed that Moniepoint processes about N30 trillion ($22 billion) monthly and will see further increase as the company continues to serve Nigeria.

The firm is also stepping up efforts to curb rising issues like charge back fraud, mule accounts, and data theft and mining from criminals via increased collaboration with Nigerian law enforcement and education on parts of stakeholders.

Recall that in October 2024 Moniepoint achieved a “unicorn” status after securing $110 million in funding from investors, including Google and London-based private equity firm Development Partners International.

The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes, the company noted.

Exit mobile version