Making significant strides towards enhancing financial inclusion and diversifying services, Nigerian fintech firm Moniepoint (formerly TeamApt) is stepping into consumer banking, aiming to rival OPay and PalmPay.
Established in 2019, Moniepoint has swiftly emerged as a leader in Nigeria’s financial services domain. The company offers a comprehensive array of digital financial tools encompassing payments, banking, credit, and business management solutions to over 600,000 businesses.
In 2022, fintech achieved an annualized Total payment volume (TPV) exceeding $170 billion and doubled its annual revenues compared to the previous year. Since its inception, Moniepoint has raised a total of $85.5 million in funding across four funding rounds,
Despite primarily focusing on a business-oriented banking venture, Moniepoint is expanding its influence to cater to individual consumers, significantly enlarging its already extensive influence.
This fresh endeavour is poised to propel its customer base beyond 33 million Nigerians who utilize its terminals monthly. This substantial use foundation forms a strong groundwork for Moniepoint’s foray into personal banking.
Introducing consumer-oriented services, Moniepoint’s offerings will encompass a range of advantages. This includes a consumer app that empowers users to conveniently perform transfers, bill payments, and airtime purchases, along with the issuance of debit cards through global payment processors such as Mastercard and Verve. These cards will facilitate ATM transactions, point-of-sale purchases, and online transactions.
However, as Moniepoint embarks on this ambitious journey, it faces hurdles on the path ahead. The fintech confronts a formidable challenge as it competes against established giants like OPay and PalmPay in the fiercely competitive Nigerian consumer banking sector.
To excel in this fiercely competitive landscape, Moniepoint needs to give top priority to two crucial elements. These areas have already been elevated to high standards by its competitors. They ensure transactions are seamless and lightning-fast and establish an efficient and effective system for resolving disputes arising from unsuccessful card transactions.