Moniepoint has announced its entry into personal banking with the launch of a customer app and a debit card, marking a new stride in the fintech industry.
With a focus on retail banking, Moniepoint will face competition from PalmPay and OPay, which also provide these services.
Users of MoniePoint’s new app will be able to transfer money, pay bills, and purchase airtime, and their Mastercard and Verve-issued debit cards can be used at ATMs, POS terminals, and online.
The business also claims to be launching a groundbreaking automated dispute resolution system that would let users file complaints about unsuccessful card transactions and follow them until they receive a complete reversal within 48 hours. This complies with the CBN’s chargeback regulations, which demand a 48-hour reversal period.
The change, according to the senior vice president, Mr. Ope Adeyemi, stated that channels and sales tools at Moniepoint were required given the company’s recent expansion.
“More than 33 million customers use their cards on our terminals, and they deserve the same level of dependability we provide to our business owners, so today we are introducing the debit card that always works and an app they can rely on.”
The business also claims to be launching a groundbreaking automated dispute resolution system that would let users file complaints about unsuccessful card transactions and follow them until they receive a complete reversal within 48 hours. This complies with the CBN’s chargeback regulations, which demand a 48-hour reversal period.
“Assuming that there are 120 million adults in Nigeria, we presently have 800,000 terminals that are actively used every day across the nation, making the ratio 150:1. We can use this to improve banking and payments.
“We still have to rely on other banks to complete payments, but the idea here is to improve the dependability of making payments and banking by ensuring that the payment process begins with the customer on Moniepoint and ends with the merchants on Moniepoint as well; that way we can literally almost guarantee 100% success rates,” he said.
He continued by saying that in order to make the personal banking app as reliable as possible, the company had introduced features like salary advances.
A customer’s debit card’s sensitive information would also be stored in the app rather than on the physical card.
Additionally, Mr. Adeyemi said that both its business customers and its personal customers would have a chance to participate in remittances in the future.
MoniePoint, a 2015 startup, offers businesses an all-in-one platform for payments, banking, and operations.
