Moniepoint, certainly one of Nigeria’s largest enterprise banks, wants to replicate its success in company banking in retail banking by leveraging its distribution technique.
On August 17, 2023, TechCabal solely reported that Moniepoint, the Nigerian fintech, has expanded into retail banking. The 8-year-old startup, which gives banking companies to small and medium-sized companies throughout Nigeria, is hoping to attain new clients by increasing its companies into the private banking phase.
At a current media parley in Lagos, the appearing managing director, Moniepoint Microfinance Bank (MFB), Babatunde Olofin disclosed that the holding firm, Moniepoint Inc. now processes fee transactions value $12 billion with a median of 400 million transactions month-to-month. It is an attention-grabbing quantity when you think about that Moniepoint stated it processed 1.7 billion transactions value over $100 billion in 2022. According to Olofin, Moniepoint, previously known as TeamApt, has an “elastic infrastructure” that permits it to course of large volumes of transactions.
Moniepoint’s newest guess on retail banking means it’s going to compete in a subject crowded by giant banks and well-funded fintechs together with upstarts Opay and Palmpay and the likes of Kuda, Fairmoney and Carbon who’ve constructed a major presence in the private banking house. OPay, as an example, claims to have 35 million registered customers, whereas Palmpay says it has over 25 million customers. Moniepoint is positioning itself forward of additional increase in digital transactions. Industry knowledge exhibits Nigerian digital funds is having its greatest 12 months with a median month-to-month quantity topping 818 million for the first 5 months of 2023. TechCabal Insights tasks real-time funds might attain 9.7 billion transactions by the finish of the 12 months, virtually double the determine from 2022.
For Moniepoint, distribution is the whole lot
Moniepoint wants to replicate its success in company banking in the client banking vertical. It is betting that its distribution technique, with a community of offline brokers, will appeal to clients into its fold. “In every corner of the nation, we have our representatives known as agents,” Olofin stated. “Even in areas where we don’t have a physical bank presence, we are there. We call our agents ‘man bank’ because you can actually do everything you can do in a banking hall with our agents.”
With over 1.6 million onboarded companies and over 10,000 brokers throughout the nation, the fintech hopes to leverage its stable agent community to goal retail clients. Moniepoint tasks it’s going to onboard not less than 4.8 million retail clients over the subsequent three months. It is principally betting that it might probably pull three new retail banking customers from every of its enterprise clients.,
To onboard individuals with out smartphones, Moniepoint’s brokers will assist them open a private account, and difficulty them playing cards that can be utilized to perform transactions, Olofin shared. “With our spread of agent network, it is easy for them [customers] to approach the agents and carry out transactions without necessarily looking for a physical structure,” he stated.
Gamification for monetary inclusion
Moniepoint’s private banking service represents an attention-grabbing foray for the Engineering-first firm. To stand out in the aggressive market, the firm is counting on gamification. Thousands of customers might win N2,000 weekly and a grand prize of N10 million after they full sure duties and milestones, stated Ope Adeyemi, the firm’s senior vp of channels and gross sales instruments.
“Consumers are rewarded with coins on our personal banking app after they carry out transactions, and these coins allow them to take part in exciting weekly games such as Shuffle, Spin the Wheel, he said.” Moniepoint is betting that gamification is not going to solely improve consumer expertise but in addition encourage clients to use the app and its accompanying debit card for transactions over money.
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…. to be continued
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