By Babajide Komolafe

Moniepoint Microfinance Bank has expanded its services into the personal banking segment with the aim of supporting the 95 per cent financial inclusion goal of the Central Bank of Nigeria, CBN.

Furthermore, the bank has announced a gamified in-app approach that will see thousands of users win N2,000 weekly and a grand prize of 10millionnaira.

Disclosing this at a conversion on financial inclusion with the media, Acting Managing Director, Moniepoint MFB, Babatunde Olofin said that the  strategic move is  to expedite and improve access to diverse, affordable, and tailored financial services that cater to the distinctive needs and circumstances of individuals, as well as small and medium-sized businesses across Nigeria.

“Buoyed by its experience and emergence as the definitive bank for small and medium-sized businesses in the country with over 1.6 million organizations leveraging Moniepoint’s payments, credit and business management tools for socioeconomic growth and stability, the bank is committed to aggressively deploying its technical knowhow to guarantee reliability for people that are not included in recognition of the transformative potential that broader financial access holds for all strata of society”, he added.

Olofin expressed his enthusiasm about the bank’s expanded role in the financial inclusion drive and the opportunity to power the financial happiness of millions of people across the continent. He also stated the bank’s credentials as a leading innovator in the fintech space having pioneered several products and technologies – dynamic transaction switching, hyperlocal distribution network, virtual account service and instant PoS bank transactions.

“We have powered the dreams of a lot of business owners, and we know what individuals need. We want to include everyone from the regular Okada rider, the market woman in the financial services space. We have built our infrastructure in such a way that it is a very elastic. As transactions grow, we are able to expand our infrastructure and this is because we have several monitoring tools that help us to monitor how transactions are growing. Also, in every nook and cranny of the nation, we have our business relationship reps. Even in localities where there is no physical bank or ATM presence, you’ll find our precious blue boxes there.”

Olofin also took the audience on an enthralling journey through the organization’s structure, delineating the relationship between Moniepoint MFB, TeamApt and the holding company, Moniepoint Inc that has birthed a robust and reliable digital payment infrastructure that has carried out an average monthly transaction value of $12billion for about 1.6million businesses.