L-r: Olusola Odediran, Chief Information Security Officer, NIBSS/representative of Chairman, Committee of Chief Information Security Officers of Nigerian Financial Institutions; Chike Onwuegbuchi, co-founder, TechCastle Foundation; Adekunle Ajayi, Product Manager, Cloud and Digital Solutions, inq. Digital Nigeria Ltd; Abidemi Akinola, Chief Compliance Officer, Remita; Efemena Ogie, Head, Partnership, Monipoint Inc., and Peter Oluka, Editor, Techeconomy, during, the Payments Forum Nigeria (PAFON 1.0) event on, ‘Payments: Trust, Security and Privacy in AI era’ held in Lagos recently.
During a recent presentation at the inaugural Payments Forum Nigeria (PAFON 1.0) held at Oriental Hotel, Lagos, Moniepoint, a prominent fintech firm, emphasized its commitment to revolutionizing the payment landscape and technology within the industry. Not only does Moniepoint prioritize innovation, but it also ensures that businesses and partners have access to a range of flexible payment solutions to facilitate transactions with their customers.
Originally launching with a virtual account service designed to streamline payments and transfers, Moniepoint enabled both individuals and businesses to effortlessly send and receive payments. However, according to Ikenna Ndugbu, Chief Compliance Officer at Moniepoint, the company’s payment platform, Monnify, goes even further by offering an extensive array of payment options tailored to suit the needs of various businesses.
Speaking on behalf of Moniepoint was Isoken Aigbomian, the Regional Sales Manager, who echoed Ndugbu’s sentiments said:
“There is the online payment platform, there’s the in-person payment option, and then there is the cash payment via our agent network, which I think Moniepoint has the largest agent network.
“We have a wide variety of payment options that we offer to businesses today. Today our online payment options cascade to all sectors, from agriculture to savings to investment. We have several businesses that we currently provide online APIs where they can receive car payment transfers, pay for their phone bills; where customers can process transactions seamlessly via different channels.”
Ndugbu elaborated further, highlighting the bank’s disbursement API, which facilitates seamless, real-time bulk transfers to customers without the need for manual verification.
“These options that we offer businesses stand us out as a force to reckon with in the payment space today. Monnify, our payment gateway, is among the top three payment platforms for businesses today,” he said.
Providing additional insight into Moniepoint’s contributions to the payment sphere, he elaborated, “In 2019, we were approached by an organization that we had been monitoring for some time. They communicated to us that within the payment realm, their operations were primarily focused on card processing, limited solely to card transactions.”
“And in 2019, if everyone is familiar with the payment space, a lot of customers were very jittery about putting their card skills out there. That was truncating the payment experience, reducing the turnaround time for customers to complete their way, take out this blocker, and have the operation.
“So, what we did was we looked inward and popular means of payment in Nigeria transfer. We worked with our engineers and we’re going to build an infrastructure that automates a notification on transfers.”
Ndugbu emphasized that this development signified that businesses would no longer require manual verification of payments before delivering value when customers initiate a payment transfer.
“So, essentially as a business or as a payment processor, Monnify has the flexibility to incorporate the business’s unique use case and fashion out a service or a payment process that would suit that which is key for business operations,” he said.
In February 2022, Moniepoint’s Micro-Finance Bank (MFB) was granted its license, subsequently assisting more than 3 million individuals and businesses with a comprehensive suite of banking services, payment processing, access to loans, and business management tools.
These solutions have significantly impacted the financial landscape, with businesses on the Moniepoint platform collectively processing approximately 8 trillion Naira in transactions monthly.
Moniepoint MFB boasts the largest distribution network for financial services in Nigeria, with over 33 million people utilizing their cards on POS terminals each month across the nation’s 774 local government areas.
