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Tuesday, April 02, 2024

Moniepoint: 'We've redefined payments in Nigeria with flexibility' - ITREALMS

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Leading fintech company, Moniepoint, has said that beyond redefining payments and technology and the payment industry, reports 
ITREALMS.
Moniepoint: 'We've redefined payments in Nigeria with flexibility' - ITREALMS
The company also said it has enabled businesses and partners with several flexible payment options so they can receive payments from their customers.
Moniepoint started with a virtual account service that automated payment or transfer and allowed customers and businesses to make and receive payment seamlessly through transfers.

But speaking during a lead presentation at the inaugural edition of Payments Forum Nigeria (PAFON 1.0) held last week at Oriental Hotel, Lagos, Ikenna Ndugbu, Chief Compliance Officer at Moniepoint said for instance, Monnify, its payment platform, offers a wide variety of payment options to businesses.

Represented by Isoken Aigbomian, the Regional Sales Manager, Moniepoint, Ndugbu 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 further stated that the bank has its disbursement API that allows businesses to carry out bulk transfers to customers in real-time, seamlessly, without any manual verification required.
Moniepoint: 'We've redefined payments in Nigeria with flexibility' - ITREALMS
“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.

Explaining further what Moniepoint has brought to the payment space, he said, “When in 2019 we were approached by an organisation that we had recorded for a while, they reached out to us and told us in the payment space they were mainly card processors, they were only processing 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 said that what this meant was that when the customer makes a payment transfer, the business will not need to manually verify the payment before they can give value.

“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.

Moniepoint’s Micro-Finance Bank (MFB) received its license in February 2022 and has helped over 3 million people and businesses with banking, payment processing, access to loans and business management tools.

It is believed that with these solutions, businesses on the Moniepoint platform process about 8 trillion Naira monthly.
Moniepoint: 'We've redefined payments in Nigeria with flexibility' - ITREALMS
Moniepoint MFB operates the largest distribution network for financial services in Nigeria, and over 33 million people use their cards on its POS terminals monthly across the 774 local government areas in Nigeria.

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