Moniepoint: Financial Services for the Underserved
For an industry that is just about a decade old, the mobile money industry has achieved tremendous growth, not just in Nigeria, but specifically Sub-Saharan Africa.
According to a recent GSMA report, growth distribution of registered mobile money agents is driven heavily by Western Africa, with a total transaction volume of $130bn. This rapid expansion further pushes the narrative that the financial inclusion gap is being bridged.
Although, financial inclusion here goes beyond providing access to financial services for the unbanked.
Here agency banking focuses on individuals and businesses, ensuring that they have access to useful and affordable financial products and services that meet their immediate needs – transactions, payments, – delivered in a responsible and sustainable way.
Nigeria has been identified as a mobile money giant, with over five key players in the industry, but with the spotlight on the percentage of the population who own smartphones, a huge chunk of the country’s people who are likely to have access to feature phones are being excluded.
Moniepoint discovered the gap in the mobile money industry, and was initially a market entrant late 2018. Using this as a beta test phase, we were further able to better understand our customers pain points, and use this feedback to tweak the product and service being pushed to the public. A quiet relaunch kicked off June 2019, and we have experienced substantial growth since then.
Moniepoint came about because we are aware of the consequences faced by customers at traditional financial institutions such as: congested branches and limited scalability opportunities. Moniepoint has leveraged on these challenges and created a local and reliable trusted agent network, spread across the country.
Bearing in mind that the target audience is still heavily financially illiterate, this is why Moniepoint agents remain the backbone of our mobile money industry; because they provide a convenient and trusted way to perform daily transactions, whilst still performing crucial tasks like educating and supporting customers.
Moniepoint provides —
- A Seamless Self Onboarding Process
Moniepoint currently uses a digital channel to offer prospective agents a self onboarding experience. As we have seen that digital channels provide a viable business model for financial institutions and are also effective for reaching new customers faster, and expanding financial inclusion.
- Reliable Network Connectivity
Using feedback gathered from field research, poor network issues were among the top three reasons for a declining customer base. Moniepoint has been able to get ahead of this problem using a highly capable team that ensures we have good control over our technology at all times.
- Instant Settlements
TeamApt has a switching license which was awarded by the Central Bank of Nigeria, with this we are able to process transactions between service providers and customers directly. In summary, Moniepoint is able to provide immediate access to funds when failed electronic fund transfers occur, to customers and end-users alike.
- Omni Channel Responsive Support
Customer service is a big part of what we do. The business terrain requires that you keep in touch with your customers and keep them abreast of activities, downtime, and constant education and information on our services. We also provide a very robust omnichannel support as we are aware that our users are active on a variety of platforms. Knowing this we ensured that we can be reached on WhatsApp, Email, Phonecall, or even in person.
- Fair Pricing
Compared with current market rates, Moniepoint offers fair pricing on commission charged, allowing the agents to use a fixed fee structure owing to the fact that majority control of the price determination mechanism is in the hands of agents.
To become a Moniepoint Agent or to learn more about us, visit https://moniepoint.com/, and follow us on social media to stay updated on recent developments.