Is Moniepoint a Microfinance Bank? Here’s What You Should Know
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Is Moniepoint a Microfinance Bank? |
If you’ve ever asked, “Is Moniepoint a microfinance bank?”—the answer is yes. Moniepoint is officially licensed by the Central Bank of Nigeria (CBN) as a Microfinance Bank (MFB) and operates under the name Moniepoint MFB Limited. It is one of the most prominent digital financial institutions in Nigeria today, offering a wide range of banking services to both individuals and businesses.
What Makes Moniepoint a Microfinance Bank?
A microfinance bank in Nigeria is authorized to provide financial services—like savings, loans, transfers, and payments—to underserved populations, especially those excluded from the traditional banking system. Moniepoint fits this category perfectly by offering:
- Affordable business banking solutions
- Digital payments and transfers
- Agency banking services across Nigeria
- Small business loans
- Savings and personal accounts via its new personal banking platform
The Central Bank of Nigeria issued Moniepoint a full MFB license, allowing it to operate legally and independently as a digital-first microfinance bank.
Who Owns Moniepoint?
Moniepoint is the flagship product of TeamApt, a Nigerian fintech company founded in 2015 by Tosin Eniolorunda, who also serves as the CEO of Moniepoint. Initially a payment infrastructure provider for banks, TeamApt rebranded and launched Moniepoint to provide banking services directly to individuals and businesses, making it a licensed digital microfinance bank.
Key Services Offered by Moniepoint MFB
Being a microfinance bank, Moniepoint provides a robust suite of services tailored to meet the needs of everyday Nigerians and SMEs:
- Moniepoint business banking with access to real-time transaction tools
- Loans and overdraft services for small business owners
- POS machines that enable cash withdrawal, deposits, and bill payments
- Transfer codes and USSD services for fast transactions
- Customer care support through phone, email, and WhatsApp
Is Moniepoint Safe?
Yes. As a CBN-licensed microfinance bank, Moniepoint operates under the same financial regulations that guide traditional banks. It is also insured by the Nigeria Deposit Insurance Corporation (NDIC), offering customers confidence and peace of mind.
For added credibility, Moniepoint was named Africa’s fastest-growing fintech by the Financial Times in 2023, a testament to its reliability and innovative approach to digital banking.
Is Moniepoint Better Than Traditional Banks?
For many Nigerians—especially business owners in rural and underserved areas—Moniepoint is more accessible and faster than traditional banks. Its POS agents can be found in nearly every local government in Nigeria, and users can open accounts, make deposits, or get loans without visiting a physical bank branch.
Its simple mobile platform, combined with personalized customer support and competitive rates, makes Moniepoint a preferred choice among many Nigerians.
Learn More or Get Started
If you're still wondering whether Moniepoint is a microfinance bank, consider trying it out yourself. Whether you want to become an agent, open a personal account, or explore loan offers, you can visit the official Moniepoint website to begin.
Moniepoint is not only a microfinance bank—it is one of the most reliable, innovative, and customer-focused MFBs in Nigeria today. From business tools to personal banking, Moniepoint continues to bridge the gap between unbanked Nigerians and accessible financial services.
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