Moniepoint is a digital microfinance bank (DMFB) in Nigeria. The company, initially known as TeamApt, is licensed by the Central Bank of Nigeria (CBN) as an MFB and all customer deposit to the institution's accounts are insured by the Nigerian Deposition Insurance Corporation (NDIC).
Moniepoint was incepted in 2015 as TeamApt Inc. During that time, the company focused on "creating infrastructure and payment solutions for financial institutions and banks" in Nigeria.
In 2019, the team behind TeamApt rebranded the company name to Moniepoint. The development was aimed at providing financial solutions to the underbanked through agency banking.
In February 2022, Moniepoint received a Microfinance Bank MFB License from the Central Bank of Nigeria (CBN). The MFB License further help Moniepoint to providing personal and business banking services, payments processing, loans and credit services and business management tools to over 2 million individuals and businesses in the country.
When Moniepoint was operating under the name TeamApt, it utilized a switching license issued by the CBN. This license was granted in 2019, allowing TeamApt to function as a licensed switch and processor in the Nigerian fintech landscape. However, the company transitioned from being a service provider for banks to focusing on consumer-facing products, ultimately leading to its rebranding as Moniepoint in 2022.
Since its inception in Nigeria, Moniepoint has received two significant licenses from the Central Bank of Nigeria that have been instrumental in its growth. The first was a Switching and Processing License, obtained in 2019, which allowed TeamApt to operate as a licensed payment processor, facilitating electronic transactions and processing payments across the country. This license was crucial in establishing TeamApt's presence in the fintech sector and enabling it to serve a growing number of customers and businesses.
The second major milestone came in 2022 when Moniepoint was granted a Microfinance Bank (MFB) license. This banking license enabled Moniepoint to expand its services beyond payment processing to include a broader range of financial services, such as savings, loans, and other banking products tailored to small and medium-sized enterprises (SMEs).
These licenses have collectively empowered Moniepoint to become a leading agency banking solution in Nigeria, offering comprehensive financial products to millions of customers nationwide via its network of agents and merchants.
Since getting its switching license in 2019 and banking license in 2022, Moniepoint has accomplished several important goals. The first significant milestones it achieved is:
- Processed $17 Billion Every Month: Moniepoint now handles around $17 billion in transactions each month, showing how quickly it has grown and how widely businesses in Nigeria use it.
- Serves Over 2 Million Businesses: Moniepoint offers banking, payment processing, loans, and business management tools to more than 2 million businesses all over Nigeria.
- Available and Operates in all 774 Local Government Areas: Moniepoint’s agency networks reach all 774 local government areas in Nigeria, making sure individuals and businesses everywhere can access its financial services.
- Processed $182 Billion in 2023: In 2023, Moniepoint Microfinance Bank processed a total of $182 billion in transactions, proving its strength as a top fintech platform in Nigeria.
- Introduced POS Transfer Feature: Moniepoint launched the "POS Transfer" feature, allowing businesses to easily track and confirm transfer payments made through their POS terminals.
- Reached $10 Billion in Monthly Transactions: Just seven months after starting as a business bank, Moniepoint achieved $10 billion in successful monthly transactions.
These achievements show Moniepoint’s rapid growth, innovative services, and dedication to helping businesses in Nigeria.
Moniepoint Microfinance Bank Addresses in Lagos
Moniepoint Microfinance Bank has multiple locations in Lagos, Nigeria. Here are the key addresses:
- Head Office: Plot 7A, Block 4 Admiralty Rd, Lekki Phase 1, Eti Osa 100262, Lagos, Nigeria.
- Support Center: 12 Wole Ariyo St, Lekki Phase 1, Lekki 106104, Lagos, Nigeria.
- Contact Address: The Post Square, Off Adeola Odeku, Victoria Island, Lagos, Nigeria.
The Moniepoint MFB's head office and support center are both located in the Lekki area of Lagos, while the contact address is in Victoria Island. These strategic locations allow Moniepoint to serve businesses across Lagos, which is a major commercial hub in Nigeria.
The Bottom Line
Moniepoint Microfinance Bank (MFB) has established itself as a top player in Nigeria's financial sector by offering specialized and unique banking services to small and medium-sized enterprises (SMEs). The digital bank serves several individuals and 2 million plus businesses, offering various financial solutions such as personal banking and savings accounts, business and merchant accounts, POS payment processing, and flexible loan options.
Moniepoint handles around $17 billion in transactions every month and processed a total of $182 billion in 2023. With a wide-reaching network that spans all 774 local government areas in Nigeria, Moniepoint ensures that businesses nationwide have reliable access to financial services.
Focused on expanding financial inclusion in Nigeria, Moniepoint MFB reaches underserved communities and helps more businesses and individuals access essential banking services. The digital bank leverages advanced-tech to offer secure and user-friendly digital platforms and is recognized for its excellent customer service representatives that are fostering strong relationships with its users.
Moniepoint MFB's contributions to the Nigerian's Financial Industry have been acknowledged, including being named the "Most Inclusive Payment Platform" by the Central Bank of Nigeria in 2022. Through innovation, customer focus, and strategic partnerships, Moniepoint is making banking more accessible and efficient across Nigeria.
