Technology Mirror
MoniePoint Reveals Secret Behind Growing Numbers of Customers in Nigeria’s Fintech Market

MoniePoint Reveals Secret Behind Growing Numbers of Customers in Nigeria’s Fintech Market

One of the players in Nigeria’s fintech market, Moniepoint is not having difficulties carrying out bulk transfers to customers in real-time but instead its customer base is growing steadily.

According to the fintech player, its disbursement API that allows businesses to carry out bulk transfers to customers in real-time, seamlessly, without any manual verification required is a great gain to its business.

Chief Compliance Officer at Moniepoint, Ikenna Ndugbu who was lead presenter at the first edition of Payments Forum Nigeria (PAFON 1.0), revealed during his presentation that his company have several businesses that it currently provides online APIs where they can receive car payment transfers, pay for their phone bills; where customers can process transactions seamlessly via different channels.

He said that his company have a wide variety of payment options that offered to businesses adding that  “Today our online payment options cascade to all sectors, from agriculture to savings to investment.”

Ndugbu who was represented by the Regional Sales Manager, Moniepoint, Isoken Aigbomian, Ndugbu said Moniepoint boast of online payment platform where there’s the in-person payment option, and then there is the cash payment done through its network of agents.

Speaking about its payment gateway, Monnify, he described it as one of the top three payment platforms for businesses today, saying that it offers a wide variety of payment options to businesses.

Reflecting on their journey so far, 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.”

He noted 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.


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