Moniepoint Takes on Opay, Kuda Bank. Others, Partners Verve to Launch Debit Card

Moniepoint Takes on Opay, Kuda Bank. Others, Partners Verve to Launch Debit Card

  • Moniepoint Microfinance Bank is launching a Verve Debit card to drive financial inclusion
  • Monipoint recently announced that it is embarking on personal banking in Nigeria
  • The company said it is a new push to drive financial inclusion in Nigeria

Verve is joining Moniepoint Microfinance Bank to launch the Moniepoint Verve Debit Card.

With the Verve debit card, moniepoint customers can now settle bills and make payments across payment channels such as ATMs, PoS terminals, and the web in Nigeria.

Moniepoint, Verve, Debit Cards
Moniepoint begins issuance of debit cards in Nigeria Credit: Westend61
Source: Getty Images

Cardholders to participate in Verve's reward programmes

Cardholders will also benefit from Verve’s reward programmes and other promotional initiatives.

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Verve’s Managing Director, Vincent Ogbunude, stated that the partnership between the two firms reflects Verve’s collective vision to empower Nigerians with the tools and services necessary to participate fully in the modern economy.

He said the collaboration proves the company’s commitment to making secure and convenient financial services accessible to all.

According to reports. Acting Managing Director of Moniepoint MFB, Babatunde Olofin, said the partnership allows the company to blend its creative approach with Verve’s experience to drive financial inclusion in Nigeria.

Moniepoint joins other Microfinance banks such as Kuda Bank in promoting personal banking in Nigeria.

Moniepoint says it processes about $120 billion annually

The company also looks to compete with one of Africa's biggest payment platforms, Opay in launching a debit card.

The Fintech company said it now processes average monthly transactions valued at $12 billion as more businesses in Nigeria embrace digital payments.

Olofin disclosed the company's milestone in a chat with journalists recently and pointed out that company became a top player at the height of the cash scarcity in Nigeria.

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Recall that reported that a rising number of Nigeria’s big banks are entering the financial technology space, thereby tightening the fintech space for entrenched players in the industry.

In 2017, when fintech firms became threats and primary disruptors in the financial services ecosystem, it was thought they would battle the big banks to the ground.

But the big banks are pulling their weight and taking the fight to the fintech firms. With financial firepower, the top banks in Nigeria take charge of their futures via strategic and intelligent investments in financial technology businesses.


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