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| Moniepoint [Image source: TechCabal] |
Moniepoint is a Microfinance Bank (MFB) in Nigeria. It's also referred to as one of the Deposit Money Banks (DMBs) in the country because it accept the deposition of funds into customer accounts. These funds and monitored by CBN and insured by the NDIC.
The digital bank, formerly known as TeamApt, is a Nigerian fintech company headquartered in Lagos that offers banking services and loans through its online banking app. The company was established in 2015 by Tosin Eniolorunda and Felix Ike.
In other words, another names for Moniepoint Bank is Moniepoint MFB and Moniepoint Inc. The Moniepoint Microfinance Bank is the name that was licenced by the Central Bank of Nigeria (CBN) and the Moniepoint Inc is the registered name on the CAC platform.
You can also referred to Moniepoint Bank as Digital Bank and Neobank. Like Kuda, all the Moniepoint Bank services are based online. The only physical office Moniepoint have is in Lagos. And that's there headquarter.
Is Moniepoint a Bank?
Yes, Moniepoint can be called a Bank. This is because it is licensed and regulated by the Central Bank of Nigeria (CBN), which oversees all banking and financial institutions in the country. This licencing gives Moniepoint the opportunity to carry out various financial services typical of traditional banks, including savings and current accounts, inter-bank transfers, loans, and payment processing.
Moniepoint has a network of agents and branches that provide banking services to customers, similar to how traditional banks operate their branch networks. The Licencing also make these happen and ensures Moniepoint meets the regulatory standards required to operate as a bank for the unbanked.
In addition, Moniepoint is a Deposit Money Bank (DMB) and all deposition into the bank's customers accounts are insured by the Nigeria Deposition Insurance Corporation (NDIC). Although, Moniepoint may focus heavily on digital and mobile banking solutions, it still fulfills the core functions of a bank.
In conclusion, Moniepoint aims to enhance financial inclusion by providing banking services to underbanked and unbanked populations, similar to the mission of many traditional banks to expand financial access. Hence, Moniepoint is a Bank!
FAQs
What is Moniepoint all about?
Moniepoint is a Nigerian fintech company that provides a range of banking services through its digital platform. Founded in 2015, it offers services such as savings and current accounts, loans, and payment processing via an online banking app. The company aims to enhance financial inclusion by making banking accessible to underbanked and unbanked populations. By leveraging technology, Moniepoint delivers convenient and efficient financial solutions to its customers, ensuring they can manage their finances seamlessly.
Which Bank is Moniepoint?
Moniepoint operates as its own entity under the fintech company TeamApt, which rebranded to Moniepoint. While it is not a traditional bank, it functions as a licensed financial institution in Nigeria, providing similar services. It is regulated by the Central Bank of Nigeria (CBN), ensuring it meets the necessary standards and requirements to operate in the financial sector. In a nutshell, Moniepoint is a Digital Bank, Neobank, Microfinance Bank (MFB) and Deposit Money Bank (DMB).
Is Moniepoint a Microfinance Bank?
Yes, Moniepoint operates as a microfinance bank in Nigeria. It focuses on providing financial services to individuals and small businesses that may not have access to traditional banking services. By offering microloans, savings accounts, and other banking products, Moniepoint aims to support financial inclusion and economic growth within underserved communities.
Is Moniepoint Legit?
Yes, Moniepoint is a legitimate financial institution in Nigeria. It is licensed and regulated by the Central Bank of Nigeria (CBN), ensuring it adheres to the regulatory standards and guidelines for financial services. The company has established a solid reputation for providing reliable and secure banking services through its digital platform, making it a trusted choice for many Nigerians seeking modern financial solutions.