How Moniepoint Microfinance Bank is Changing Digital Banking in Nigeria

Moniepoint Microfinance Bank (MFB) is one of the most trusted digital bank in Nigeria for banking and payments. Million of Nigerians trust the MFB because it has brought a massive shift to the country's financial landscape using its innovative fintech solutions that make banking faster, cheaper, and more accessible.

Tosin Eniolorunda—the co-founder of Moniepoint MFB—has pushed the company's limit into becoming a digital banking powerhouse that continues to earn the trust of individuals, entrepreneurs, and small businesses across the country.

The company provides seamless mobile banking services, reliable POS network, API solutions through Monnify, expense cards, and other customer and business-first approach services to bridge the gap between traditional banking and modern financial needs.

Since the inception of Moniepoint (formerly TeamApt) in 2015, the company has made big change in digital banking. This transformation is not just about convenience; it’s about financial inclusion that empowers millions who were once underserved by the conventional banking system.

Moniepoint MFB serves over 10 million businesses and individuals, processes approximately $17 billion in transactions monthly, and operates over 15,000 community-based agents networks and their relationship managers across all the 774 local government areas in Nigeria.

This extensive reach has brought formal banking services, digital banking education, and access right into neighborhoods to previously underserved and unbanked communities. The Moniepoint's agent is not only onboarding users but also boosting local economic activity and trust simultaneously.

In addition to that, Moniepoint provides working capital loans—often doubling or tripling prior amounts—for businesses that previously had little access to formal credit. Around 30% of these businesses are accessing credit for the first time, helping them grow and formalize their day-to-day operations.

Moniepoint began as TeamApt in 2015, building solutions for banks before pivoting to agent banking in 2019. In 2022, Moniepoint secured a banking license, launched business banking, and processed 5.2 billion transactions. The company rebranded to Moniepoint in 2023, relocated to the UK, and launched personal banking.

However, when Moniepoint launched the personal banking service, the reliable infrastructure which was originally built for businesses was expanded into the personal lives of millions, and help them to facilitate transfers, pay bills, buy airtime and data, track disputes, and access ATMs and POS terminals. The personal banking service includes a consumer app and debit card powered by Mastercard and Verve.

In addition to that, Moniepoint introduced multifactor authentication (MFA) for high-value transactions to ensure safer transactions. MFA transactions are those transactions above ₦500,000 for personal accounts and ₦5 million for business accounts. Moniepoint also added *5573# USSD banking to secure easy mobile banking access for users without smartphones or internet connection.

It's worth noting that Moniepoint’s impact in the Nigerian financial landscape is widely recognized. The company is crowded "Financially Inclusive Fintech of the Year" at the International Financial Inclusion Conference by the Central Bank of Nigeria. It's also named Africa’s most outstanding fintech and microfinance bank in consumer engagement at the 2023 Brandcom Awards.

In late 2024, Moniepoint raised US$110 million in Series C funding—led by big names like Google, Development Partners International, and Lightrock—catapulting its valuation past the unicorn status ($1 billion). The capital will further enable Moniepoint to deliver integrated digital solutions—payments, FX, credit, business tools—across Nigeria and beyond.

Moniepoint Microfinance Bank Services, Features, and Benefits

Moniepoint MFB is currently offering many products that drive financial inclusions in Nigeria. From API and working capital that help entrepreneurs and companies to expand their businesses to personal digital banking services tailored for different individuals regardless of their statuses.

Here's a list of products Moniepoint MFB offers in Nigeria:

1. POS Terminals

Moniepoint POS terminal is one of the most reliable and one of the most used point-of-sale machines for accepting card and transfer payments in Nigeria. The blue POS processes over ₦10 trillion transactions monthly and has 99.9% success rate. There are about 1 million active terminals that are currently operating in both formal and informal sectors.

Moniepoint is currently offering two types of POS terminals: SmartPOS (the most popular) and mPOS. The Moniepoint's Android POS is no longer on sale. While the mPOS is an affordable and versatile mini-terminal for small and medium-sized businesses, the Smart POS is featured with a printer and a long-lasting battery.

The POS terminals are built to process instant settlement and easy dispute resolution. Agents can easily use the terminals to accept money transfers and card payments directly and print out customer receipts. The POS machine can also be used to purchase data and airtime and track payments with real-time reporting.

To get the Moniepoint POS visit the company's official website and click on "Get Started" to begin the business account creation that'll eventually leads to requesting your terminal for ₦21,500. This includes a ₦10,000 caution fee, a ₦10,000 logistics fee, and a ₦1,500 insurance fee for one year.

Moniepoint also charges commission on POS transactions, with a flat rate of 0.5% for withdrawals between ₦1 and ₦20,000 and a flat rate of ₦100 for transactions above ₦20,000. Further explanation will be made in this article about the POS terminal. All you need to do skip to the section or continue reading to the end.

2. Monnify

Monnify is a payment gateway for businesses to accept payments from customers, either on a recurring or one-time basis. Monnify offers an easier, faster and cheaper way for businesses to get paid on their web and mobile applications using convenient payment methods for customers with the highest success rates obtainable in Nigeria.

Here are ways businesses and entrepreneurs can use Monnify to collect payment from customers:

• Web SDK: An integration solution that allows merchant to collect bank transfer and card payments on web application.
• Mobile SDK: Mobile SDK allows merchants to receive card and account transfer payments from customers on mobile application.
• API: Monnify API is a set of rules and tools that allows merchant's different software applications to communicate with each other. It serves as an intermediary between the company's payment infrastructure and the merchant's application, providing all that's needed to build custom projects and products.
• USSD Transfer: Customers without smartphones or internet access can easy explore this payment method to pay on merchant store.
• Mobile and Internet Transfer
• Card Payments: Customers can use their card details such as card number, CVV number, expiry date and PIN to pay on merchant's website.

In a nutshell, Monify is another product of Moniepoint Microfinance Bank that allows small businesses and entrepreneurs to accept cards and bank transfer payments through web payment, mobile-based payment, in-app payment gateway. Monify allows businesses to create payment links and checkout pages for purpose of accepting payment from customers.

3. Business Account

The business account is designed to manage all the business benefits and features. Agents can either access the business account via the business app or through the web business manager dashboard.

In the business manager dashboard, you can manage and track all the activities of your POS machine, you can request for a new POS, you can open accounts for customers, you can request debit cards for customers, you can become a card sales agent, you can set and reset POS PIN and Password, and many more.

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However, it's important to note that full business registration with the cooperate affair commission (CAC) is mandated to operate a limitless Moniepoint Business Account. The interesting part is that you can register your business name with the Corporate Affairs Commission directly within the Moniepoint Business Manager Dashboard.

Working capital loans and credits are also some of the benefits you can enjoy using the Moniepoint Business Account. This feature isn't available on the personal banking account. The Moniepoint's business loan is is a flexible, low interest, and no collateral loans that help your business grow.

4. Personal Account

Unlike the business account, Moniepoint MFB Personal Banking Account can only be used via the Moniepoint app; the web access isn't available. It's an individual bank accounts with seamless mobile app access for transfers, bills, airtime, data purchases, and spending management .

The account can also be used to access savings accounts, investment, debit cards, personal loans and much more. The interesting part of the personal banking account is that your funds are insured up to ₦250,000 by the Nigeria Deposit Insurance Corporation (NDIC) and secured by up-to-date cybersecurity measures.

5. Business Loans

Moniepoint MFB working loans are unsecured business loans that allows Micro SMEs using the business account or POS for their day-to-day business transactions to access credits for the support of daily operations. To access the loan, you'll need to loan to your Moniepoint business account, confirm your eligibility, and submit your application.

The working capital loans come with no collateral, low interest rate capped at around 10% per annum, quick approval that happens within 3 days of evaluation, and has a longer tenures for repayments. The business loan repayments are automatically deducted from your account based on your repayment plans. It's important to note that loan amount you'll get depends on your business transaction volumes, and is determined during the application process.

6. Monieworld

Monieworld is Moniepoint's international money remittance service that allows diasporans in the United Kingdom (UK) to send money to Nigeria bank account securely and at a competitive fee. You can easily register on the Monieworld platform using a UK phone number, residential permit or citizenship card, and your international passport.

"MonieWorld (also known as Moniepoint GB) is a subsidiary of Moniepoint Inc. It is our financial services product for Africans in the diaspora, starting with Nigerians in the UK. Our goal is to enable financial happiness for every African, everywhere, and this is day one," the company made it cleared on their official page.

7. Moniebook

Moniebook is Moniepoint's smart POS software that handles everything—from sales to stock, offering automation in how you sell, track, report, and manage your operations, regardless of the size or location of your business. It's an online software-based POS solution deployed through cloud-based storage system to simplify business operations by automating sales tracking, inventory, reporting, and operations.

Moniepoint MFB’s Mobile App and How to Use It

Moniepoint MFB offers two mobile apps: business banking app and personal banking app. These apps are used to access the Moniepoint services. The mobile apps are available on the Google Play store and Apple App Store.

The apps are seamless methods of logging into your Moniepoint accounts with just using your registered email address, username, password, and OTP. The purpose is to give top-level security benefits for the provision of seamless digital banking and financial management.

How to Open a Moniepoint Microfinance Bank Account in Minutes

Personal Banking Account

• Open your phone's app store app and use the search bar to search for Moniepoint app.
• You'll an app by Moniepoint Inc, download the app and install it.
• Open the app and click on "Register an Account" to create a new account.
• You'll need to provide your email address and phone.
• Set a unique password and confirm the OTP code sent to your phone number.
• Click on Sign Up and once you're in your dashboard, click on "Complete KYC" to start your KYC verification.
• Documents like NIN, Proof of Residential Address such as Nepa bill, waste management bill, and water bill are accepted.
• A selfie of yourself will also be required.
• Once you complete the KYC verification filing, click on Submit
• It usually takes 24 hours to review your documents and get back to you.
• Upon approval, your Moniepoint MFB will ready to transact without limits.

Business Banking Account

• Open your app store and use the search bar to search for Moniepoint Business Account or click on this link to download the app.
• Click on Download and once the download is complete, click on open to start the in-app registration.
• Fill in your personal information such as your names, date of birth, email and phone number and verify your phone number with an OTP.
• Next, choose a preferred username and set your password.
• Once you're done with the account registration, login to your business account and start your KYC verification.
• You'll need to provide your Bank Verification Number (BVN) and KYC details.
• Next, start face and ID verification.
• Once you're done with that, you can then begin to provide your business name and set up a PIN for managing your account.
• If your business is not registered with CAC, you can simply use the Moniepoint Business app to register with the CAC but with certain fee.
• Once your business is successfully registered, your business account will be upgraded to Level 5 which is the highest level of Moniepoint Account.

How to Apply for Loans on Moniepoint Microfinance Bank

The business loan application can be done on Moniepoint Business Account via the business banking app or through atm.moniepoint.com. However, it's important for you to note that your eligibility and disbursement amount are determined by the volume of transactions you carry on your Moniepoint business account per day.

To check your eligibility, login to your business account via business banking app or visit atm.moniepoint.com and login to your account. In the business manager dashboard, click on "Loan" and your eligibility status will be displayed on the loan page.

If you're eligible, then choose an offer that best matches your business needs, and submit your application. No additional paperwork is needed so far you've completed your KYC on the Moniepoint platform. After you successfully submitted your loan application, Moniepoint MFB will review your application and disbursed the money to your Moniepoint account in 48 business hours.

You'll get email notification, SMS alert, and in-app pop-up notification when the outcome of your loan application is ready. You can also login to your dashboard, under Loans to check your application status.

Moniepoint MFB Company Profile

• Full Name: Moniepoint Microfinance Bank (MFB)
• Parent Company: Moniepoint Inc. (formerly TeamApt Inc.)
• Headquarters: Lagos, Nigeria
• Founded: 2015 (licensed as Moniepoint MFB in 2022)
• Type: Licensed Microfinance Bank (CBN-regulated) and NDIC-insured
• License: National Microfinance Bank License (Central Bank of Nigeria)
• Regulatory Body:
  • Central Bank of Nigeria (CBN) provides the Banking license and regulation.
  • Nigeria Deposit Insurance Corporation (NDIC) offers deposit protection.

Key Products & Services

• Payments & Acceptance:
  • POS terminals
  • Monnify payment gateway
  • Online checkout pages
  • Bank transfer acceptance
• Business Banking:
  • Business accounts
  • Expense cards
  • Spend insights & management tools
• Personal Banking:
  • Personal accounts (app-based)
  • Physical debit cards & virtual cards
  • Airtime/data & bill payments
• Credit and Loans:
  • Business working capital loans
  • Personal loans
• FX and Cross-Border Transfers:
  • International money transfer from U.K. to Nigeria via Monieworld.
• Business Management Tools:
  • Expense tracking and accounting tools via Moniebook.
  • Multi-business management interface.

Market Reach & Impact

• Operates in all 774 local government areas of Nigeria
• Serves 10+ million businesses and individuals
• Processes over $17 billion in monthly transactions
• Network of 15,000+ field agents/relationship managers
• Financial inclusion focus — reaching underserved and unbanked populations.

Technology & Security

• Mobile and web banking platforms
• 99.9% uptime infrastructure
• Multi-factor authentication (MFA) for high-value transactions
• NDIC insurance on deposits up to ₦250,000
• USSD (*5573#) access for non-smartphone users

Awards & Recognition

• Financially Inclusive Fintech of the Year – CBN International Financial Inclusion Conference
• Most Outstanding Microfinance Bank in Consumer Engagement – Brandcom Awards 2023
• Recognized among Africa’s fastest-growing fintech companies

Funding & Growth

• Raised $110 million Series C funding in 2024 (investors include Google, DPI, Lightrock)
• Valuation exceeding $1 billion (unicorn status)
• Expanding beyond Nigeria with scalable digital banking solutions.

*This article has been updated to reflect true definition of Moniebook*