Moniepoint MFB, Africa’s fastest-growing financial institution according to the Financial Times, has relaunched its personal banking referral program, aiming to enrich its customers as they share the Moniepoint experience with family and friends. Various reports have described Moniepoint Inc. as a leading player in the fintech space, especially as it is designated as the company with the current the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries. Moniepoint has been involved in processing over $182 billion in annualized TPV and as a profitable enterprise, emerging as Africa’s largest fintech by transaction volume.
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The referral program is designed to reward users every time their referred friends or family members perform a transaction on Moniepoint after signing up through their unique referral link. This initiative is expected to enable millions of Nigerians to earn well over N100,000 from referrals alone.
Moniepoint’s technology is reputed to have powered over 3 million businesses across Nigeria, and with its reliable infrastructure now available to personal users, it enables seamless payments for many across the country. As transfers are a leading payment method for many Nigerians, the referral program linked to this service is expected to provide extra income for numerous users.
Babatunde Olofin, Managing Director of Moniepoint MFB, stated that the customer-centric referral program supports the bank’s focus on driving financial inclusion while helping to accelerate its vision of creating a society where everyone experiences financial happiness. He highlighted the power of peer-to-peer recommendations and word-of-mouth referrals in growing a customer base and increasing revenue.
According to the company, each current and new personal account holder has been provided with a unique referral code, visible in the Referral Section on the Personal Banking app. This code/link can be shared, and upon signing up and transacting with the Moniepoint Personal Banking app, the referred individual will contribute to rewards for the referrer.
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For every outward interbank transaction conducted by referred customers in the next 12 months, participants will receive a commission. The Explainer understands that the transparent and straightforward incentive structure ensures that participants reap tangible benefits for actively promoting the Moniepoint Personal Banking app. Referrers can track their total earnings and referral history through the app, while earnings can be transferred to the user’s main account once a minimum of N50 has been earned.
Moniepoint MFB has recently worked with the Central Bank of Nigeria to strengthen the security of the banking industry and has resumed signing up users with a commitment to providing a secure, convenient, and rewarding financial experience. The referral program is one of the many ways the company is innovating to empower Nigerians and make financial services more accessible.
