The referral program has launched the resumption of new customer onboarding with a programme designed to reward users every time their friends or family perform a transaction on Moniepoint after signing up with their referral link.

Through this, millions of people will earn well over N100,000 from referrals alone. 

Moniepoint’s technology has powered over 3 million businesses across Nigeria, and with its reliable infrastructure now in the hands of personal users, it now enables seamless payments for many across the country.

With referrals linked to transfers, a leading payment method for many in Nigeria, this referral program will provide extra income for many of its users.

Commenting on this development, Babatunde Olofin, managing director of Moniepoint MfB, noted 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.  

“We know how important seamless financial transactions are, and we’ve seen first-hand the power of peer-to-peer recommendations and how word-of-mouth referrals can grow a customer base and increase revenue. Given our strong customer obsession and the strings of commendations which we have received that validate the work we do in providing peerless financial services, we want to provide our customers with rewards even as they continue to share these positive experiences with the Moniepoint brand,” Olofin said.

Each current and new personal account holder has been provided with a unique referral code which is identical to their account username and is visible in the Referral Section on the Personal Banking app.

This code/link can be shared with anyone, who, upon signing up and transacting with the Moniepoint Personal Banking app, will contribute to rewards for the referrer. 

For every outward interbank transaction conducted by referred customers in the next 12 months, participants will receive a commission. This transparent and straightforward incentive structure ensures that participants reap tangible benefits for actively promoting the Moniepoint Personal Banking app.

Referrers can also track the total earnings and referral history from their referral in the “Earn from Referrals” icon in the app while earnings can be transferred to the user’s main account once a minimum of N50 has been earned.

Moniepoint MFB has worked with the Central Bank of Nigeria to strengthen the security of the banking industry in the past month, pausing its onboarding. It has now resumed signing up users with a commitment to providing its users with a secure, convenient and rewarding financial experience.

The referral program is just one of the many ways the company is innovating to empower Nigerians and make financial services more accessible. 

It will be recalled that Moniepoint MFB has in the last few months demonstrated peerless commitment to customer focus and satisfaction as evidenced by the opening of its Lekki Admiralty Road office, as well as the rollout of a USSD code, *5573# which offers users a fast, secure, and user-friendly platform to conduct their banking activities with ease. 

According to media reports, Moniepoint Inc. currently processes the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries, processing over $182 billion in annualized TPV and as a profitable enterprise, it is Africa’s largest fintech by transaction volume.

Mr Olayemi Cardoso, CBN Governor disclosed this at the end of the 295th Monetary Policy Committee (MPC), meeting of the apex Bank in Abuja on Tuesday.

Olayemi said the CBN has engaged many of the players on the need to strengthen their operations. He said that in a bid to block money laundering and illicit flows, CBN brought up measures that will tighten the sector up on both new and existing client base.

He said,

“I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past and then you will see the sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework.”

When asked the reason why CBN stopped the onboarding of new customers into fintech in April, Cardoso said reports that the apex Bank has decided to clamp down on fintech firms were “furthest from the truth”.

“The fintechs have not been singled out for any exceptional kind of treatment,” he reiterated.

He added that CBN was proud of the fintech firms and their exploits in the previous years, assuring that CBN would continue to support them amidst regulations and surveillance.

“Regulation is very critical in a sector that seems to have grown so incredibly rapidly.

“Most recently, we had cause to take a deep dive look at the whole issue of illicit flows and money laundering particularly within the non-heavy regulated banking system and we all know some of the issues that came out with cryptos and some of the messages we put out after that,” Cardoso stated.