Moniepoint MFB, recognized by the Financial Times as Africa’s fastest-growing financial institution, has relaunched its personal banking referral program.
This initiative aims to enrich its customers by allowing them to share the Moniepoint experience with family and friends. This program aims to help people earn over N100,000 through referrals alone.
Moniepoint’s technology, already supporting over 3 million businesses in Nigeria, is now available for personal use, enabling smooth payments across the country. The referral program, linked to transfers—a popular payment method in Nigeria—will provide extra income for users.
Key Features of the Referral Program
Reward System:
- Referral Earnings: Customers are rewarded every time their referred friends or family perform a transaction on Moniepoint using their referral link.
- Earning Potential: Users can earn over N100,000 from referrals alone, enhancing their financial benefits from the program.
Technology and Infrastructure:
- Widespread Use: Moniepoint’s technology supports over 3 million businesses in Nigeria.
- Seamless Payments: Now available to personal users, the infrastructure facilitates easy and secure payments across the country.
- Linked Transactions: Referrals connected to transfers, a popular payment method, ensure users can generate extra income seamlessly.
Comments from Moniepoint’s Management
Babatunde Olofin, Managing Director of Moniepoint MfB, stated: “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.”
How the Referral Program Works
Referral Codes:
- Unique Codes: Each account holder receives a referral code, identical to their account username, visible in the Referral Section of the app.
- Sharing and Sign-Up: Users share this code with others, who, upon signing up and transacting, contribute to the referrer’s rewards.
Earnings and Tracking:
- Commission: Referrers earn a commission for every outward interbank transaction conducted by referred users within 12 months.
- Tracking: Users can track earnings and referral history through the “Earn from Referrals” icon in the app.
- Withdrawals: Earnings can be transferred to the main account once a minimum of N50 is reached.
Commitment to Security and Innovation
Security Enhancements:
- Collaboration with CBN: Moniepoint has worked with the Central Bank of Nigeria to enhance the security of the banking industry, temporarily pausing onboarding to strengthen systems.
- Resumed Onboarding: The program has resumed with a focus on secure, convenient, and rewarding financial experiences for users.
Innovation for Accessibility:
- Customer Focus: Moniepoint’s dedication to customer satisfaction is evident in its recent initiatives, including the opening of the Lekki Admiralty Road office and the rollout of the USSD code *5573#.
- Ease of Use: The USSD code provides a fast, secure, and user-friendly platform for banking activities.
Moniepoint’s Market Impact
Transaction Volume:
- POS Transactions: Moniepoint processes the majority of POS transactions in Nigeria through its subsidiaries.
- Annualized TPV: The company processes over $182 billion in annualized Total Payment Volume (TPV).
- Market Position: As Africa’s largest fintech by transaction volume, Moniepoint continues to demonstrate significant market leadership.
Moniepoint MFB’s personal banking referral program not only rewards users but also aligns with its mission to drive financial inclusion and create a financially happy society. This initiative, along with the company’s innovative solutions, empowers Nigerians by making financial services more accessible and rewarding.