As Nigerians increasingly embrace the cashless economy, fintech companies like Moniepoint, Opay, Paga, and Palmpay are actively developing a range of innovative products to facilitate smooth transactions among their customers.
Last month, Moniepoint expanded into retail banking with its consumer app and debit card services, which will be available to its 33 million terminal users across Nigeria. The cards can be used at the over 1.5 million businesses that currently use the Moniepoint Microfinance Bank platform.
Moniepoint personal banking app has got over 100,000 downloads in less than a month since its launch on the Google Play store. This indicates that the push by the Central Bank of Nigeria (CBN) for a cashless economy is bearing fruit.
Precious Williams, a user of the Moniepoint banking app, said: “I’m thoroughly impressed with this app’s design and user-friendly interface. Onboarding new users is a breeze, and the verification process is swift and reliable.
“I appreciate the suggestion for a hidden balance function for added security and a section to assist non-tech-savvy individuals during registration. Overall, this app is smooth and hassle-free, deserving of a solid 5-star rating.”
OPay, a prominent player in the Point-of-Sale industry, is actively contributing to the push for a cashless economy. This fintech company demonstrated resilience during the naira cash shortage, which exposed vulnerabilities in many traditional banking platforms.
Recently, the platform announced a corporate rebrand and unveiled a new logo to mark its 5th anniversary in the Nigerian market. This change not only symbolises its significant growth and impact over the years but also represents its promise into a new era with enhanced services, technological advancements, and the aim to solidify its position as the most reliable financial platform in Nigeria.
Founded in 2018, the fintech has grown to become a household name for Nigerians, with over 40 million users, 500,000 agents, and 300,000 merchants who trust and use OPay for everyday payments and collections.
According to BusinessDay findings, OPay is significantly expanding its reach through an innovative approach to advertising and marketing. The company has deployed agents to primarily rural areas in Lagos, where they are actively establishing accounts and distributing debit cards to individuals who do not currently hold an account with them.
Aino Badmus, a student of Yabatech Polytechnic, told BusinessDay that she successfully obtained an OPay debit card through the merchants who visited her school premises to raise awareness about the product.
“I have been a user of the app for almost a year but haven’t been able to acquire a debit card. But after seeing these OPay agents in my school environment, I had to quickly acquire the card with N500 from them, and instantly it was activated for me,” she said.
PalmPay, in a recent post made on the X (formerly Twitter), conducted a poll where the fintech asked its customers what method of payment is most preferable for them.
The poll results revealed that 73 percent of respondents favoured transfer as their preferred payment method, while 18 percent opted for cash, and 8 percent expressed a preference for card payments.
It’s worth noting that despite not having a debit card offering, Palmpay’s fintech services have made a substantial impact, reaching a significant user base of 25 million individuals, along with a network of 500,000 mobile money agents and 300,000 merchants.
In June, Palmpay introduced a high-yield savings product called Cashbox, enabling customers to earn approximately 20 percent interest on the funds deposited into their accounts.
The company noted that one of the stand-out aspects of the Cashbox product is its automation capability, as customers can enable an auto-save function that automatically transfers any deposited funds into their Cashbox.
The shift towards a cashless society has reshaped the narrative of the fintech landscape. Tayo Oviosu, CEO of Paga, recently unveiled the Paga Visa contactless card, designed to promote deliberate and controlled spending.
“The card has a unique account number, users can send directly to the card and separate what’s on the card and in your primary balance,” he said.