MoreMonee Unveils Nigeria’s Pioneering Homegrown Debit Card in Partnership with CBN, NIBSS & AfriGO
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MoreMonee, a fast-growing financial services provider in Nigeria, has taken a significant step in revolutionizing digital payments by launching Nigeria’s first domestic debit card. This milestone was achieved in collaboration with the Central Bank of Nigeria (CBN), the Nigeria Inter-Bank Settlement System (NIBSS), and AfriGO.
The introduction of this homegrown debit card is a game-changer in the Nigerian financial landscape, reducing reliance on international payment networks and offering a more secure, cost-effective, and efficient solution for local transactions. The card is designed to cater to the needs of individuals, businesses, and entrepreneurs who seek a seamless and affordable way to manage their payments.
Key Features and Benefits of the MoreMonee Domestic Debit Card
- Lower Transaction Costs
- Unlike international payment systems that involve foreign exchange fees and high processing charges, MoreMonee’s domestic debit card ensures lower transaction fees, making digital payments more affordable for Nigerians.
- Enhanced Security
- By operating on a locally managed infrastructure, the card provides improved data security and protection against fraud, ensuring safe and reliable transactions for users.
- Faster Payment Processing
- Transactions made with the MoreMonee debit card are processed faster since they do not require authorization from international payment gateways, reducing waiting times for payments and withdrawals.
- Greater Financial Inclusion
- The card aims to bridge the financial gap by offering an inclusive banking solution that allows small business owners, startups, and individuals in underserved communities to access digital financial services without restrictions.
- Versatile Usage
- The MoreMonee debit card can be used for various financial transactions, including:
- Online shopping
- ATM withdrawals
- POS transactions
- Bill payments
- Grocery shopping
- The MoreMonee debit card can be used for various financial transactions, including:
Strategic Industry Collaborations
MoreMonee’s partnership with NIBSS and AfriGO underscores its commitment to transforming Nigeria’s financial sector. By working alongside key financial institutions, MoreMonee is fostering a payment ecosystem that prioritizes innovation, security, and accessibility.
In a move to strengthen industry relationships, MoreMonee recently hosted NIBSS-AfriGO Executive Director, Mr. Ugo Obasi, at its headquarters in Abuja. The meeting focused on further enhancing payment solutions and ensuring that Nigerians benefit from a more efficient and secure financial system.
MoreMonee’s Vision for the Future
Under the leadership of Dr. Mohammed Nurudeen Olatunji (Dr. Mo), Nigeria’s youngest bank chairman and a renowned financial innovator, MoreMonee is redefining banking in Nigeria. The company is focused on leveraging technology to provide seamless, customer-centric financial solutions that empower businesses and individuals.
With a growing customer base and continuous investment in financial technology, MoreMonee is poised to become a leading force in Africa’s fintech revolution. The launch of Nigeria’s first domestic debit card is just the beginning of its ambitious journey to drive financial inclusion and digital transformation across the continent.
Conclusion
MoreMonee’s introduction of a homegrown debit card marks a significant milestone in Nigeria’s banking sector. By offering a secure, cost-effective, and fast alternative to international payment networks, MoreMonee is paving the way for a more inclusive and efficient financial future. As it continues to innovate and expand its services, MoreMonee remains dedicated to making banking more accessible, affordable, and rewarding for all Nigerians.
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