Written by Obinna Akukwe
Moniepoint is one of the Microfiance Banks in Nigeria authorized to deal with digital online financial exchange and transfer services in Nigeria but they are gradually, just like their other counterparts, turning into criminal organization.
Moniepoint as a Fintech body existed before the introduction of the politically motivated cashless policy in Nigeria. Then this organization which started in 2015 as aback end service provider to banks, had increased volumes of transactions, which I was told , could reach $ 200 billion dollars in transaction volume annually.
While Nigerians groaned under the ill-timed and ill-fated CBN Cashless policy, Fintech bodies like Moniepoint, Opay, Smartcash etc came to the rescue and saved people from endless wait at banks to collect their hard earned money.
The bank transfer services in the banking system was overloaded, and Moniepoint smiled to the bank with their own share of the transfer charges.and other services. Many pharmacies, super stores and markets used Moniepoint for ease of payment.
However, it is obvious that in Nigeria, everything started with good intention will be used by agents of darkness to defraud people of their earnings.