Moniepoint’s unique service model redefining agency banking, says Sanni

Moniepoint Microfinance Bank is strengthening its hold on Nigeria’s fast-growing agency banking sector by focusing on trust, close agent support, and reliable technology, as competition in the space shifts from expansion to quality service.

The bank said its model is helping to reshape how agency banking works in Nigeria, moving beyond simple financial access to deeper support for small businesses, merchants, and local communities.

Speaking on the Bank’s evolving strategy, Ezekiel Sanni, Senior Vice President (SVP), distribution network sales, Moniepoint MFB, said the Bank’s approach is built on a clear understanding that agency banking must be anchored on consistent enterprise support, trust building, and real economic value for agents, merchants and their customers.

“Agency banking has grown significantly in reach, but the next phase of growth will be defined by quality of service and depth of engagement. At Moniepoint MFB, we have built a model that prioritises not just access, but meaningful, routine local support for the merchants and communities we serve while our engineering is a commitment to the stability that these businesses need to thrive,” Sanni stated.

At the core of this approach is the deployment of dedicated field-based managers who work closely with agents, providing hands-on, on-the-ground support tailored to their daily operations. Unlike conventional systems, where engagement often ends after onboarding, Moniepoint MFB maintains continuous interaction with agents, driving product usage, resolving operational challenges, and strengthening long-term partnerships.

By combining digital infrastructure with a strong physical presence, the Bank has created a hybrid service model that delivers both scale and human connection. This proximity enables faster issue resolution and supports always-on mentorship, where merchants receive ongoing business guidance, real-time operational support, and on-the-job training, particularly in critical areas such as fraud detection and anti-money laundering (AML) regulatory compliance.

“When you are close to the agent, you are in a position to go beyond providing a service to building capability. Our teams work alongside agents to strengthen their operations, improve compliance awareness, and ultimately protect both their businesses and the broader financial system,” Sanni added.

According to the Bank, the impact of this approach extends beyond agents and merchants to last-mile customers, who benefit from more reliable service, safer transactions, and greater confidence in the financial system they interact with daily.

Moniepoint MFB’s model has been further strengthened by its track record over the past few years as the bona fide operating system for small businesses. The Bank has integrated value-added services, such as inventory management, savings product, and access to working capital loans, into its platform, embedding itself in merchants’ day-to-day operations and significantly increasing the value delivered.

“Our aspiration has been to become indispensable to the businesses we serve. When your banking partner is also supporting your inventory, helping you navigate other obligations, and providing access to capital, the relationship becomes stronger and more impactful,” Ezekiel noted.

The Bank’s strong performance metrics reinforce this positioning as Nigeria’s largest merchant acquirer, powering eight out of every 10 in-person payments made across the country, driven by reliability, fast transaction processing, rapid settlement cycles, and a range of other benefits. This consistency has also helped build a reputation for reliability, which the Bank describes as a key competitive moat in a market where agents often consolidate around a single provider.

“In many cases, agents are effectively choosing a long-term partner they trust to be stable, responsive, and dependable. That is the trust we have deliberately built, that continues to differentiate us even as we work hard to contribute meaningfully to the broader growth and development of the financial ecosystem,” Sanni added.

The Bank reiterated that it sees agency banking not just as a channel but as critical infrastructure for economic participation and an enduring financial inclusion. Moniepoint’s commitment is to keep strengthening that infrastructure, supporting merchants, empowering customers, and continuing to serve as the reliable, indigenous engine that keeps Nigeria’s real economy moving.