From access to impact: Moniepoint targets deeper value creation in agency banking

Moniepoint Microfinance Bank is shifting the narrative in Nigeria’s agency banking sector from expanding access to delivering deeper economic impact, positioning its service model as a driver of sustained value for agents, merchants, and customers.

Ezekiel Sanni, senior vice president, Distribution Network Sales at Moniepoint MFB, said the next phase of growth in agency banking will be defined not by reach, but by the quality of service and the depth of engagement across the ecosystem.

“Agency banking has grown significantly in reach, but the next phase of growth will be defined by quality of service and depth of engagement,” Sanni said. “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 reflects a commitment to the stability that these businesses need to thrive.”

The bank’s approach centres on embedding itself more deeply in the day-to-day operations of small businesses, moving beyond basic financial access to become a critical partner in business growth. At the core of this model is a network of dedicated field-based managers who work closely with agents, providing hands-on, on-the-ground support tailored to their operational realities.

Unlike conventional agency banking systems where engagement often ends after onboarding, Moniepoint maintains continuous interaction with its agents, helping drive product adoption, resolve operational challenges, and build long-term partnerships that extend beyond transactions.

By combining digital infrastructure with a strong physical presence, the bank has created a hybrid model that delivers both scale and proximity. This structure enables faster issue resolution and supports ongoing mentorship, with agents receiving real-time guidance, operational support, and on-the-job training.

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

This deeper engagement is also strengthening risk management across the network, with targeted support in areas such as fraud detection and anti-money laundering compliance, helping to improve trust and resilience within the financial ecosystem.

The bank said the impact of this model extends to last-mile customers, who benefit from more reliable service, safer transactions, and greater confidence in the financial system.

Moniepoint’s strategy is further reinforced by its evolution into a broader platform for small businesses, integrating value-added services such as inventory management, savings products, and access to working capital loans. By embedding these tools into its ecosystem, the bank is increasing its relevance in merchants’ daily operations and expanding the value it delivers.

“Our aspiration has been to become indispensable to the businesses we serve,” Sanni said. “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.”

The bank’s performance metrics reflect this positioning. It remains Nigeria’s largest merchant acquirer, powering eight out of every 10 in-person payments nationwide, supported by fast transaction processing, quick settlement cycles, and consistent service reliability.

This consistency has helped build a strong trust base among agents, many of whom increasingly consolidate their operations with a single provider they consider dependable over the long term.

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

Moniepoint said it views agency banking not just as a distribution channel, but as critical infrastructure for economic participation and financial inclusion. The bank added that its focus will remain on strengthening that infrastructure, supporting merchants, and driving deeper value creation across Nigeria’s real economy.