By Chioma Obinagwam
Nigeria’s agency banking sector is entering a new phase, and Moniepoint Microfinance Bank (Moniepoint MFB) is staking its claim at the centre of it.
Confiance News reports, citing a statement from the company on Wednesday.
It says the bank positions itself not just as a service provider, but as the technological backbone of the country’s real economy.
The Lagos-based bank says its competitive edge lies in a hybrid service model that pairs digital infrastructure with consistent, on-the-ground human support: a combination it argues is still rare in a sector where agent engagement often stalls after onboarding.
”Agency banking has grown significantly in reach, but the next phase of growth will be defined by quality of service and depth of engagement,” said Ezekiel Sanni, Senior Vice President of Distribution Network Sales 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.”
Confiance News learnt that at the operational core of this model are dedicated field-based managers deployed directly to agents. These managers handle day-to-day challenges, drive product adoption, and provide ongoing mentorship covering fraud detection, anti-money laundering (AML) compliance, and general business guidance.
”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.”
Beyond agent support, the bank has embedded itself into merchant operations through value-added services including inventory management tools, savings products, and access to working capital loans. The aim, Sanni explained, is to become operationally indispensable.
”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,” he said.
The approach appears to be working. Moniepoint MFB currently holds the position of Nigeria’s largest merchant acquirer, processing 8 in every 10 in-person payments made across the country. The bank attributes this market share to three core strengths: transaction reliability, fast processing speeds, and rapid settlement cycles. These factors, it says, drive long-term agent loyalty in a market where agents tend to consolidate around a single trusted provider.
”Agents are effectively choosing a long-term partner they trust to be stable, responsive, and dependable. That is the trust we have deliberately built,” Sanni said.
For Moniepoint, agency banking is not merely a distribution channel. The bank frames it as critical infrastructure for financial inclusion and broader economic participation, describing its role as that of an indigenous engine powering Nigeria’s real economy from the ground up.
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