MoreMonee Launches Nigeria’s First Domestic Debit Card with NIBSS, AfriGO & CBN
MoreMonee, formerly known as M&M MFB, is a leading financial service provider in Nigeria, transforming the banking landscape with innovative solutions tailored to individuals and businesses.
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Originally licensed by the Central Bank of Nigeria in 2008, M&M MFB was acquired by MoreMonee in October 2023. The company is committed to eradicating poverty in Africa by providing financial services that empower businesses and individuals.
With a focus on seamless transactions, savings features, business support, and financial security, MoreMonee has positioned itself as a bank of the future. The company offers a range of services through its online banking app, enabling users to transfer and receive funds, earn daily interest on account balance, shop online, seamless bill payments, and fund their bet wallets with ease.
Source: UGC
Meet the Visionary CEO: Dr. Mohammed Olatunji
At the helm of MoreMonee is Dr. Mohammed Nurudeen Olatunji (Dr. Mo)—a visionary leader, financial innovator, and Nigeria’s youngest bank chairman. A member of the Forbes Financial Council, a cybersecurity expert, and a Chartered Fellow of Financial Management, Dr. Mo has played a pivotal role in MoreMonee’s rapid rise.
His outstanding contributions have earned him numerous accolades, including the Nelson Mandela Leadership Award for Excellence and Integrity (2024) and the Nigeria Most Respected CEO Award (2021).
A proud graduate of the University of Ilorin with a degree in Computer Science, Dr. Mo began his journey in Owerri, where he served during his National Youth Service and later founded MoreMonee. Today, the company’s headquarters remain in Owerri, Imo State, a testament to its strong roots.
Under his leadership, MoreMonee has emerged as Nigeria’s fastest-growing microfinance bank, pioneering cutting-edge financial solutions that empower both businesses and individuals.
MoreMonee Partners with NIBSS & AfriGO to Launch Nigeria’s First Domestic Debit Card
One of MoreMonee’s most significant milestones is the launch of Nigeria’s first domestic debit card in collaboration with CBN, Nigeria Inter-Bank Settlement System (NIBSS), and AfriGO.
This initiative is designed for Nigerians to carry out seamless local transactions. The card can be used for online shopping, used at ATM and POS terminals, grocery shopping and more. MoreMonee’s partnership with NIBSS and AfriGo lowers transaction cost as it reduces the reliance on foreign payment systems.
This collaboration highlights MoreMonee’s contribution to the growth and development of Nigeria’s financial sector by providing secure, convenient and affordable payment solutions for its customers.
This domestic card offers several benefits, including:
- Lower transaction costs compared to international card systems.
- Enhanced security through locally managed payment infrastructure.
- Faster processing times for payments and withdrawals.
- Greater financial inclusion for small business owners and individuals.
MoreMonee’s commitment to driving financial inclusion ensures that small businesses have access to reliable and cost-effective banking solutions, boosting economic growth in Nigeria.
Source: UGC
How MoreMonee stands out from traditional banks
MoreMonee stands out from traditional banks with its customer-focused features, including:
- Instant Transactions: Transfers are processed instantly with no delays.
- Target Savings Feature: Customers can lock their funds and earn competitive interest rates.
- Linked Accounts: Business, family, and personal accounts can be managed from a single dashboard.
- MoreMone Shop: Business owners can advertise and receive orders for their products and services, as customers place orders directly on the app.
- MoreMonee FutureBox: Users can earn up to 24% interest annually, making it one of the most lucrative savings options in Nigeria.
- User-Friendly Experience: A seamless and intuitive banking app designed to provide a comprehensive and user-friendly experience for users, and transaction receipts are accurately timed.
- Bet Arena: Allows users to easily fund their betting wallet
- Ajo Savings: This feature is great for entrepreneurs who want to properly manage and organise their thrift donations.
Why Nigerians Trust MoreMonee
Building trust in financial services is crucial, and MoreMonee has earned the confidence of its customers for various reasons. MoreMonee prioritises strict data privacy policies, ensuring that its users carry out secure and confidential transactions. In addition, it uses advanced cybersecurity measures to protect user information.
MoreMonee also understands the importance of being accessible to its users to build trust and they have a dedicated 24/7 customer support team to guide users and give them immediate responses to their inquiries and complaints, ensuring customer satisfaction.
MoreMonee is fully licensed by the Central Bank of Nigeria (CBN) with depositor’s funds insured by the Nigeria Deposit Insurance Corporation (NDIC). It is also available nationwide with customers being able to maintain their account from anywhere in the country as long as they have a mobile phone with internet connection.
MoreMonee’s impact in the financial sector continues to grow, with notable achievements such as:
- Launching Nigeria’s first domestic debit card in partnership with CBN, NIBSS, and AfriGO.
- Hosting NIBSS-AfriGO Executive Director, Mr. Ugo Obasi, at MoreMonee’s Head Office in Abuja to strengthen industry relationships.
- Sponsoring the Diamond Bikers Gang at the Calabar Biker Carnival, enhancing social engagement and brand visibility.
MoreMonee is redefining financial services in Nigeria by leveraging technology, innovation, and strategic partnerships to create inclusive and customer-centric banking solutions. With the launch of its domestic debit card and a suite of powerful financial tools, the company is well-positioned to become Africa’s next-generation bank.
For more information, visit MoreMonee’s website or follow them on their different social media platforms: Twitter/X: @MoremoneeBank, Facebook: MoreMonee, Instagram: @more.monee, YouTube: MoreMonee, Snapchat: MoreMoneeBank, WhatsApp Channel: Join Here, TikTok: @MoreMonee_Bank.
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Source: Legit.ng
Adunni Amodeni (Content Editor) Adunni Amodeni is a journalist with ten years of working experience in the media industry. She graduated from Babcock University in 2012 with a Bachelor’s Degree in Mass Communication. Adunni previously worked with Encomium Magazine (2012-2015). Email: shoyemi.adedolapo@corp.legit.ng
Taiwo Owolawi (Entertainment Editor) Taiwo Owolawi is an entertainment and lifestyle journalist with four years of work experience at Legit.ng. She graduated from Osun State University with a degree in English and International Studies in 2016. She has also moved on to pursue courses in Public Relations and Copywriting. Taiwo emerged as Legit.ng's Best Entertainment Editor in 2022. Contact: taiwo.owolawi@corp.legit.ng.
