To encourage the onboarding of new clients, Moniepoint Micro Finance Bank (Moniepoint MFB) has revived its personal banking referral program.
While the Central Bank of Nigeria (CBN) examined and closed loopholes in the financial technology (fintech) services industry, Moniepoint MFB had put a halt to onboarding.
The goal of the referral program is to give users rewards each time a friend or family member signs up with their referral link and completes a transaction on Moniepoint. Millions of people will benefit from this, with referrals alone earning well over N100,000.
Moniepoint’s technology has powered over three million businesses in Nigeria, and with its dependable infrastructure now in the hands of individual users, it now allows for frictionless payments for many across the country.
With recommendations tied to transfers, a popular payment mechanism in Nigeria, this referral service will generate additional revenue for many of its users.
Babatunde Olofin, Managing Director of Moniepoint MfB, stated that the customer-centric referral programme complements the bank’s goal on fostering financial inclusion while also helping to advance its ambition of building a society in which everyone feels financial happiness.
What they’re saying
“We understand the value of frictionless financial transactions, and we’ve seen personally how peer-to-peer recommendations and word-of-mouth referrals can build a customer base and increase income.
Given our strong customer obsession and the numerous commendations we have received that validate our work in providing peerless financial services, we want to reward our customers while they continue to share their positive experiences with the Moniepoint brand,” Olofin said.
Why this matters?
Moniepoint’s decision to relaunch their onboarding program through referrals is a strategic move with a lot of potential. Here’s why I find it interesting:
First and foremost, it capitalizes on the power of word-of-mouth marketing. People are more likely to believe recommendations from friends and family over formal advertising.
By incentivizing existing users to spread the word, Moniepoint can reach a wider audience and attract new customers organically.
Secondly, it encourages a sense of community and loyalty. When users earn rewards for referring others, they become invested in the success of Moniepoint. This can create a positive feedback loop where satisfied customers become brand advocates.
Final Thoughts
One concern is that the referral program might attract users solely interested in the quick rewards, rather than those genuinely interested in Moniepoint’s services. Another challenge is ensuring the program is sustainable in the long run, offering high rewards could become a financial burden if it is not managed carefully
