Citygate has launched a fintech product, Monee, which enables everyone make financial transactions of all sorts, including bill payment, with the use of its mobile devices.
The Group Managing Director of Citygate, Seun Durojaye, said the launch of Monee, on Tuesday, marks a major milestone in the growth and development of the company as a Fintech institution.
According to Durojaye, establishing the Monee App took the company about two and a half years.
He said after a thorough review of the general finance system, the organisation concluded that the future of banking was not within the four walls of a big edifice, but rather in the Apps that can reach millions of people within the shortest possible time.
He said: “On behalf of Monee.ng powered by Citygate, I welcome you all to this special day whereby Monee, a unique Fintech Product is being launched for the use of the general public starting today.
“This launch marks a major milestone in our growth and development as a Fintech institution.
“The Monee project journey started about two and a half years ago.
“After a thorough review of the general finance system, we concluded that the future of Banking was not within the four walls of a big edifice but rather, in the Apps in our palm that can reach millions of people within shortest possible time.
“This birthed the MONEE idea, and we commissioned the development of the Monee App which took two and a half years to complete.
“The Monee App is versatile and very useful for all, it’s a one stop financial institution in your palm.
“It’s a complete bank on its own.
“As it is, you can access a loan within one minute on it, you can save your Money with good interest rate on the App, you can effect funds transfer to any bank account and receive money directly from all bank accounts in Nigeria at the least cost of N10 only unlike the N50 being charged by Commercial banks, you can pay all your Bills including your DSTV Subscription; for those of us using prepaid Electricity, you can buy your electricity token on it with ease, you can pay to all organisations that have automated bill payment systems in place on this Monee App, you can buy Airtime and Data for your phones at any time of the day as it works 24/7, no retailer shop closing time here.
“Therefore, this App is for everybody irrespective of gender, financial status, old or young.
“We all need it.
“Monee App is very sophisticated and secured as you will see when you start using it, it’s integrated with the BVN portal where the identity of every user is verified within seconds before we sign you in, its connected with two Credit Bureau in Nigeria where your credit status and character is verified, the Monee APP is also integrated with NIPPS (Nigeria Interbank Payment System) which allows it to pay into and receive from any Bank account in Nigeria.
“In addition it’s also integrated with INTERSWITCH which makes it possible to effect any automated online Bills Payment for products and services.
“It does all the processing within one minute thereby saving a lot of our time jumping from one vendor to the other.
“This Monee App is unique when compared to other Apps doing similar functions in Nigeria today in the sense that, is second Wallet based App in Nigeria that has a NUBAN compliant account number that can receive fund transfer from any Bank in Nigeria unlike others that depend only on card funding.
“Monee App will definitely provide quality services to millions of users in Nigeria within shortest possible time as the capacity and capability is therein.
“We encourage all to download it as we all need it for one thing or the other, as enumerated in the above listed functions.
“We have supported the Monee App with a dedicated call center working 24/7 to handle all users question through calls and instant response text messaging system on the App that can be used to communicate with backend staff instantly on any issues, we intend to use this to address users concern and guide them on the usage of the Application when need arise.”
The GMD also thanked the people who played major roles in making the project a reality.
Durojaye said: “I will like to start by recognising the Citygate Group Chairman, Engr. Olugbenga Dairo; The Empire Trust MfB Chairman, Chief Adelagun Otufal; Our Directors in attendance; Our Special Guests; Our Customers around; Our Bankers and all other protocols duly observed.
“I want to thank the following people for the role they played in making this project a reality. First of all, I want to thank our Group Chairman, Engr. Olugbenga Dairo, for his guidance and support throughout the period of development and making this launching a reality, he is unavoidably absent here today but with us in spirit.
“I also want to thank our able IT consultant, Mr. Afolabi Williams, for helping us with the technical knowhow during various stages of the App development, much thanks go to Mr. Segun Owa, the MD of NIDCOM SOLUTIONS team, for the development of the most user-friendly Application in town.
“Finally, I want to thank especially Chief Adelagun Otufale, the Chairman of Empire Trust MfB, for coming all the way from Ibadan to attend this launching, and Mr. Tayo Orekoya, the Chairman of CITI Group, for taking time to grace this occasion despite his tight schedule.
“I also want to use this opportunity to thank all our special guests for creating time to attend this Monee Launching Ceremony today, may God guide and be with you as you head back home.
“I cannot conclude this speech without thanking the entire Citygate Global Management Team, for their contribution in powering the Monee App and making the App a functioning one.”
