Accion MfB unveils app to transform digital banking in Nigeria

One of Nigeria’s leading microfinance institution, Accion Microfinance Bank (MfB), has launched AccionMonie, a transformative digital financial services platform designed to empower individuals, micro, small and medium enterprises (MSMEs) and low-income households.

Through AccionMonie, the microfinance bank is expanding digital capabilities for financial access and empowerment across the spectrum of underserved individuals and businesses.

The user-friendly platform offers instant access to key services, including loans, savings, capital, and other forms of support.

The unveiling of AccionMonie is part of the bank’s “Always there to lend you a hand”

campaign, which reinforces its long-standing commitment to small business growth and the welfare of low-income households.

The campaign positions Accion MFB not just as a financial provider but as a trusted partner in its customers’ journey towards business success and economic empowerment.

In Nigeria, micro, small and medium enterprises (MSMEs) are one of the key growth drivers of the economy. Estimated at about 37 million, MSMEs currently account for 86 per cent of employment and 48 per cent of Gross Domestic Product (GDP).

However, despite their strong potential, the MSMEs continue to be impacted by existential challenges, notably access to capital and finance, infrastructure and an enabling business environment.

Taiwo Joda, Chief Executive Officer (CEO) of Accion MfB, described the launch of

AccionMonie as an important milestone and a testament to the bank’s culture of innovation; one that ensures its products and offerings continue to reflect the evolving needs of its customers.

“At Accion Microfinance Bank, we believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond”, he said.

Stephen Olalere, Chief Commercial Officer (CCO) of the bank, stated that AccionMonie and the combination of the bank’s extensive network of over 74 branches in 12 states will address the persistent challenge of limited access to financial services faced by many small businesses in Nigeria.

He added that the platform’s user-friendly features will simplify payments and offer much-needed support for both businesses and individuals.

For Paul Ehiagbonare, Chief Digital Officer of the bank, “this is a bold move towards digital leadership, maturity and excellence. For us, AccionMonie is a reflection of the much needed customer empowerment through digital tools and technologies.

“We are not only providing access to finance but standing beside our customers as partners, supporting their ambitions when others may not and doing so timely and more efficiently. Our goal is to be a reliable ally on their ourney toward growth, stability, and long-term success.”

AccionMonie offers a range of customer-focused features designed to promote financial inclusion and empower users.

One of its unique offerings is Save2Loan, which allows customers to save between N50,000 and N250,000 over 90 days and qualify for a loan worth twice their savings. This feature is expected to encourage a stronger culture of saving while expanding access to credit.

Customers can also fund their AccionMonie accounts directly using any debit card, which is aneasy, seamless process that eliminates the need for long queues at banking halls.

Another key feature is the targeted saving option and locked savings, which helps users plan and save for long-term goals such as tuition, rent, or investment while earning competitive interest.

Customers can also earn for referring others.

Account management features include on demand bank statement, account upgrade features, secure access, transfer limit management amongst others.