Nigerian Fintech Startup, Moniepoint Monthly Transaction Value Hits $12 Billion 

Moniepoint, a global business payments and banking platform that provides financial solutions for individuals and businesses, has announced that the company now processes an average monthly transaction valued at $12 billion.

This milestone was disclosed by the Acting Managing Director of Moniepoint, Mr. Babatunde Olofin during a chat with journalists in Lagos. 

Mr. Olofin attributed the growth of Moniepoint’s monthly transaction value to the cash scarcity that ravaged the country earlier this year, which has spurred individuals and businesses in the country to go cashless.

Speaking on the company’s entry into personal banking, he said the firm now records an average of 400 million transactions monthly.

Moniepoint currently boasts over 1.6 million businesses and has onboarded at least three workers who are potential customers of its personal banking services.

Mr. Olofin disclosed that Moniepoint’s move into personal banking was to aid in achieving the financial inclusion target of the Central Bank of Nigeria (CBN), as it will be targeting many unbanked Nigerians through agent banking.

In his words,

“In every corner of the nation, we have our representatives known as agents. Even in areas where we don’t have a physical bank presence, we are there. We call our agents ‘man bank’ because you can actually do everything you can do in a banking hall with our agents. So, we are everywhere because we want to drive financial inclusion in Nigeria.  

“I remember talking to someone one day and she said because she stayed at Ijede before she could withdraw N5,000, she had to spend N500 on transport to Ikorodu just to use an ATM. So, you can now imagine when such a person discovered that we have agents right within Ijede and she does not have to spend N500 to go to Ikorodu for cash withdrawal anymore.

“The agents are not like ATMs that will say unable to dispense because they are always able to dispense and hardly will you have dispense error because of our solid infrastructure. So, this is how we are driving financial inclusion and that was how we won the market in the first place even in areas where there are banks. We are making sure that financial service is not a privilege but a right for everybody”.

With the increase in digital transactions, especially since March this year when many Nigerians were forced to embrace cashless payments due to cash crunch, Olofin said that Fintech has deployed an elastic infrastructure to accommodate the growing volume of digital transactions on its platform.  

Moniepoint which primarily operated as a provider of Point-of-Sales (PoS) payment services and other financial products, has risen to become one of the prominent players in the Nigerian Fintech space.

As Nigeria has been experiencing a growing demand for digital payment solutions, Moniepoint has capitalized on this trend by offering convenient PoS services. 

It is worth noting that merchants on Moniepoint rose to 1.3 million in the second quarter (Q2) of 2023, contributing to about 80 percent of the PoS businesses on the platform. 

While competition in the Fintech space has continued to heighten, with the influx of new players, Moniepoint has continued to adjust its strategies alongside the introduction of new product offerings to stay competitive and attract new customers.

Aside from dominating the Nigerian Fintech space, Moniepoint is planning a major expansion across the African continent. Last week the company was given a green light by the Competition Authority of Kenya to acquire Kenyan-based Fintech firm Kopo Kopo.