Moniepoint Processed Over 5 billion in Transactions in 2023
2 min read
Nigerian fintech company that provides an all-in-one payment, banking, and operations platform for businesses, Moniepoint, is reported to have processed over 5 billion in transactions in 2023.
The fintech company transactions for 2023, were valued at over $150 billion, representing a significant increase of 205% from the $100 billion it processed in the year 2022.
Over $10 billion of Moniepoint’s 2023 transactions were made through the company’s web platform, Monify, while 3.3 billion transactions were made via its PoS terminals.
Interestingly, Moniepoint’s numbers (5.2 billion) represent almost half of the transactions NIBSS processed, which reflects how remarkable it performed, highlighting Nigeria’s best year for digital payments since 2020.
Founded by Tosin Eniolorunda and Felix Ike in 2015 with a focus on providing financial solutions for businesses, Moniepoint has experienced unparalleled success as a digital banking solution for small and medium enterprises.
Barely 2 years after its launch, the fintech startup became Nigeria’s leading agency banking solution, processing up to $7 billion in over 120,000,000 transactions monthly. Its partner product, Monnify, hit a milestone of over $22 million daily in 500,000 transactions.
Today, on the streets of many states across Nigeria, Moniepoint has become a synonym for “POS terminal”. It currently serves over 1.3 million businesses, with a monthly TPV of roughly $ 12 billion in 400 million transactions.
It is present in every local government in the country, rightly earning it the financial inclusion award from the Central Bank of Nigeria in 2022.
In May 2023, Moniepoint was listed by the Financial Times as the second-fastest-growing company in Africa. The startup has continuously evolved to provide banking solutions that enable over 200,000 businesses to collect payments, access loans, and manage.
Driven by the mission to create financial happiness, Moniepoint created a solution to meet the needs of everyday businesses that were historically overlooked and, using these businesses as touchpoints, changed the trajectory of finance in Africa’s biggest economy, Nigeria.
