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Moniepoint reports massive growth; hits $12 billion monthly transaction

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Nigerian fintech company, Moniepoint, has revealed that its monthly transactions now amount to an impressive $12 billion. This significant milestone comes as the company announces its expansion into personal banking, a move aimed at accelerating financial inclusion in Nigeria.

Babatunde Olofin, the acting managing director of Moniepoint, attributes this achievement to the increased adoption of digital payments, which gained momentum due to cash scarcity earlier this year. Moniepoint has quickly become a prominent player in the Nigerian fintech landscape, serving over 1.6 million businesses.

In the first three months of its foray into personal banking, Moniepoint aims to onboard at least 4.8 million retail customers. Olofin explains, “Based on our projection, we believe that each of the 1.6 million businesses has at least three workers, who are potential customers of Moniepoint personal banking services.”

Moniepoint’s personal banking initiative aligns with the Central Bank of Nigeria’s goal of achieving widespread financial inclusion. To reach unbanked Nigerians, the company has deployed a network of 10,000 agents across the nation, making financial services accessible even in areas lacking physical bank branches or ATMs. Olofin emphasizes that Moniepoint is “making sure that financial service is not a privilege but a right for everybody.”

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,” Olofin said.

Read also: Tunisian startup – SeekMake – secures €500k Investment to scale its Global Expansion

To encourage further adoption of digital payments, Moniepoint has introduced a reward program, offering customers the chance to win a total of N210 million as they transact on its app.

With its solid infrastructure and innovative approach to financial services, Moniepoint is poised to continue powering the dreams of businesses and individuals while contributing to the ongoing transformation of Nigeria’s financial landscape.

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