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Moniepoint Hits Over $17 billion In Monthly Transactions
A Nigerian fintech company, Moniepoint Inc., hits over $17 billion in monthly transactions. This shows just how important Moniepoint has become for small and medium-sized businesses across Nigeria.
A recent study looked closely at Onitsha, which is the biggest and busiest market in West Africa. The study found that in Onitsha, two out of every three payments made in person are done through Moniepoint’s payment machines. This is a big deal because many traders in Onitsha used to rely on cash, which can be slow and risky. Using Moniepoint’s digital payments makes buying and selling faster, safer, and easier.
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Tosin Eniolorunda, the CEO and co-founder of Moniepoint, said the company’s goal has always been to help businesses grow by giving them the right tools. He said the study proves that digital technology is changing how people trade in Africa’s busiest markets. By making payments simple and secure, Moniepoint is helping build stronger communities.
Moniepoint’s system has helped reduce delays in payments and made businesses run more smoothly. This has helped many small businesses grow. The company’s digital tools also support a traditional system in Onitsha called the apprenticeship system, where older business owners teach younger people how to trade and run businesses. Switching from cash to digital payments has cut down on theft and long waits at banks, making business life easier for many traders.
Moniepoint started in 2015 as a small software company but has grown into Nigeria’s top business banking platform. Today, it serves over two million businesses and handles more than 800 million transactions every month, all adding up to more than $17 billion. The company recently raised $110 million from investors like Google’s Africa Investment Fund to help it grow even more and offer services like loans, foreign exchange, and business management tools.
When Nigeria faced a cash shortage, many businesses struggled. But Moniepoint’s strong digital banking helped many traders keep going by allowing them to receive payments without cash. This helped the company stay strong even during tough times.
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Right now, Moniepoint is the biggest payment service in Nigeria, with two out of every three adults using its payment machines. It has been named Africa’s fastest-growing fintech company for two years in a row.
Moniepoint hits over $17 billion in monthly transactions, showing how much it has grown and how important it is for businesses in Nigeria and West Africa. By making payments easy and supporting small businesses, Moniepoint is helping millions of people succeed and grow their businesses.
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