Adedapo Adesanya
By Adedapo Adesanya
The cash crunch challenge faced by Nigerian consumers and businesses and the associated service disruptions in the electronic payment channels in the first quarter of 2023 resulted in some gains for financial technology (fintech) companies.
One of these was MoniePoint, formerly known as TeamApt, which has announced that it processed about $43 billion in transactions in the first three months of the year and saw about 500,000 app downloads, among other milestones.
According to testimonies shared by its team members on LinkedIn, MoniePoint witnessed a growth in its business users, which hit 983,595 in the period under review.
On the business side of things, the company said it was able to process 1 billion transactions in the period under review, a huge growth considering it took it about three quarters to reach those numbers in 2022.
The country’s cashless policy caused a surge in growth that brought about a total processed value (TPV) of $43 billion, which corresponded with a 1,000 per cent bump in point-of-sales (POS) requests which saw it activate a terminal for its merchants every 30 seconds.
Admittedly, the company noted that initially, the infrastructure on the ground was not ready for this; however, it was able to reduce disputes due to processor failures to 10 per cent daily while reducing downtime experienced by users by 60 per cent.
MoniePoint was also able to onboard a number of hospitals into its clientele, including OAU Teaching Hospital, National Orthopaedic Hospital, Igbobi, Irua Specialist Teaching Hospital, Federal Neuro-Psychiatric Hospital, Nnamdi Azikiwe University Teaching Hospital, among others.
