Moniepoint Announces $12bn Monthly Transactions as Nigeria’s Digital Payments Grow

September 1, 2023

By Adedapo Adesanya

Moniepoint has said it now processes average monthly transactions valued at $12 billion as more businesses in Nigeria embrace digital payments over the last few years.

This disclosure was made by the Acting Managing Director of Moniepoint Microfinance Bank, Mr Babatunde Olofin, during a chat with journalists on Thursday in Lagos.

He attested to the fact that the cash scarcity incidence that occurred early this year pushed more businesses and individuals to go cashless.

Mr Olofin further disclosed that the fintech, which recently announced its entry into personal banking, having been on the business side of digital financial services for years, is now recording an average of 400 million transactions monthly.

According to him, Moniepoint currently serves over 1.6 million businesses, and going into personal banking, the fintech is targeting at least 4.8 million retail customers in the first three months.

He said this is based on the projection that each of the 1.6 million businesses it has onboarded has at least three workers who are potential customers of Moniepoint personal banking services.

Mr Olofin remarked on the fintech’s move into personal banking, saying this will help 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 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.”

He clarified that “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,” he said.

Mr Olofin said the fintech has deployed elastic infrastructure to accommodate the growing volume of digital transactions on its platform following the cash crunch that came with the CBN policy earlier this year.

“We have built our infrastructure in such a way that it is very elastic infrastructure. As transactions grow, we expand our infrastructure because we have several monitoring tools that help us monitor how transactions are growing.

“We have a system that triggers and says, oh, the transactional threshold has gotten to this level. And immediately, we know what to do to expand our infrastructure. And that’s why even during those times when people find it difficult to transact with other banks, we were always up, and we are still, and we will continue to be up to satisfy our customers,” he said.

In 2022, Moniepoint processed 1.7 billion transactions worth over $100 billion, according to its 2022 performance review report. It also disbursed $1.4 billion in loans and booked less than 1 per cent in Non-Performing Loans (NPLs).

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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