In 2023, Moniepoint handled over 5 billion transactions

For the year 2023, Nigerian fintech firm, Moniepoint, processed over 5 billion transactions. In the same year, there was a significant increase in the number of businesses utilizing the company’s Point-of-Sale (PoS) terminals.

While the company did not disclose specific numbers for its personal banking product introduced in August 2023, the number of new accounts opened monthly surged by sevenfold. Interestingly, Moniepoint processed transactions worth more than $150 billion, a substantial rise from the $100 billion processed in the previous year.

Moniepoint was initially established as TeamApt in 2015, providing payment infrastructure solutions to financial institutions.

However, in 2019 it shifted its focus to directly service Nigerian businesses with financial services. By 2023, it entirely rebranded to Moniepoint, boasting about 600,000 businesses using its services by 2022. The company’s ambitious billion-dollar plan aims to bank Africa’s 500 million unbanked adults.

The company has notably increased its reach in terms of user numbers, despite not revealing actual figures.

The total processed transactions witnessed a substantial growth from 1.7 billion in 2022 to over 5 billion in 2023, valued at $100 billion and over $150 billion respectively. More than $10 billion worth of these transactions were facilitated through Moniepoint’s web platform, Monify, while an impressive count of 3.3 billion transactions were carried out via the company’s PoS terminals.

Who had the upper hand in the PoS market in Nigeria?

Although Moniepoint hasn’t disclosed the exact number of its Point-of-Sale (PoS) terminals in Nigeria, information from the Nigerian Financial Services Report by Intelpoint indicated that OPay held the most PoS agents in Nigeria with a total of 563,252. This represented 37.17% of the total 1.5 million PoS agents in the country as of December 2022.

Moniepoint, however, stood as the second largest, having 303,946 PoS agents, which made up 20.06% of all PoS agents in the country. However, insiders from Moniepoint suggest that this number has significantly increased since 2022.

According to a report by Nairametrics, the number of Point-of-Sale (PoS) terminals in the country expanded to 1.8 million as of March 2023. Also, PoS transactions surged to a monthly total of ₦1.1 trillion. The probable cause for this upsurge is the cash redesign policy that initiated a cash crunch nationwide, compelling residents to resort to online transactions more frequently.