Moniepoint, a Nigerian fintech firm, recorded over 5 billion transactions in 2023, with a notable rise in businesses utilizing its Point-of-Sale (PoS) terminals.
While specific numbers for its personal banking product launched in August 2023 were not disclosed, new account openings surged by sevenfold monthly.
Transaction values exceeded $150 billion, a significant increase from the previous year’s $100 billion.
Despite undisclosed user figures, total processed transactions grew substantially from 1.7 billion in 2022 to over 5 billion in 2023, valued at over $150 billion. Monify, the company’s web platform, facilitated over $10 billion worth of transactions, while its PoS terminals handled 3.3 billion transactions.
“In the Nigerian PoS market, OPay led with 563,252 PoS agents, comprising 37.17% of the total 1.5 million agents as of December 2022, according to the Nigerian Financial Services Report by Intelpoint. Moniepoint ranked second with 303,946 PoS agents, representing 20.06% of all agents. Insider sources suggest a significant increase in Moniepoint’s PoS agent count since 2022,” reports state.
Nairametrics reported an expansion of PoS terminals to 1.8 million and a monthly transaction total of ₦1.1 trillion in March 2023.
This surge may be attributed to a cash crunch induced by the cash redesign policy, prompting increased reliance on online transactions nationwide.
Originally established as TeamApt in 2015, Moniepoint transitioned in 2019 to directly serve Nigerian businesses. By 2023, it rebranded entirely, with approximately 600,000 businesses utilizing its services by 2022. Moniepoint’s ambitious goal is to bank Africa’s 500 million unbanked adults.
