One of Nigeria's leading fintech companies, Moniepoint, has announced it now processes average monthly transactions valued at $12 billion as Nigeria continues to embrace digital payments. During a chat with journalists in Lagos on Thursday, this information was disclosed by the Acting Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin. Mr Babatunde Olofin also attributed the company's online transactions rise to the cash scarcity earlier this year, which has persuaded many Nigerians and businesses to embrace digital financial services and go cashless.
This growth can be attributed to Moniepoint's recent move into personal banking. Its entrance into personal banking has helped achieve the fintech's financial inclusion targets as this product ensures Nigerians can access banking services conveniently.
Beyond Moniepoint, the milestone achievement illustrates the shift towards digital payments in Nigeria and the crucial role fintechs like Moniepoint play in fostering the financial inclusion agenda in Nigeria and across Africa. With the increase in digital transactions, the vision for a cashless society, the growth and profitability of the financial technology industry become more evident. A thriving digital financial ecosystem would stimulate positive transformations in Nigeria. It also offers increased job opportunities for many young Nigerians aspiring to start a career in the fintech industry.
As the fintech industry evolves and the growth in the volume of digital transactions continues, Moniepoint will look to ensure it is capable of handling these changes and increase by expanding its infrastructure and boosting its services across all regions in Nigeria and Africa.
Company Name: Moniepoint
Industry: Payments, Financial Services
Founded: 2015
CEO: Tosin Eniolorunda
Funding raised: $450,000,000
Revenue: N/A
Customer base: 600,000
Key countries: Nigeria, United Kingdom
