Nigeria's Moniepoint processed over $150bn in transactions last year
TLDR
- Moniepoint, a payments startup in Nigeria, achieved significant success in 2023, recording an average of 433 million monthly transactions across various channels.
- The fintech startup processed a total of 5.2 billion transactions valued at over $150 billion in 2023, marking a remarkable 205% increase from the previous year.
- Moniepoint's transaction data surpasses that of Nigeria's real-time payment infrastructure operator, NIBSS, highlighting its notable impact and growth in the Nigerian payments landscape.
In 2023, Moniepoint, a prominent payments startup in Nigeria, achieved significant success despite challenges in the country's financial services sector. According to an internal company presentation cited by TechCabal, the fintech startup recorded an average of 433 million monthly transactions across its web, mobile, card, and in-person payment channels.
The year concluded with a remarkable total of 5.2 billion transactions, amounting to a transaction value exceeding $150 billion. This signifies a remarkable 205% increase from 2022 when Moniepoint processed 1.7 billion transactions valued at over $100 billion.
Moniepoint's achievements stand out when compared to the transaction data of the Nigeria Inter-Bank Settlement System (NIBSS), the operator of Nigeria's real-time payment infrastructure. In 2023, NIBSS processed 9.6 billion transactions, totaling ₦600 trillion, underscoring the notable impact and growth of Moniepoint in the Nigerian payments landscape.
Key Takeaways
Moniepoint has undergone a remarkable transformation, evolving from a relatively unknown banking software development company that created products for Nigerian banks to becoming a dominant force in the payments industry. The startup reports that it presently serves over 2 million business accounts on its platform. In August 2023, Moniepoint expanded its reach into the personal banking sector. At that time, Ope Adeyemi, Moniepoint's Senior Vice President for Channels and Sales Tools, revealed to TechCabal that the fintech boasted 800,000 actively used point-of-sale (POS) terminals daily across the nation. The company currently manages its widely used agency banking product, Moniepoint, an online payment gateway called Monnify, and its personal banking offering. This diversification underscores Moniepoint's strategic positioning and its commitment to providing a comprehensive suite of financial services.
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