The news:
- Nigerian fintech, Moniepoint, processed over 5 billion in transactions in 2023.
- The company also boasted a huge increase in businesses using its PoS terminals in 2023.
- While it did not give specific figures on its personal banking product, which it launched in August 2023, the number of accounts opened monthly has increased by seven times.
Moniepoint processed over 5 billion in transactions valued at over $150 billion, a big jump from the $100 billion it processed in the previous year.
The company was founded as TeamApt in 2015 to provide infrastructure payment solutions to financial institutions, but in 2019, it decided to offer financial services directly to Nigerian businesses, and by 2023, it announced a complete rebrand to Moniepoint. In 2022, it revealed that 600,000 businesses use its services.
The company has increased that figure significantly, although actual figures were not revealed.
Total processed transactions also went from 1.7 billion in 2022 to over 5 billion in 2023, valued at $100 billion and over $150 billion respectively. Over $10 billion of these transactions were made through the company’s web platform, Monify, while 3.3 billion transactions were made via its PoS terminals.
Who dominated the PoS market in Nigeria?
While Moniepoint did not reveal how many PoS terminals it has in the country, Intelpoint’s Nigerian Financial Services Report showed that OPay had the most PoS agents in Nigeria — 563,252 — 37.17% of the total 1.5 million PoS agents in the country as of December 2022.
Moniepoint had the second-highest number of PoS agents — 303,946 — 20.06% of all PoS agents in the country.
However, sources within Moniepoint say that the number has increased significantly since 2022.
PoS terminals in the country have also grown to 1.8 million as of March 2023 according to this report by Nairametrics. PoS transactions also increased to ₦ 1.1 trillion monthly.
This increase is most likely due to the cash redesign policy that led to a cash crunch in the country, forcing people to make more online transactions.
