Business & Finance

Google Cloud Partners with Moniepoint to Empower Underbanked Businesses in Nigeria

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Collaboration aims to bridge the banking gap in remote areas and communities, providing financial services to millions of SMEs

Moniepoint and Google Cloud

Google Cloud has joined forces with Moniepoint, an Africa-focused business banking platform, to revolutionize financial services for underbanked businesses in Nigeria’s remote areas and communities. Through this strategic collaboration, the partners aim to bridge the banking gap and bring accessible financial services to small and medium-sized enterprises (SMEs) on a large scale.

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According to a statement by Google Cloud, the partnership leverages its scalable infrastructure to facilitate seamless processing of approximately $14 billion worth of financial transactions each month. By utilizing Google Cloud’s secure and low-latency banking services, Moniepoint can extend its reach to SMEs operating in suburban locations, where access to traditional banking services is limited.

With over 41 million micro-businesses in Nigeria, enabling digital payment acceptance is crucial for their growth and success. Moniepoint’s scalable infrastructure, powered by Google Cloud, provides low-latency internet access, ensuring efficient and uninterrupted banking services for customers, even in areas with limited internet connectivity.

Felix Ike, the Chief Technology Officer at Moniepoint, expressed gratitude for Google Cloud’s support, emphasizing its role as a key enabler for their growth journey. Starting as a small business, Moniepoint has evolved into a licensed business bank, serving 1.3 million businesses across Nigeria today. Ike highlighted the ease of deploying Google Cloud technologies, which empower their development team to process financial transactions quickly and efficiently.

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By capitalizing on Google Cloud’s scalable infrastructure, Moniepoint aims to expand its customer base exponentially, with plans to cater to three million customers in the next 18 months. As Moniepoint extends its footprint across Africa, its collaboration with Google Cloud will play a pivotal role in delivering seamless and secure banking services.

Nigeria’s Inter-Bank Settlement System has revealed that 50% of the country’s 207 million adult population remains underbanked. Niral Patel, Director at Google Cloud Africa, emphasized that Google Cloud’s infrastructure has revolutionized the traditionally process-heavy banking and financial services domain. Moniepoint has automated transactional processes that used to take up to eight hours, reducing them to a mere 10 minutes. This technological advancement has instilled confidence in businesses, leading to a significant increase in the volume of customers relying on Moniepoint’s seamless and secure services.

The collaboration between Google Cloud and Moniepoint represents a significant step forward in empowering underbanked businesses in Nigeria. By leveraging advanced technology and scalable infrastructure, millions of SMEs in remote areas and communities now have access to essential financial services, fostering their growth and contributing to Nigeria’s economic development.

Source: Business Day Nigeria

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