In a groundbreaking development for the Nigerian fintech landscape, Moniepoint Inc., a prominent player in the industry, has reported a remarkable milestone. The company revealed that it is now processing an average of ₦12 trillion in monthly transactions, a testament to the growing acceptance of digital payments among businesses and individuals across Nigeria.
Babatunde Olofin, the Acting Managing Director of Moniepoint Microfinance Bank, shared this impressive achievement during an insightful conversation with journalists in Lagos. He highlighted how the recent shortage of physical cash earlier this year triggered a significant shift towards cashless transactions. This shift, in turn, propelled more businesses and individuals to embrace the convenience and security of digital payments.
Olofin went on to unveil Moniepoint’s strategic expansion into personal banking, marking a new chapter in the company’s journey. With a successful track record in digital financial services, the fintech is now processing an average of 400 million transactions monthly. The company’s outreach extends to over 1.6 million businesses, each potentially representing multiple customers as they join Moniepoint’s venture into personal banking.
The move into personal banking aligns with Moniepoint’s mission to contribute to the Central Bank of Nigeria’s efforts towards achieving financial inclusion. The company envisions leveraging agent banking to reach underserved Nigerians and bring them into the financial fold. Agents situated across various regions offer accessible and inclusive banking experiences, allowing users to perform a wide range of transactions without the need for traditional bank visits.
Olofin emphasized the impact of this approach by recounting an anecdote of a user who previously had to spend a significant amount of money and effort to access an ATM for a small withdrawal. With Moniepoint’s agents now accessible in her locality, she can easily access financial services without undue hassle or extra costs.
Moniepoint’s resilience in coping with the surge in digital transactions stands as a testament to their robust technological infrastructure. Olofin explained how the company’s elastic infrastructure adapts to the growing volume of transactions seamlessly. This ability to scale up ensures consistent service quality even during periods of high demand, setting them apart as a reliable financial service provider.
In their 2022 performance review report, Moniepoint processed a staggering 1.7 billion transactions, collectively valued at over ₦100 trillion. The fintech also extended financial support to various segments of the population, disbursing loans amounting to ₦1.4 trillion while maintaining a remarkably low Non-Performing Loan (NPL) ratio of less than 1%.
Moniepoint’s journey reflects the transformative power of fintech in Nigeria’s financial landscape. As businesses and individuals continue to embrace digital payments, the company’s role in driving financial inclusion and accessibility remains pivotal, shaping a more inclusive and empowered future for all.
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