E-payment: Moniepoint hits $12 billion monthly transaction value
Fintech company, Moniepoint Inc. said it now processes average monthly transactions valued at $12 billion as more businesses in Nigeria embrace digital payments.
The Acting Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, who disclosed this on Thursday during a chat with journalists in Lagos, attested to the fact that the cash scarcity incidence that occurred early this year pushed more businesses and individuals to go cashless.
Olofin further disclosed that the fintech which recently announced its entry into personal banking having been on the business side of digital financial services for years, is now recording an average of 400 million transactions monthly.
According to him, Moniepoint currently serves over 1.6 million businesses, and going into personal banking, the fintech is targeting at least 4.8 million retail customers in the first three months.
He said this is based on the projection that each of the 1.6 million businesses it has onboarded has, at least, 3 workers, who are potential customers of Moniepoint personal banking services
Deepening financial inclusion
Olofin said the fintech’s move into personal banking was to help in achieving the financial inclusion target of the Central Bank of Nigeria as it will be targeting many unbanked Nigerians through agent banking.
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Coping with rising transactions
With the increase in digital transactions, especially since March this year when many Nigerians were forced to embrace cashless payments due to cash crunch, Olofin said the fintech has deployed elastic infrastructure to accommodate the growing volume of digital transactions on its platform.
In 2022, Moniepoint processed 1.7 billion transactions worth over $100 billion, according to its 2022 performance review report. It also disbursed $1.4 billion in loans and booked less than 1% in NPL (Non-Performing Loan).
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Incredible !!!