The cash crunch at the beginning of the year exposed the inadequacies in the financial sector, a gap that Moniepoint quickly filled, allowing Nigerians to make transactions via electronic channels.
The fintech company which has a microfinance operating licence had permeated the local markets with its products, putting point of sale (POS) terminals in the hands of petty traders, many of whom hitherto had no bank accounts and were initially excluded from the financial sector.
This is evident in the presence of Moniepoint compact blue POS terminals found at shopping malls, fuel stations, mechanic shops and hair dressing salons. Roadside businesses have not been excluded.
Moniepoint POS machines’ ability to receive instant credit alerts when customers make transfers to their accounts has erased the burden of waiting for merchants to receive alerts before customers could take their leave. This has further increased trust in the financial sector, especially among financially underserved and excluded Nigerians.
Moniepoint, which started operation in 2015 as an innovative financial solutions provider, has made significant progress and obtained a microfinance operating licence from the Central Bank of Nigeria in February 2022.
Moniepoint MFB operates one of the largest distribution networks for financial services in Nigeria, processing about N8 trillion monthly. Over 33 million people transact on its POS terminals monthly.
Headquartered in Oyo with support offices and business relationship managers in 33 states across the country, Moniepoint which was founded by Tosin Eniolorunda is Africa’s second-fastest-growing company in 2023.
