Moniepoint Inc., Nigeria’s fintech and business banking platform, has announced that it now processes over $17 billion in transactions every month, cementing its role as a financial backbone for millions of small and medium-sized businesses nationwide.
The milestone was highlighted in a new case study focused on Onitsha—West Africa’s largest and most densely populated market—where Moniepoint powers two out of three in-person payments.
The study, titled “How Moniepoint is Driving Trade in West Africa’s Largest Market,” illustrates how digital payments are reshaping informal economies, unlocking faster, safer, and more efficient commerce for traders long underserved by traditional banking systems.
The CEO and co-founder of Moniepoint Inc, Tosin Eniolorunda, while reacting to the findings of the study, said Moniepoint’s mission has always been to empower businesses with the tools they need to thrive.
“This case study is a testament to the impact of digital innovation in Africa’s most vibrant markets. By providing reliable, accessible, and secure financial services, we are not just facilitating transactions-we are helping to build stronger, more resilient communities,” Eniolorunda stated. Key findings from the report reveal that Moniepoint’s integrated platform has significantly reduced payment bottlenecks, enhanced business efficiency, and contributed to the growth of small and medium enterprises (SMEs) in the market. The study also explores the enduring apprenticeship system in Onitsha and how digital tools are supporting the next generation of entrepreneurs.
Excerpts from the report’s findings showed that beyond trade, Onitsha functions as a structured business incubator through the Igbo apprenticeship system and generations of entrepreneurs are created, transferring wealth, trade secrets, and business skills without formal academic structures. Transitioning from cash to digital payments (led significantly by Moniepoint) dramatically reduced risks of theft, enabled faster transactions, and eliminated costly bank runs — unlocking smoother business flows in one of Africa’s busiest markets.
Today, 2 out of 3 in-person payments in Onitsha are via Moniepoint POS terminals. This shows that digital finance can deeply penetrate highly traditional, informal economies when solutions are hyperlocal, reliable, and frictionless. Merchants can now leverage digital transaction histories to secure fast loans, allowing them t
