Moniepoint Monthly Transactions Hit $12bn

Olufemi Adeyemi 

Fintech company, Moniepoint Inc. says it now processes transactions valued at $12 billion every month as more businesses in Nigeria embrace digital payment, acting Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, disclosed this on Thursday during a chat with journalists in Lagos.

L-R Acting Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin; Head, Compliance and Risk, Ladidi Agidani; and Senior Vice President, Channels and Sales Tools, Ope Adeyemi, during Moniepoint MFB’s Financial Inclusion Media Conversation in Lagos.

Moniepoint Inc. a fintech company said it now processes average monthly transactions valued at $12 billion for about 1.6million businesses in Nigeria.

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.

Babatunde Olofin, acting managing director of Moniepoint Microfinance Bank, disclosed this during a chat around financial inclusion in Lagos, expressing his enthusiasm about the bank’s expanded role in the financial inclusion drive and the opportunity to power the financial happiness of millions of people across the continent.

He also stated the bank’s credentials as a leading innovator in the fintech space having pioneered several products and technologies – dynamic transaction switching, hyperlocal distribution network, virtual account service, and instant PoS bank transactions.

“We have powered the dreams of a lot of business owners, and we know what individuals need. We want to include everyone from the regular Okada rider, to the market woman in the financial services space. We have built our infrastructure in such a way that it is very elastic.”

“As transactions grow, we can expand our infrastructure and this is because we have several monitoring tools that help us to monitor how transactions are growing. Also, in every nook and cranny of the nation, we have our business relationship reps. Even in localities where there is no physical bank or ATM presence, you’ll find our precious blue boxes there,” he said.

In furtherance of curating an enjoyable user experience for consumers and powering the dreams of many, the bank also announced a gamified in-app approach that will see thousands of users win N2,000 weekly and a grand prize of 10 million naira. Ope Adeyemi, Senior Vice President, of Channels and Sales tools, described this innovative touchpoint as an incentivizing tool for deepening financial inclusion.

“We want to supercharge financial inclusion because we realize that if you want to drive behavioural change and increase adoption, you should reward consistently good behaviour. Consumers are rewarded with coins on our personal banking app after they carry out transactions, and these coins allow them to take part in exciting weekly games such as Shuffle, and Spin the Wheel,” he said.

September 02, 2023