Moniepoint Hits Milestone: Surpasses 5 Billion Transactions Processed in 2023
Moniepoint, a leading Nigerian fintech startup, marked a significant achievement in 2023 by processing a staggering $5 billion in transactions, signaling a notable uptick in businesses’ widespread adoption of its Point of Sale (PoS) terminals nationwide. Building on the foundation of over 600,000 businesses reported in 2022, Moniepoint experienced a surge in enterprises leveraging its services in 2023, although the exact count remains undisclosed. The robust transactional activity propelled Moniepoint’s overall transaction volume to an impressive $150 billion, a substantial leap from the preceding year’s $100 billion. The comprehensive tally of processed transactions catapulted from 1.7 billion in 2022 to an impressive 5 billion in 2023, collectively valued at over $150 billion.
Moniepoint’s PoS terminals played a pivotal role in breaking down these transactions, facilitating a noteworthy 3.3 billion transactions. Concurrently, Monify, the company’s versatile web platform, demonstrated its prowess by managing transactions exceeding $10 billion. While specific metrics for the August 2023 launch of Moniepoint’s banking product were not disclosed, a remarkable sevenfold increase in monthly account openings underscored the platform’s growing appeal.
Tracing its roots back to 2015 as TeamApt, originally dedicated to providing payment infrastructure solutions to financial institutions, the company underwent a strategic shift in 2019. This pivot saw TeamApt transition to offering direct financial services to Nigerian businesses, culminating in its rebranding as Moniepoint in 2023.
Despite Moniepoint maintaining discretion regarding the precise number of PoS terminals deployed nationwide, insights from Intel Points Nigerian Financial Services Report shed light on the PoS landscape. OPay emerged as the leader with 563,252 PoS agents, constituting 37.17% of Nigeria’s 1.5 million PoS agents as of December 2022. Moniepoint secured the second-highest position with 303,946 PoS agents, representing 20.06% of the total PoS agent landscape in the country. Informal reports from within Moniepoint suggest a substantial surge in these numbers since 2022, underlining the company’s expanding footprint in the financial services sector.
