In the dynamic landscape of financial technology, Moniepoint emerged as a formidable player, processing a staggering 5 billion transactions in 2023, marking a significant leap from the $100 billion processed in the preceding year.
TeamApt's Genesis and Transformation
Founded as TeamApt in 2015, the company initially focused on providing infrastructure payment solutions to financial institutions. However, recognizing the evolving needs of the Nigerian business landscape, in 2019, TeamApt pivoted to offer direct financial services to businesses. By 2023, this strategic shift culminated in a comprehensive rebranding to Moniepoint.
Impressive Growth: A Surge in Business Adoption
From its 2022 revelation of serving 600,000 businesses, Moniepoint has witnessed substantial growth in its user base. Although precise figures were not disclosed, the surge in business adoption reflects the company's increasing influence within the Nigerian financial services sector.
Unveiling Transactional Triumphs
Moniepoint's prowess is further evident in the surge of total processed transactions, skyrocketing from 1.7 billion in 2022 to an impressive 5 billion in 2023. These transactions, valued at over $150 billion, demonstrate the company's pivotal role in facilitating financial exchanges.
Diverse Transaction Channels
Notably, over $10 billion of these transactions were facilitated through Moniepoint's web platform, Monify, showcasing the platform's significance in the digital financial ecosystem. Additionally, a substantial 3.3 billion transactions were conducted through the company's Point of Sale (PoS) terminals, underscoring the diversified avenues through which Moniepoint caters to its users.
PoS Dominance: Unveiling the Numbers
While Moniepoint maintains a strategic silence on its precise PoS terminal count, industry insights shed light on its formidable presence. According to Intelpoint's Nigerian Financial Services Report, OPay led the PoS market with 563,252 agents, representing 37.17% of the total 1.5 million PoS agents in the country as of December 2022.
Moniepoint's PoS Footprint
Moniepoint secured the second-highest number of PoS agents, boasting 303,946 agents, constituting 20.06% of the overall PoS agent landscape in Nigeria. However, insiders reveal that Moniepoint has significantly expanded its PoS agent network since 2022.
The PoS terminal landscape in Nigeria burgeoned to 1.8 million as of March 2023, as reported by Nairametrics. This expansion aligns with the broader trend of increased digital transactions, fueled by the cash redesign policy that led to a cash crunch in the country.
The Digital Pivot: Rising PoS Transactions
The surge in PoS terminals corresponds with a monthly increase in PoS transactions to ₦1.1 trillion. This notable uptick in transactions is a direct result of the cash redesign policy, compelling individuals to embrace online transactions in response to the prevailing cash crunch in the country.