Moniepoint, a Nigerian fintech company, has recently revealed that its monthly transactions have surged to a staggering $12 billion.
This impressive growth comes as Moniepoint expands its services into personal banking, with the aim of advancing financial inclusion in Nigeria.
The company’s acting managing director, Babatunde Olofin, shared this exciting news during a press conference held in Lagos.
He attributed this remarkable success to the cash scarcity incident earlier this year, which prompted both businesses and individuals to increasingly adopt cashless transactions.
In the first three months of venturing into the personal banking sector, Moniepoint,
currently serving over 1.6 million enterprises, has ambitious plans to reach at least 4.8 million retail consumers.
Olofin explained their strategy, stating that they anticipate each of the 1.6 million businesses to have at least three employees who could potentially become Moniepoint personal banking customers.
Regarding their foray into personal banking, the acting MD stated that Moniepoint’s expansion aligns with the Central Bank of Nigeria’s goal of achieving greater financial inclusion.
The company has deployed an extensive network of 10,000 agents across the country to cater to unbanked Nigerians.
Moniepoint has strategically positioned its agents throughout the nation, including areas without physical bank branches.
These agents provide comprehensive banking services, earning them the moniker “man bank.
” They offer a convenient alternative to traditional banking, eliminating the need for individuals, like one mentioned by Olofin,
who previously had to spend significant sums on transportation to access an ATM.
Moniepoint’s agents ensure efficient cash withdrawals and transactions, minimizing errors thanks to their robust infrastructure.
This approach underscores the company’s commitment to making financial services accessible to all, rather than a privilege for a select few.
To incentivize more Nigerians to embrace digital payments, Olofin announced the launch of a reward program.
