Moniepoint, a leading payments startup, recorded a milestone feat in 2023. Despite industry challenges, the fintech juggernaut averaged a staggering 433 million monthly transactions across its diverse channels – web, mobile, card, and in-person payments. The internal company presentation revealed a remarkable closure to the year with an impressive 5.2 billion transactions, valued at over $150 billion.
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Striking Growth Trajectory
Moniepoint’s 2023 performance showcased a remarkable 205% increase from the preceding year. In 2022, the startup processed 1.7 billion transactions, amounting to over $100 billion. This exponential growth solidifies Moniepoint’s position as a pivotal player in Nigeria’s digital payments ecosystem.
Comparing these figures with the transactions handled by NIBSS, the operator of Nigeria’s real-time payment infrastructure, Moniepoint’s prowess becomes evident. NIBSS processed 9.6 billion transactions, totaling ₦600 trillion. Notably, Moniepoint’s 5.2 billion transactions constitute nearly half of NIBSS’s total, underscoring 2023 as Nigeria’s most prolific year for digital payments since 2020.
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While Moniepoint’s achievements shine on the national stage, a glance eastward to Kenya unveils the dominance of MPesa, Kenya’s largest payment processor. With a staggering 12.93 billion transactions processed from April to September 2023, MPesa dwarfs Moniepoint’s 2023 numbers, illuminating the rationale behind Moniepoint’s expansion into the Kenyan market.
Evolution from Software Developer to Payment Powerhouse
Moniepoint’s trajectory signifies a transformation from a relatively unknown banking software development company serving Nigerian banks to a payment giant. The fintech proudly boasts over 2 million business accounts on its platform, illustrating its widespread impact.
In August 2023, Moniepoint ventured into personal banking, further diversifying its offerings. Ope Adeyemi, Moniepoint’s Senior Vice President for Channels and Sales Tools, disclosed the active daily use of 800,000 POS terminals nationwide. The fintech now operates its ubiquitous agency banking product, Moniepoint, an online payment gateway Monnify, and a personal banking product. These platforms empower users to pay bills, purchase airtime, transfer money to bank accounts or POS devices, and make card payments. Business owners benefit from features like tax management, compliance, payroll and expense management, and access to loans.
Diverse Business Landscape
Moniepoint’s business clientele spans various sectors, with significant representation from retail (38.29%), food and drinks (17.77%), oil and gas (9.11%), IT and electronics (6.12%), beauty and personal care (4.5%), and agriculture (4%). This diversity underscores Moniepoint’s ability to cater to the distinct needs of businesses across industries.
Processing millions of transactions daily provides Moniepoint with a unique vantage point into Nigerians’ daily financial behaviors. Notable trends include Sundays emerging as the peak time for food purchases, typically between 7-8 p.m. Additionally, ₦100 emerged as the most popular amount for airtime transactions, occurring a staggering 63 million times.
Examining the impact of Nigeria’s election periods, Moniepoint observed a surge in food and provisions stockpiling due to anticipated violence. This trend extended to increased bill payments for cable and electricity subscriptions in the hour preceding Nigeria’s 2023 general elections.
Moniepoint’s stellar performance in 2023 underscores its resilience, adaptability, and pivotal role in Nigeria’s evolving fintech landscape. As it continues to innovate and expand, the fintech giant stands as a beacon of success amid challenges, reshaping the narrative of digital payments in Nigeria.