Moniepoint handled over 5 billion transactions worth more than $150 billion in 2023, marking a substantial increase from the $100 billion processed in the preceding year.
Originally established as TeamApt in 2015 to furnish infrastructure payment solutions to financial institutions, the company shifted its focus in 2019 to providing financial services directly to Nigerian businesses. By 2023, it had undergone a comprehensive rebranding to Moniepoint. In 2022, the company disclosed that 600,000 businesses utilized its services. While precise figures weren’t disclosed, the company significantly amplified this number.
The total volume of processed transactions surged from 1.7 billion in 2022 to over 5 billion in 2023, with corresponding values of $100 billion and over $150 billion, respectively. Transactions exceeding $10 billion were conducted through the company’s web platform, Monify, while 3.3 billion transactions were facilitated via its Point of Sale (PoS) terminals.
Who dominated the PoS market in Nigeria:?
While Moniepoint did not disclose its total count of PoS terminals in the nation, data from Intelpoint’s Nigerian Financial Services Report indicated that as of December 2022, OPay boasted the highest number of PoS agents in Nigeria, tallying 563,252, which accounted for 37.17% of the total 1.5 million PoS agents nationwide.
Moniepoint ranked second with 303,946 PoS agents, representing 20.06% of all PoS agents across the country.
However, insiders at Moniepoint suggest that the figure has experienced a significant uptick since 2022. The overall count of PoS terminals in Nigeria also expanded to 1.8 million by March 2023, as reported by Nairametrics. Furthermore, PoS transactions surged to ₦1.1 trillion monthly.
This surge is likely attributable to the cash redesign policy, which triggered a cash crunch in the nation, compelling individuals to conduct more online transactions.
Source: TechPoint