Fintech company, Moniepoint Inc. says it now processes transactions valued at $12 billion every month as more businesses in Nigeria embrace digital payment, acting Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, disclosed this on Thursday during a chat with journalists in Lagos.
He attributed the rise in online transactions to the early this year pushed more businesses and individuals to go cashless.
Olofin further disclosed that the fintech now records an average of 400 million transactions monthly.
He stated that Moniepoint currently serves over 1.6 million businesses, and going into personal banking, the fintech is targeting at least 4.8 million retail customers in the first three months.
Moniepoint recently announced its entry into personal banking having been on the business side of digital financial services for years.
He said this is based on the projection that each of the 1.6 million businesses it has onboarded has, at least, 3 workers, who are potential customers of Moniepoint personal banking services
Olofin further said the fintech’s move into personal banking was to help in achieving the financial inclusion target of the Central Bank of Nigeria as it will be targeting many unbanked Nigerians through agent banking.
To encourage more Nigerians to embrace digital payment, Olofin said the company has also rolled out a reward programme, where its customers will be winning a total of N210 million as they transact on its app.
He said the fintech has deployed elastic infrastructure to accommodate the growing volume of digital transactions on its platform.
In 2022, Moniepoint processed 1.7 billion transactions worth over $100 billion, according to its 2022 performance review report. It also disbursed $1.4 billion in loans and booked less than 1 per cent in NPL (Non-Performing Loan).