Moniepoint processed over 5 billion in transactions valued at over $150 billion, a big jump from the $100 billion it processed in the previous year.

The company was founded as TeamApt in 2015 to provide infrastructure payment solutions to financial institutions, but in 2019, it decided to offer financial services directly to Nigerian businesses, and by 2023, it announced a complete rebrand to Moniepoint. In 2022, it revealed that 600,000 businesses use its services.

The company has increased that figure significantly, however the actual figures were not revealed.

Total processed transactions also skyrocketed from 1.7 billion in 2022 to over 5 billion in 2023, and it valued were at $100 billion and now over $150 billion respectively. Over $10 billion of these transactions were made through the company’s web platform, Monify, while 3.3 billion transactions were made via its PoS terminals.

Who Dominated the PoS Market in Nigeria?

Although, it is said that Moniepoint did not reveal the total number of PoS terminal point they have in Nigeria. Intelpoint’s Nigerian Financial Services Report showed that OPay had the most PoS agents in Nigeria 563,252 — 37.17% of the total 1.5 million PoS agents in the country as of December 2022.

Moniepoint had the second-highest number of PoS agents — 303,946 — 20.06% of all PoS agents in the country. However, sources within Moniepoint say that the number has increased significantly since 2022

According to the reports showed in Nairametrics PoS terminals in the country have also grown to 1.8 million as of March 2023 PoS transactions also increased to ₦ 1.1 trillion monthly.

With an increase as this, it is most likely due to the cash redesign policy that led to a cash crunch in the country, forcing people to make more online transactions.

Source: Techpoint