Nigeria’s payments startup Moniepoint ended 2023 with 5.2 billion transactions over its online, mobile, card, and in-person payment channels, averaging 433 million transactions each month, according to TechCabal.
The transactions totaled more than $150 billion in value. Compared to 2022, when the startup did 1.7 billion transactions valued at over $100 billion, that is a 205% growth.
In comparison to the transactions processed by Nigeria’s real-time payment infrastructure operator, NIBSS, in 2023, Moniepoint’s stats are astounding. According toTechCabal, NIBSS did 9.6 billion transactions totaling ₦600 trillion.
Moniepoint has evolved into a massive payment corporation from a little-known financial software development startup that created solutions for Nigerian banks, with over 2 million accounts are presently active on its platform.
Having entered the personal banking market in August 2023, Moniepoint offers its widely used agency banking product, Moniepoint, an online payment gateway called Monnify, and its personal banking product. Users may use these items to pay with cards, transfer money to bank accounts or POS devices, and pay for bills and airtime.
