Moniepoint experienced substantial growth, processing over $150 billion in transactions, a significant leap from the $100 billion handled the previous year.
Originally established as TeamApt in 2015 to offer payment solutions to financial institutions, the company transitioned to providing direct financial services to Nigerian businesses in 2019.
By 2023, Moniepoint underwent a complete rebrand, and by 2022, it boasted a user base of 600,000 businesses.
While specific figures weren’t disclosed, the company saw a noteworthy increase in processed transactions, soaring from 1.7 billion in 2022 to over 5 billion in 2023.
Notably, Moniepoint’s web platform, Monify, facilitated over $10 billion of these transactions, while its PoS terminals handled 3.3 billion transactions.
In the competitive PoS market in Nigeria, Moniepoint emerged with the second-highest number of PoS agents, totaling 303,946 or 20.06% of all agents.
Although OPay claimed the top spot with 563,252 PoS agents, accounting for 37.17% of the total 1.5 million agents in the country by December 2022, Moniepoint’s sources indicate a significant increase in its agent numbers since then.
The overall PoS landscape in Nigeria expanded, reaching 1.8 million terminals by March 2023, as reported by Nairametrics.
This growth aligns with a surge in monthly PoS transactions to ₦1.1 trillion, likely influenced by the cash redesign policy that prompted a cash crunch, prompting increased reliance on online transactions.
