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Tuesday, March 28, 2023

Nigerian Fintech Moniepoint Processes $10bn in Payments in Growth Surge

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All-in-one business banking platform Moniepoint has released its 2022 in review, demonstrating impressive growth and progress in what was its most successful year since being founded in 2015.

Below are some of the key stats and highlights:

  • Fuelling business growth: By December last year, Moniepoint – formerly known as TeamApt – provided a record $1.4bn in loans to businesses across Nigeria to help them fulfil their growth potential;
  • Powering payments in Nigeria: Building on its existing success, Moniepoint processed over $820 million in web payments every month ($9.82 billion per annum);
  • Customer growth: The fintech also helped to power over 600,000 businesses, and saw unprecedented demand for its products and services across over 15 different industries – including agriculture, construction, education, fashion & beauty, travel & hospitality and financial services;
  • Product innovation: The business launched its POS transfer product in August, from which it has already facilitated $613 million in cardless POS Transfers
  • Investment: Despite a rocky turn for global financial markets globally in the second half of 2022, Moniepoint became QED Investors’ first investment into Africa and saw significant success as a digital banking solution for SMBs with an annualised Total Payments Volume of more than $144bn;
  • Team growth: At the same time, the business grew the global team by over 66%, from 630 to over 960, spanning locations across the world.

This news comes as the business last month rebranded from TeamApt to Moniepoint, a testament to the business’s success as the all-in-one digital banking solution for businesses across Nigeria.

The shift to the Moniepoint brand marks the next step in the business’s expansion strategy, accompanied by the relocation of its headquarters to London.

Moniepoint is the all-in-one business banking platform that reduces the pain points businesses face who are otherwise underserved by traditional financial institutions.

The profitable fintech and Nigerian success story became QED Investors’ first investment into Africa in 2022, and is also backed by the likes of Novastar, Lightrock and BII.

The company is playing a pivotal role in the growth and digitisation of Nigeria’s financial system, as well as the country’s financial inclusion efforts, which are being accelerated by recent changes implemented by the Central Bank.

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