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Fintech giant Moniepoint said it now averages $12 billion worth of transactions monthly as more businesses continue to embrace digital payments in Nigeria.
Disclosing this at a parley with journalists in Lagos on Thursday, August 31, 2023, the Acting Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, noted that the cash scarcity experienced early in the year pushed more businesses and individuals into adopting cashless banking.
He also disclosed that the fintech, which recently forayed into the personal banking sphere, having excelled on the business side of digital services for years, is now recording a monthly average of 400 million transactions.
The company currently boasts over 1.6 million businesses on its service roaster, and it's targeting at least 4.8 million retail customers in the first three months of its personal banking venture, Olofin added.
He explained that the projection is anchored on the 1.6 million businesses - with at least three workers apiece - the company has onboarded, who are potential customers of Moniepoint personal banking services.
Supporting CBN's push for financial inclusion
Olofin said the fintech's venture into personal banking was aimed at supporting the Central Bank of Nigeria (CBN)'s ambitious goal of achieving 95 per cent financial inclusion by 2024.
He also expressed his enthusiasm about the bank's expanded role in the financial inclusion drive and the opportunity to power the financial happiness of millions of people across the continent.
Olofin also highlighted Moniepoint USSD code as a major source of growth and the bank’s credentials as a leading innovator in the fintech space, having pioneered several products and technologies, including dynamic transaction switching, hyperlocal distribution network, virtual account service and instant PoS bank transactions.
“We have powered the dreams of a lot of business owners, and we know what individuals need. We want to include everyone from the regular Okada rider, the market woman in the financial services space. We have built our infrastructure in such a way that it is a very elastic.
"As transactions grow, we are able to expand our infrastructure and this is because we have several monitoring tools that help us to monitor how transactions are growing. Also, in every nook and cranny of the nation, we have our business relationship reps. Even in localities where there is no physical bank or ATM presence, you’ll find our precious blue boxes there,” the acting MD said.
In furtherance of curating an enjoyable user experience for consumers and powering the dreams of many, the bank also announced a gamified in-app approach that will see thousands of users win ₦2,000 weekly and a grand prize of ₦10million.
Senior Vice President, Channels and Sales Tools, Ope Adeyemi, described this innovative touchpoint as an incentivising tool for deepening financial inclusion.
“We want to supercharge financial inclusion because we realize that if you want to drive behavioural change and increase adoption, you should reward consistently good behaviour. Consumers are rewarded with coins on our personal banking app after they carry out transactions, and these coins allow them to take part in exciting weekly games such as Shuffle, Spin the Wheel,” Opeyemi said.
According to its 2022 performance review report, Moniepoint processed 1.7 billion transactions valued at over $100 billion, while it also disbursed $1.4 billion in loans and booked less than 1% in NPL (Non-Performing Loan).