Moniepoint Dominates Nigerian Payments Scene with Over 5 Billion Transactions in 2023

Moniepoint, one of Nigeria’s leading payment startups, performed over 5 billion transactions in the fiscal year 2023.

This was revealed in an internal company presentation that showed the fintech startup carried out 433 million in monthly transactions across its diverse channels; web, mobile, card, and in-person payments.

The total value of these transactions jumped 205% to $150 billion from the preceding year.

Such growth underscores Moniepoint’s pivotal role in facilitating Nigeria’s digital economy, transcending barriers to financial inclusion and revolutionizing the payment landscape.

Comparatively, the volume of transactions processed by Moniepoint dwarfs those handled by NIBSS, the operator of Nigeria’s real-time payment infrastructure in the same year.

With 5.2 billion transactions under its belt, Moniepoint virtually accounted for nearly half of NIBSS’ transaction volumes.

Beyond its domestic success, Moniepoint has set its sights on international expansion, with plans to venture into Kenya’s dynamic payment market.

This strategic move underscores Moniepoint’s ambition to replicate its Nigerian triumphs on a global scale, propelling the startup into the ranks of Africa’s foremost payment processors.

As Moniepoint continues to redefine Nigeria’s financial landscape, its remarkable journey from a nascent startup to a payment behemoth epitomizes the transformative power of innovation and underscores the pivotal role of fintech in driving economic growth and financial inclusion across the continent.