In 2023, Moniepoint, Nigeria's major fintech player, achieved unprecedented success, processing 5.2 billion transactions with a total value exceeding $150 billion, showcasing a remarkable 205% growth from 2022. This accomplishment highlights Nigeria's stellar year in digital payments, almost accounting for half of the transactions processed by NIBSS. Despite its local triumph, Moniepoint's transaction volume is dwarfed by Kenya's MPesa, prompting its expansion into the East African market. Moniepoint has evolved from a banking software developer to a payment behemoth, boasting over 2 million business accounts and venturing into personal banking in 2023. The fintech's strategic products, including Moniepoint, Monnify, and personal banking, have facilitated diverse financial activities such as bill payments, airtime transactions, and business management features. Moniepoint's success offers valuable insights into the daily financial behaviors of Nigerians, including peak times for food purchases, popular airtime transaction amounts, and notable spikes in bill payments during critical events like elections. 🌍💰

Read more on TechCabal