As the wider world continues to rapidly embrace digital payments, access to financial services has become critical for businesses and to thrive.
But for the under banked and underserved, especially in rural areas, this access remains a major hurdle. According to the latest research released by EFInA in its Access to Financial Services in Nigeria survey, approximately 40 million adult Nigerians remain formally excluded though we have seen a leap in formal financial inclusion as it grew from 56 per cent (2020) to 64 per cent (2023).
With the shift from traditional to digital transactions gaining some fillip, Africa’s leading fintech, Moniepoint recognises the challenges posed by this digital shift, particularly for the under banked communities.
According to the CTO and co-founder of Moniepoint, Felix Ike, who emphasised the company’s mission: “Our guiding principle is financial happiness for everybody. Even if you are under banked and in a far flung and remote area, you should be getting access to the best financial products available.”
Moniepoint’s comprehensive financial services platform provides under banked and underserved SMEs and individuals with a one-stop solution for payment processing, access to credit, and streamlined operations in powering their dreams. Its unique approach combines technology with a robust network of local merchants and offline engagement team across every nook and cranny of Africa’s political and economic powerhouse.
Having evolved from its roots as TeamApt, where it initially focused on automating back-end processes for banks, Moniepoint’s founders saw an opportunity to make a direct impact on people’s lives with the solutions they were creating. This in turn has heralded the global fintech’s emergence as a truly transformative force for good.
“With Google Cloud’s infrastructure solutions, we’ve been able to quickly and reliably scale our platform to reach millions of customers, process billions in transactions, and expand economic opportunities. This flexibility allows us to adapt and expand rapidly without compromising performance or security,” Ike said.
The company’s growth is also creating sustainable employment opportunities, with thousands of direct hires across Nigeria and millions more jobs supported indirectly through the growth of Moniepoint’s business customers.
As Moniepoint expands to serve individuals as well as SMEs with credit facilities, savings and other exciting products, it aims to empower even more under banked communities by ensuring access to modern, digital financial services.