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MONIEPOINT MONTHLY TRANSACTIONS HIT $12BN

Fintech company, Moniepoint Inc. says it now processes transactions valued at $12 billion every month as more businesses in Nigeria embrace digital payment.

The company’s acting managing director, Babatunde Olofin, who disclosed this on Thursday during a chat with journalists in Lagos, attributed the success to the cash scarcity incidence that occurred early this year, which pushed more businesses and individuals to go cashless.

Olofin further disclosed that the fintech now records an average of 400 million transactions monthly.He stated that Moniepoint currently serves over 1.6 million businesses, and going into personal banking, the fintech is targeting at least 4.8 million retail customers in the first three months.

Moniepoint recently announced its entry into personal banking having been on the business side of digital financial services for years.

He said this is based on the projection that each of the 1.6 million businesses it has onboarded has, at least, 3 workers, who are potential customers of Moniepoint personal banking services

To encourage more Nigerians to embrace digital payment, Olofin said the company has also rolled out a reward programme, where its customers will be winning a total of N210 million as they transact on its app.

He said the fintech has deployed elastic infrastructure to accommodate the growing volume of digital transactions on its platform.

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