Moniepoint bags CBN financial inclusion award, others
This award, themed around ‘Inclusive Growth: Harnessing Inclusion for Economic Development,’ not only celebrates Moniepoint’s impact on underserved communities but also aligns with the company’s broader narrative as a dominant force in the African fintech sector.
The CBN Financial Inclusion Award: A Mark of Market Leadership
The prestigious award at the CBN-hosted IFIC conference, attended by key financial stakeholders like CBN Deputy Governor Philip Ikeazor and other industry leaders, is a significant validation of Moniepoint’s mission. The accolade specifically acknowledges the company’s stellar contributions and nationwide impact in bridging the financial access gap.
Moniepoint’s core strategy for financial inclusion involves a robust network of Point-of-Sale (POS) terminals and a comprehensive digital payments platform. This infrastructure has empowered millions of Nigerians, particularly small business owners and agents in the informal economy, providing them with secure, fast, and transparent access to digital financial services and empowering them to participate in the digital economy.
The firm’s success is rooted in its commitment to addressing the practical challenges of financial access, often achieving an industry-leading 99% transaction success rate and instant settlement, which builds crucial trust among users in remote and underbanked areas.
Unicorn Status: Global Validation of Growth
Beyond the CBN award, Moniepoint’s market position is cemented by its Unicorn status, a monumental achievement in the African tech ecosystem.
Valuation and Funding: Moniepoint (formerly TeamApt) achieved a valuation of over $1 billion following a $110 million Series C funding round in October 2024.
Key Investors: The funding round was led by Development Partners International’s African Development Partners III fund, with notable participation from Google’s Africa Investment Fund and other key global investors. This signals strong international confidence in Moniepoint’s business model and its potential for scale across Africa.
Scale of Operations: Moniepoint’s infrastructure is massive. It is recognized as Nigeria’s largest merchant acquirer, powering a significant majority of the country’s POS transactions. The company reportedly processes over 1 billion transactions monthly, with a total payment volume (TPV) exceeding $22 billion.
The Victor Osimhen Partnership: Powering Dreams
In a move to reinforce its brand message and deepen its push into the personal banking segment, Moniepoint MFB launched its “Made for Your Progress” campaign, unveiling Nigerian football star Victor Osimhen as its official brand ambassador.
Shared Ethos: The partnership leverages Osimhen’s inspiring “grass-to-grace” story, which resonates deeply with the resilience, ambition, and determination of millions of Nigerians pursuing their dreams.
Campaign Focus: The campaign positions Moniepoint as a reliable, sophisticated, and approachable financial partner for individuals, complementing its established business banking platform.
Expanding Services: This brand push supports the company’s expansion into personal financial solutions, which includes a personal banking app for transfers, bill payments, and a debit card usable across ATMs, POS, and online, further democratizing access to financial services.
A Comprehensive Ecosystem for Progress
Moniepoint’s strategy goes beyond just payments. The company is building an all-in-one financial ecosystem designed to be the definitive tool for businesses and individuals, including:
Business Banking and Payments: Providing POS terminals, business accounts, and payment processing solutions that are vital for the operational survival and growth of SMEs.
Credit and Loans: Offering working capital loans to business owners, helping them finance inventory and expand operations, often targeting sectors where traditional banks have limited reach.
Business Management Tools: Launching solutions like Moniebook, which offers bookkeeping and business management tools to help informal businesses professionalize their operations.
By combining its robust technology, commitment to reliability, and strategic partnerships like the one with Victor Osimhen, Moniepoint is actively driving the Nigerian government’s financial inclusion mandate and solidifying its position as a Fintech Champion that fuels economic progress from the grassroots up.
Do you want to know more about Moniepoint’s international expansion plans or their specific products for small business owners?
