Moniepoint provides innovative solutions to boost FinTech Ecosystem

• Harps on need for infrastructure for rural areas, access points to open opportunities in Nigeria

Moniepoint Inc, a global all-in one, digital financial services provider with operations in Nigeria and an ongoing expansion into other emerging markets, provides innovative solutions to boost FinTech Ecosystem and operates the largest distribution network for financial services in Nigeria through its subsidiaries as the most inclusive payment platform in the country.

The Head of Partnership, Moniepoint Inc, Mr Ogie Efemena, in his presentation at the Nigeria Information Technology Reporters Association (NITRA) FinTech Forum with the theme “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” on Thursday in Lagos stated that the payment space was doing fantastically well, adding that based on CBN e-payment statistics report, the entire payment space did a total of  22 billion transactions  in 2022.

Efemena pointed out that the figure was small when compared with the country’s population at 230 million, according to the National Population Commission (NPC).

He lauded NITRA for coming up with such an event with the theme “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities”  adding that the initiative should be more consistent to address the industry challenges such as infrastructure, access points in rural areas, among others.

He disclosed that Moniepoint Inc, was founded with a vision to create a society where everyone experiences financial happiness and operates the largest distribution network for financial services in Nigeria through its subsidiaries and has been awarded by the CBN in 2022 as the most inclusive payment platform in the country.

“Over 33 million people use their cards on Moniepoint’s POS terminals monthly across every local government in Nigeria. Moniepoint Inc technology has powered businesses, offering all the payment, banking credit and business management tools they need to succeed. It aims to power the dreams of businesses, their employees and customers by providing them with the financial technology tools they need to grow, no matter their digital literacy level,” he said.

According to him, Moniepoint Inc currently possesses the majority of POS transactions in Nigeria through its subsidiaries, processing over $170 billion in annualized TPV, adding “It is Africa’s largest Fintech by transaction volume. It is profitable and in 2022, became QED investor’s first investment into Africa.

Efemena added during the panel session, that with Moniepoint Inc POS transactions, their terminals print receipts for transfers made to the machine which is an innovative value add in the payments space.

Speaking on the challenges in Fintech, he explained that “we don’t have too much Fintech in Nigeria because the market is big. The problem is that Fintechs are mostly in the urban areas that are already banked. We need to focus on the rural areas. The payment space is not saturated. We need to think of the low hanging fruits. Fintech needs to develop a business model to serve the unbanked. Moniepoint Inc has a good customer service framework. One of its core values is customer obsession which has enabled it to deliver excellent customer service over the years,” he said.

On his part, Bemigho Awala of Moniepoint Inc harped on the need to have people who have the mastery in harnessing the potential in the Fintech.

Awala stated that Moniepoint Inc provides innovative solutions, stressing that to deepen the system we need to innovate.

“We take compliance very seriously in dealing with extant laws of the CBN. We take KYC as very important to identify the identity of customers who are doing transactions with Moniepoint Inc. So, we have an online course on KYC done virtually, since we are dealing with cashless accounts,” he said.