Moniepoint Aims to Expand Financial Access for Nigeria's Informal Economy

Moniepoint Inc. is focused on providing Nigerian businesses and individuals in the informal economy with access to formal financial services. The company has developed point-of-sale (POS) and agent banking infrastructure to facilitate money movement and acceptance for previously excluded groups.

Bemigho Awala, Moniepoint's Head of PR and Media Relations, informed CB Insights that the company's primary objective is to solve the exclusion of informal economy players from formal financial institutions. Currently, many informal economy participants lack reliable methods for receiving or transferring money.

Moniepoint has established itself as Nigeria's largest merchant acquirer. Its infrastructure currently powers eight out of every ten transactions occurring in the country, highlighting its significant role in the Nigerian financial sector.

The company emphasizes its commitment to understanding customer needs and providing solutions tailored to the informal economy. Moniepoint aims to further expand its services and enhance financial inclusion in the future.