Nigeria’s fintech Moniepoint Processes $820m Monthly Grants Loans Worth $1.4b to Nigerian Businesses

Nigeria’s fintech Moniepoint in its 2022 review demonstrated impressive growth and progress processing over $820 million in web payments every month and granting loans of $1.4 billion to businesses across Nigeria to help them fulfil their growth potential.


Formerly known as TeamApt, Moniepoint in the review noted that it was able to build on its existing success and helped to power over 600,000 businesses, and saw unprecedented demand for its products and services across over 15 different industries in agriculture, construction, education, fashion and beauty, travel and hospitality as well as financial services.

On product innovation, Moniepoint said that it launched its POS transfer product in August, from which it has already facilitated $613 million in cardless POS Transfers while also making huge investment despite a rocky turn for global financial markets globally in the second half of 2022.

Also, Moniepoint became QED Investors’ first investment into Africa and saw significant success as a digital banking solution for SMBs with an annualised Total Payments Volume of more than $144bn.

The business grew the global team by over 66%, from 630 to over 960, spanning locations across the world.

This news comes as the business last month rebranded from TeamApt to Moniepoint, a testament to the business’s success as the all-in-one digital banking solution for businesses across Nigeria. The shift to the Moniepoint brand marks the next step in the business’s expansion strategy, accompanied by the relocation of its headquarters to London.

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