Moniepoint Processes $7 Billion Dollars Monthly In Nigeria - Tobi Amira Speak (Video)
Fintech is one of the fastest-growing sectors in Nigeria, and it’s inspiring to see players in the space create efficient payment systems and infrastructure despite the many setbacks on the landscape. One of the leading names in Nigeria is Moniepoint, a Nigerian fintech that provides banking solutions to enable businesses to collect payments, access loans, manage operations and ultimately grow their business.
On this episode of The Leaderboard, Fisayo Fosudo sits with Tobi Amira, Vice President of Moniepoint, to discuss the brand vision, growth, challenges, and how they process over $7 billion every month.
Moniepoint started out building products for banks—mostly POS systems—and ended up leveraging the knowledge and relationships they’d gathered to create better solutions than the existing ones.
Tobi talks about the gradual expansion of the services Moniepoint offers, and how the brand came to be a holistic financial solution—moving from simply sending and receiving payments to offering credit and business operations management services.
Financial inclusion isn’t just another fintech buzzword to Moniepoint. Tobi explains how the real path to financial inclusion is reducing poverty, not creating digital products. He also touches on how Moniepoint’s brand values and work cultures create opportunities for their employees and customers to truly improve their financial status and subsequently, the quality of their lives.
The Lagos Syndrome: In many ways, Lagos is to Nigeria what the USA is to the world. Businesses in Lagos tend to focus solely on the Lagos consumer base, and service the rest of the population by the same standards. But Lagos is only one state out of 36—it’s not an accurate depiction of the entire country. Tobi talks about the illusion of saturation, and how Moniepoint looked beyond the Lagos market to reach the underserved in other parts of the country.
Tobi also hits on how Moniepoint is building customer loyalty by prioritizing transparency with customers, which sets them apart in an industry with low trust. So much so that it’s become the word on the street that “if Moniepoint is not working, no other POS will.”
Businesses face challenges everywhere, but there are unique obstacles to doing business in Nigeria. Tobi shares how Moniepoint navigates the hurdles, and mentions that the brand’s products are tailored for the landscape. For example, the POS machines are optimized to work even in areas with poor internet.
Tobi shares the criteria for selecting businesses who can take advantage of their credit services, how 5 million naira is available to eligible business owners in loans, and and how they manage risk and defaulters.