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As the global shift toward digital payments gains momentum, access to financial services has become increasingly vital for the success of businesses. However, a significant hurdle persists for the underbanked and underserved populations, especially in rural areas. According to recent research from EFInA’s “Access to Financial Services in Nigeria” survey, approximately 40 million adult Nigerians remain formally excluded, despite a notable increase in formal financial inclusion from 56% in 2020 to 64% in 2023.
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Recognizing the challenges posed by this digital shift, Moniepoint, Africa’s leading fintech, aims to address the financial service gap, particularly for underbanked communities. Felix Ike, CTO and co-founder of Moniepoint, underscores the company’s mission of “financial happiness for everybody,” emphasizing that even those in underbanked and remote areas should have access to top-tier financial products.
Moniepoint’s comprehensive financial services platform offers a one-stop solution for payment processing, credit access, and streamlined operations for underbanked and underserved SMEs and individuals, enabling them to pursue their aspirations. The company employs a unique approach that combines technology with a robust network of local merchants and an offline engagement team that reaches every corner of Nigeria.
Originally rooted in TeamApt, where its focus was on automating back-end processes for banks, Moniepoint’s founders identified an opportunity to directly impact people’s lives. This shift has positioned Moniepoint as a transformative force for good, providing financial services that adapt to the needs of its diverse customer base.
Felix Ike acknowledges the role of Google Cloud’s infrastructure solutions in Moniepoint’s success, enabling the platform to scale rapidly, process billions in transactions, and expand economic opportunities while maintaining performance and security standards.
Beyond its technological achievements, Moniepoint’s growth contributes to sustainable employment opportunities, with direct hires across Nigeria and indirect support for millions of jobs through the expansion of its business customers. As Moniepoint continues to evolve and offer credit facilities, savings, and other exciting products, the company remains committed to empowering even more underbanked communities by providing access to modern, digital financial services.
