From Cash to Code: How Moniepoint Is Rewiring Trade in Onitsha’s Bustling Market

 

Moniepoint’s rise as a key player in Nigeria’s digital finance sector is reshaping commerce in Onitsha, one of West Africa’s largest markets. With its point-of-sale (POS) terminals now handling two-thirds of all face-to-face payments in the commercial hub, Moniepoint is leading a transformation that goes far beyond the technology itself. It is redefining how traders conduct business, access capital, and protect their livelihoods.

Onitsha’s bustling marketplace has long been a symbol of entrepreneurial spirit, tracing its lineage to the barter trade once conducted along the banks of the Niger River. Today, it is a structured business environment overseen by the Onitsha Main Market Traders Union (OMMATU). With an annual trade volume exceeding $5 billion, the market has sustained thousands of merchants and served as a real-world business school through the traditional Igbo apprenticeship system known as Nwa Boi.

Yet, for all its economic importance, Onitsha remained largely cash-dependent until recently. Merchants frequently dealt in physical currency for high-value transactions, exposing themselves to considerable risk. Stories abound of traders being robbed, including one case where large sums were stolen from a vehicle, highlighting the dangers of the old system. Even when banks attempted to bring agency services closer to traders, technical failures and procedural complexities hindered adoption.

Moniepoint’s intervention addressed these pain points head-on. A vast rollout of reliable POS terminals, integrated with a robust digital platform, has changed the way business is done. With more than 20,000 merchants in Onitsha now relying on Moniepoint’s services, over $2 million is processed daily—turning what was once a cash-heavy ecosystem into a digitally empowered one. Monthly, the system transfers more than $5 billion into secure, traceable financial channels.

What sets Moniepoint apart is not just its technology but its people. A network of local account managers—fluent in Igbo and familiar with the market’s customs—offers training, real-time support, and guidance. These on-the-ground representatives are pivotal in helping traders overcome the trust gap and navigate the digital shift with confidence. As one textiles trader put it: “My bank is with me in my pocket.”

The company’s platform also provides something many traditional banks have struggled to offer—instant access to microloans. Drawing from transaction data, Moniepoint can evaluate creditworthiness on the fly and disburse funds within minutes. This capability has been game-changing for traders looking to react swiftly to market dynamics. A fragrance seller, for instance, used the credit facility to stock up ahead of a supply shortage, ensuring continued profitability without turning to informal lenders.

Beyond individual stories, the broader economic ripple effect is significant. Merchants report faster settlement times, reduced exposure to theft, and smoother inventory management. Meanwhile, the state government has reaped benefits, generating over N90 million in market revenue during 2022 and 2023—proof that formalising trade boosts public finances.

For many, Moniepoint has not only digitised transactions but also strengthened the market’s apprenticeship-to-entrepreneurship pipeline. The transition from a young apprentice to an independent business owner is now more streamlined, supported by the financial tools and digital infrastructure needed to scale.

Tosin Eniolorunda, Moniepoint’s CEO and co-founder, believes the story of Onitsha is a blueprint for broader change. “Our mission has always been to empower businesses with the tools they need to thrive. This case study is a testament to the impact of digital innovation in Africa’s most vibrant markets,” he said. “By providing reliable, accessible, and secure financial services, we are not just facilitating transactions—we are helping to build stronger, more resilient communities.”

What is unfolding in Onitsha is not just a fintech success story. It’s a glimpse into a future where informal economies across Nigeria and beyond are brought into the digital fold—secure, scalable, and ready for the modern age.