Moniepoint’s $17 Billion Milestone Sparks Digital Transformation in West Africa’s Largest Market, Onitsha

 

Moniepoint Powers Onitsha’s Commerce Boom as Digital Finance Hits $17 Billion Monthly

A major financial revolution is quietly reshaping Nigeria’s business landscape, and Moniepoint Inc. stands firmly at its helm. The fintech and business banking platform has now crossed a critical threshold, processing over $17 billion in monthly transactions—a resounding indication of its expanding influence across the country’s informal and formal economies.

This development underscores Moniepoint’s growing role as a financial infrastructure for millions of small and medium-sized businesses (SMEs) throughout Nigeria. Nowhere is this transformation more palpable than in Onitsha, the beating heart of West African trade and one of the continent’s most crowded marketplaces.

A recent case study titled “How Moniepoint is Driving Trade in West Africa’s Largest Market” explores the fintech giant’s impact on this commercial nerve center. According to the findings, two out of every three in-person payments in Onitsha are now conducted via Moniepoint POS terminals. This data not only underscores the fintech’s dominance but also signals a deep shift in how traditionally cash-driven markets are engaging with digital tools.

Behind this impressive penetration lies Moniepoint’s commitment to delivering hyperlocal, frictionless, and secure financial solutions. By creating technology that aligns closely with the everyday realities of traders and small business owners, the company has successfully integrated itself into the rhythm of informal commerce.

The report highlights how Moniepoint’s presence in Onitsha has reduced long-standing payment bottlenecks, boosting efficiency for merchants who had previously grappled with the unpredictability of cash-based operations. With faster, safer transactions now the norm, many traders have found a new sense of financial stability and control. Theft risks have dwindled, bank runs have lessened, and digital transaction trails are now helping entrepreneurs access credit—something once deemed unthinkable in such a loosely regulated economic environment.

Moniepoint’s CEO and co-founder, Tosin Eniolorunda, commented on the findings, emphasizing that the company’s mission is rooted in empowerment. “This case study is a testament to the impact of digital innovation in Africa’s most vibrant markets,” Eniolorunda said. “By providing reliable, accessible, and secure financial services, we are not just facilitating transactions—we are helping to build stronger, more resilient communities.”

Beneath the layers of trade and technology, the study also sheds light on the enduring legacy of the Igbo apprenticeship system, which has helped build successive generations of entrepreneurs in Onitsha. Unlike conventional education systems, this model thrives on mentorship, skill transfer, and business immersion, creating a unique incubation ground for wealth creation.

Digital tools like Moniepoint’s are now enriching this system, offering young apprentices an opportunity to understand not just trade, but also how modern financial instruments can power their business ambitions. With transaction records now available at the touch of a button, apprentices and traders alike can present data-backed cases for financing, paving a smoother road toward scaling their operations.

What sets Moniepoint apart in this transformation is not just its technology but the trust it has cultivated within grassroots communities. Its ability to plug into the daily habits of traders without disrupting their flow is a rare feat in a region where many digital interventions have failed to bridge cultural and operational divides.

The story unfolding in Onitsha presents a compelling case for how financial technology—when thoughtfully applied—can empower informal economies rather than exclude them. It also offers a replicable blueprint for other bustling markets across the continent that are ripe for digital inclusion.

As Moniepoint continues to evolve, its $17 billion monthly transaction milestone isn’t merely a number—it represents a broader movement toward economic democratization. What was once an elusive dream for many Nigerian business owners—secure, accessible, and scalable financial tools—is now a tangible part of their everyday reality.