Moniepoint went from PoS scale to full-stack lock-in in two years

That is Observe the Cash, our weekly collection that unpacks the earnings, enterprise, and scaling methods of African fintechs and monetary establishments. A brand new version drops each Monday. 

In 2015, Moniepoint, then TeamApt, one in every of Nigeria’s most distinguished fintechs, was constructing fee infrastructure for banks. By 2025, it was now not an organization within the shadows. It had change into probably the most essential pipes by way of which Nigeria’s casual financial system strikes cash.

Based as a back-end know-how supplier, TeamApt constructed fee infrastructure for banks earlier than it began courting retailers straight in 2019 as Moniepoint. That 12 months, it crossed 100,000 every day transactions. In 2023, TeamApt rebranded because the identify of its flagship product, Moniepoint. Based on the corporate, the transfer was a testomony to the success of Moniepoint and a part of a want to carry the corporate nearer to its prospects. 

By 2025, it processed ₦412 trillion ($297 billion) and dealt with over 14 billion transactions.

Between 2019 and 2025, Moniepoint has moved from being a service provider buying firm with robust distribution to changing into one thing nearer to a nationwide infrastructure, with funds because the hook, credit score because the engine, and product depth because the lock-in.

Moniepoint’s early begin as a backend supplier gave it visibility into transaction flows, failure factors, settlement bottlenecks, and the way banks break beneath quantity. That information formed its growth into Level of Sale (PoS) buying, company banking, and credit score.

Moniepoint’s 2025 numbers reveal a shift from company banking. Its fee terminal had change into one of many main processors for on a regular basis commerce at supermarkets, eating places, small retail outlets, gas stations, merchants, and casual companies.

Moniepoint didn’t disclose a full channel breakdown for 2025, but it surely famous that “8 out of 10 in-person funds in Nigeria are made with Moniepoint.” It additionally stated it processed ₦8 billion ($5.77 million) every day for eating places, ₦1.7 trillion ($1.23 billion) at bakeries, and ₦90 million ($64,909) at gyms every day.

Moniepoint’s transaction volumes present how shortly digital funds are scaling in Nigeria, particularly during the last two years. Alongside OPay and PalmPay, the fintech unicorn has been one of many largest beneficiaries of this development. 

Based on information from the Nigeria Inter-Financial institution Settlement System (NIBSS), the nation’s central fee gateway processed 9.6 billion transactions value ₦600 trillion ($432.73 billion) in 2023. One 12 months later, it processed ₦1.07 quadrillion ($771.69 billion) in transaction worth.

Based mostly on Moniepoint’s 2025 figures, its whole transaction worth of ₦412 trillion is the same as 38.5% of NIBSS’s full-year 2024 transaction worth.

How a lot of ₦412 trillion turns into income?

Moniepoint processed ₦412 trillion in 2025, however what proportion turned income?

As a result of it’s a service provider acquirer and fee processor at scale, Moniepoint’s enterprise mannequin will depend on quantity moderately than excessive pricing.

Transaction charges in funds are normally skinny. As an example, Kuda, a Nigerian fintech, fees a service provider service fee of 0.5% per PoS transaction, capped at ₦1,000.

For Moniepoint, its estimated transaction charge may sit wherever between 0.1% and 0.5%, relying on channel combine (PoS, transfers, payments, collections), pricing caps, and incentives. Though a CBN guideline places the utmost take charge at 1.25%.

Utilizing ₦412 trillion as the whole transaction worth throughout all its platforms, the estimated gross income may appear like:  

·       Low case (0.10%): ₦412 trillion × 0.10% = ₦412 billion ($297.14 million) 

·       Mid case (0.30%): ₦412trillionn × 0.30% = ₦1.24 trillion ($894.31 million) 

·       Excessive case (0.50%): ₦412 trillion × 0.30% = ₦2.06 trillion ($1.49 billion) 

This isn’t internet revenue, and even internet income. It doesn’t have in mind prices, incentives, chargebacks, fraud losses, and settlement bills.

Within the first 9 months of 2025, eight of the nation’s largest banks, together with Entry Holdings Plc and Warranty Belief Holding Firm (GTCO) Plc, earned ₦514.82 billion ($371.29 million) from digital fee charges. 

Banks earn a fee on each switch: ₦10 for transactions under ₦5,000; ₦25 for transfers between ₦5,001 and ₦50,000; and ₦50 for something above ₦50,000.

Whereas Moniepoint earns ₦20 on interbank financial institution transfers, its estimated income from fee was calculated with a blended charge as a result of its 2025 presentation doesn’t break down transaction worth by channel. In 2023, the corporate stated it was processing transactions profitably.

For its mortgage revenue, Moniepoint disbursed over ₦1 trillion ($721.22 million) in 2025. The corporate claims that its non-performing loans (NPLs), a mortgage when funds of principal or curiosity are overdue by 90 days or extra, are small.

Based on the Central Financial institution of Nigeria (CBN), NPLs rose to 7% in 2025. Assuming Moniepoint’s NPL ratio is nearer to 10% of disbursed loans, that means roughly ₦900 billion ($649.09 million) of the mortgage e book remained performing. At an annual rate of interest of at the least 20%, that might translate to round ₦180 billion ($129.82 million) in gross curiosity revenue, relying on common excellent balances and mortgage tenors.

Moniepoint’s development between 2023 and 2025

Transactions

In 2023, Moniepoint processed 5.2 billion transactions and $182 billion in transaction worth. It disclosed that 3.3 billion transactions have been made on its terminals. It additionally stated $92 billion of its transaction worth was financial institution transfers, and it processed $194 million in airtime and invoice funds.

Two years later, the corporate processed over 14 billion transactions and ₦412 trillion in transaction worth.

Based on Moniepoint, it has over a million lively terminals and processes ₦10 trillion month-to-month. Annualised, that’s ₦120 trillion.

For context, the CBN stated whole PoS transaction worth amounted to ₦223.27 trillion ($161.03 billion) in 2025. Nigeria had 5.90 million lively PoS terminals as of March 2025. PoS transactions between January and June 2025 totalled ₦147.19 trillion ($106.16 billion), in keeping with the CBN.

These figures present that Moniepoint now controls about half of Nigeria’s PoS financial system. In 2023, Moniepoint had over two million companies onboarded. By 2025, the variety of lively companies had grown to over six million.  

Credit score matured

Like most banks, Moniepoint has used the breadth of the transaction information flowing by way of its community to increase into lending.

In 2023, it disbursed $71 million in working capital loans. By 2025, the determine rose to over ₦1 trillion ($721.22 million) in loans to small companies, reporting a 36% improve in transaction worth after the loans have been issued.

About 30% of those loans are recurring. Moniepoint stated its NPL stays low, largely as a result of fee information from its platform permits it to underwrite credit score for companies with seen cash-flow patterns.

To assist its lending operations and construct deposits, Moniepoint relaunched its financial savings product in 2025. 

Playing cards moved from utilization to behavior

PoS relationships are robust, however they’re merchant-first. Card utilization is the place a enterprise builds stickiness.

In 2023, Moniepoint recorded 72 million distinctive playing cards used on its terminals. By 2025, it had grown its card customers by 200%, and its card was used 1.7 million instances every day.

It additionally stated its private banking prospects had grown from over three million private and enterprise accounts in 2023 to over six million companies and over 16 million people banked.

Monnify stopped being a facet quest

In 2023, 1,800 companies processed funds by way of Monnify, Moniepoint’s net funds platform, amounting to $13 billion.

In 2025, Monnify processed ₦25 trillion ($18.03 billion) and launched direct debit, pushing deeper into automated collections.

From utilizing world rails to changing into a part of the rails

In 2025, Moniepoint stated TeamApt, its switching subsidiary, secured certifications from Mastercard and Visa to assist worldwide card funds and provide these providers to different companies.

This shift means the enterprise gained’t solely be processing funds for itself however for others. It’s shifting from simply utilizing world rails to changing into a part of the rails.

Product stacking bought critical: Moniebook is a lock-in play

In 2025, Moniepoint launched Moniebook, positioning it as a enterprise administration platform that unifies funds and bookkeeping.

As soon as a service provider runs collections (funds), data (bookkeeping), and later stock/payroll/tax by way of the identical platform, then Moniepoint stops being the POS supplier to the enterprise’s working system.

In April 2025, Moniepoint launched Monieworld, a remittance product that permits UK residents to ship cash on to any Nigerian checking account.

Moniepoint didn’t embrace Monieworld’s transaction numbers in its presentation, however stated word-of-mouth has been its largest acquisition channel.

UK regulatory filings present the corporate is betting $7.39 million on its United Kingdom (UK) play, and it has spent $3.77 million since February 2024.

Between February and December 2024, it spent $1.26 million (reported as a loss) on administrative and infrastructure bills, and one other $2.51 million as fairness deposit for its acquisition of Bancom, an digital cash establishment regulated by the UK’s Monetary Conduct Authority (FCA).

The UK is dwelling to over 290,000 Nigerians and is an important remittance hall. In 2021, Nigeria ranked because the third-largest recipient of remittances from the UK, with inflows value £2.76 billion ($3.69 billion). Moniepoint desires a slice of this market, competing with gamers like Gray and Lemfi.

Nationwide MFB licence means scale and scrutiny

In 2025, Moniepoint bought a Nationwide MFB licence because the Central Financial institution of Nigeria strikes to align fintech’s licencing buildings with its actual operational footprints.

Nationwide licences include expectations: extra compliance, extra visibility, extra stress to behave like an establishment. Additionally they include legitimacy and room to increase formal banking providers at scale.

The price of scale

Moniepoint’s development has not solely come from technological sophistication. Folks have been a vital a part of its engine.

The corporate elevated workers energy from 1,800 workers in 2023 to over 3,300 full-time workers unfold throughout 19 international locations and 5 continents.

Between 2023 and 2025, Moniepoint has moved by way of three phases. It started with constructing a distribution channel, which included an enormous PoS footprint, excessive service provider adoption, and credit score entry. This compounded into funds on the nationwide scale, credit score on the institutional scale, and product stacking. It’s presently deepening its infrastructure play by increasing it processor/acquirer ambitions, nationwide licensing, and diaspora hall entry.

Whereas Moniepoint’s development has been spectacular, its subsequent chapter is not going to be gained by hype.

Moniepoint is betting more durable on credit score, and this turns ugly quick. First HoldCo, mum or dad firm of Nigeria’s oldest financial institution, First Financial institution, wrote off ₦748 billion ($539.47 million) in unhealthy loans in 2025, crashing its revenue by 92%.

In 2025, Moniepoint solidified its stake in Nigeria’s fee rails. In 2026, it might want to show stickiness because the CBN cracks down on PoS and tightens its grip on digital funds.