For the second year running, Moniepoint has been listed as Africa's fastest-growing fintech by the Financial Times. In this survey, companies were ranked by their revenue’s absolute growth rate and compound annual growth rate (CAGR) between 2019 and 2022, and our growth rates of [7,979]% (absolute) and [332]% (CAGR) put us as Africa’s fastest-growing company. But what does “fastest growing fintech” mean for the millions of businesses and individuals all around the continent? 

We’re driving access to banking.

We’ve been on a mission to bring financial happiness to everyone wherever they are, and that is helping drive financial inclusion for people who would otherwise be underserved and deprived of access to financial opportunities. As of 2018, before the period in the FT’s review, about 51% of Nigerians did not have access to formal banking services. This critical first window of financial inclusion was a clear gap. In 2023, that number dropped to 36%.

This significant growth has been deeply felt by millions of businesses in the informal sector that do not have access to regular formal banking services. More people have accounts, because we’ve been able to leverage our strong distribution network. People no longer have to go to banking halls, the banking halls are going to them.

But this is just an entry point for financial inclusion. 

We’re driving access to payment services.

EFInA’s report shows that access to payment services has grown by 12% during the same period. This means that more people can now easily make digital payments, and more businesses can receive them. 

Again, Moniepoint’s speedy growth has been a core driver of this. What, you don’t believe that? As of February 22, 2023, we activated a new payment terminal every 30 seconds in Nigeria. We’ve handled issues with reliability, lack of access, and fraud so well that millions of businesses now trust us to help them grow. You can check out more details here. 

Beyond terminals, Moniepoint is also creating market-leading innovations in web payments with the introduction of virtual accounts which has taken Nigeria’s eCommerce market by storm.

As more people are able to pay for stuff they love, there’s still a critical piece in the puzzle. 

We’re driving access to credit.

Credit access is a vital component of financial inclusion, both for individuals and particularly for small and medium enterprises (SMEs), which form the backbone of many African economies. However, only 15% of SMEs have access to much-needed financing to grow their businesses.

Moniepoint is changing this space by offering working capital loans that have a tangible impact on business sustainability and growth. As of 2023, we’ve disbursed over $70 million in loans to thousands of small businesses, a much-needed capital injection that’s helping businesses thrive in all sectors of the economy.

We’re digitising informal businesses.

The informal sector, which employs the majority of Africa's workforce, has historically been underserved by conventional financial institutions. Moniepoint’s strategy has helped to change this narrative. Our recent partnership with the CAC, for example, will ensure that 30 million businesses will become formalised in the next five years, giving them access to a full range of financial services and government assistance.

Conclusion

Everywhere you go in Nigeria, the distinct ping of our terminals is the sound of an expanding business or a thriving partner. All our tools bring everyone that much closer to greater financial empowerment. This listing validates our commitment to making financial services accessible to people everywhere.