Moniepoint merchant

Moniepoint

Nigeria's leading merchant acquirer and digital banking provider

Industry:

Financial Services

Region:

Nigeria

Website:

moniepoint.com

10 0 M+

Customers

4 0 M+

Active merchants

$ 250 0 B+

Annual payment value

Moniepoint is Africa’s all-in-one financial platform, helping businesses and individuals access seamless payments, banking, credit and business management tools. As Nigeria’s largest merchant acquirer, it powers most of the country’s Point of Sale (POS) transactions.

The Challenge

The Challenge

Nigeria represents one of Africa’s largest and most underpenetrated financial services markets, where cash remains the dominant payment method.

The country’s 40 million micro, small and medium-sized enterprises (MSMEs) are the backbone of the economy contributing 65% to GDP, accounting for 97% of businesses and more than 80% of employment.1, 2 Despite their central role in the economy, the vast majority of these businesses remain underserved by formal financial institutions, especially for payments and credit.3 Only a quarter of MSMEs have access to formal credit, leaving a gap of more than $32 billion, with many citing lack of finance as a major barrier to growth.4 A core challenge is that 97% of Nigerian MSMEs operate in the informal sector, where most lack the collateral, documentation, or credit history required by traditional lenders.5

At the individual level, 90% of Nigeria’s 233 million citizens live on less than $10 a day and formal financial access remains uneven across demographic and geographic lines.6 Around 70% of the population live in rural areas, where the rates of financial inclusion are much lower. Women also face particularly pronounced challenges: the financial account ownership rate among women is 10 percentage points lower than that of men.7 Despite this, women-owned or -led businesses represent 39% of all Nigerian businesses – higher than the sub-Saharan African average of 29%.

Rising digital penetration and e-payments are swiftly opening up access to these groups – across the continent 80% of people in Sub-Saharan Africa own a mobile money account and, of these, 83% use it for business needs.8 Meanwhile, almost four billion e-payment transactions are processed every month on average, with a total value of more than $170 billion.9 These dynamics point to a large, underserved segment of both consumers and businesses, with the potential to drive inclusive economic growth if financial infrastructure can be improved.

1 PWC, MSME Survey, 2024 2 Moniepoint, Informal Economy Report, 2025 3 IFC, Market Bite Nigeria, 2022 4 Ibid 5 Ibid 6 World Bank, Population, Nigeria, 2024 7 IFC, Nigerian Credit Infrastructure Reform, 2024 8 GSMA, Sub-Saharan Africa: The enduring epicenter for Mobile Money, 2019 9 Central Bank of Nigeria, E-Payment Statistics, 2024

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Source: PWC, MSME Survey, 2024.
moniepoint.1
Source: PWC, MSME Survey, 2024.

Moniepoint's Solution

Moniepoint's Solution

Moniepoint is Nigeria’s largest offline merchant acquirer, powering most of the country’s POS transactions and one of the few platforms purposebuilt to serve the country’s underbanked and underserved MSMEs.

Founded in 2015, Moniepoint combines advanced technology with a nationwide agent network and on-the-ground business managers to deliver secure digital payments, credit, savings, and business management tools. It has served 10 million customers, the majority of whom are emerging consumers, and through its MSMEs, supports millions of jobs.

Its unique solution lies in its fully integrated approach. Moniepoint has created an end-to-end operating system tailored to Nigeria’s informal and cash-reliant economy. Through its hybrid model – anchored by 4 million active merchants, 40,000 field agents field agents, and widespread POS terminal deployment – Moniepoint enables financial access even in rural areas with limited ATM or bank branch infrastructure. Moniepoint directly tackles the country’s MSME credit gap by offering loans based on transaction history rather than collateral – roughly a third of its MSME customers are receiving loans for the first time. Its digital payments infrastructure also helps businesses to reduce the risks and inefficiencies of cash handling, with 60 million unique cards used on its POS terminals each quarter.

For small businesses, Moniepoint offers the tools to grow, and in many cases supports tangible job creation. The financial data it generates also builds a digital footprint for each user – improving near-term financial security while unlocking eligibility for a wider set of financial products over time. The platform has also played a role in boosting gender and regional inclusion. In 2024, 39% of its merchants were women-owned or led. Its rural footprint helps reduce travel time and cost for financial access, supports local economic activity, and increases income security through safer, more reliable payment options.

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Source: Moniepoint, 2025.
moniepoint.2
Source: Moniepoint, 2025.

LeapFrog’s Impact

LeapFrog’s Impact

As Moniepoint continues to scale its platform, LeapFrog’s investment brings both deep financial services expertise and a tailored impact approach to help unlock the next phase of growth.

Drawing on its experience across financial services and emerging markets, particularly in sub-Saharan Africa, LeapFrog will support the company across areas such as governance, partnerships, impact, customer experience, talent development and exit readiness.

The take up of digital payments, alongside favourable demographics, is set to drive up to a five-fold increase in African fintech revenues to $47 billion by 2028.10 Moniepoint is well positioned to capture a significant share of this growth as one of Nigeria’s market leaders.

LeapFrog will work with Moniepoint to align with global sustainability and client protection best practices through the rollout of a tailored Environmental and Social Action Plan (ESAP). This will guide improvements across key areas such as data privacy, responsible lending, gender inclusion, climate and financial transparency – ensuring the business continues to scale in a sustainable way.

LeapFrog’s impact team will work with the company to measure and manage the depth and breadth of its impact, starting with a baseline study to assess the contribution to financial inclusion including first-time access to financial services, MSME growth, and job creation. This structured impact measurement approach ensures that insights inform ongoing strategy, product design, and customer engagement. It also enables Moniepoint to clearly demonstrate how its services translate into tangible improvements in livelihoods and economic mobility – particularly for first-time borrowers, women-owned businesses, and rural merchants.

LeapFrog aims to support the company to transforming how millions of MSMEs operate. Together, the partnership aims to unlock meaningful economic inclusion while positioning Moniepoint as a market leader in responsible, scalable fintech.

10 McKinsey, Redefining success: A new playbook for African fintech leaders, December 2024. Page last updated October 2025.

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Source: McKinsey, Redefining success: A new playbook for African Fintech leaders, 2024. *Projected average revenue penetration of 15% across African fintech markets similar to Kenya’s current penetration rate.
moniepoint.3
Source: McKinsey, Redefining success: A new playbook for African Fintech leaders, 2024. *Projected average revenue penetration of 15% across African fintech markets similar to Kenya’s current penetration rate.

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