2 out of 3 in-person payments in Onitsha processed with Moniepoint PoS – Report

A new case study from Moniepoint Inc., Nigeria’s leading fintech and business banking provider, reveals that two out of three in-person payments in Onitsha, West Africa’s largest market, are now processed through Moniepoint POS terminals.

Titled “How Moniepoint is Driving Trade in West Africa’s Largest Market”, the report underscores how the fintech’s innovative digital payment solutions and business support tools are revolutionising commerce, fostering financial inclusion, and empowering thousands of traders and small businesses in one of Africa’s most vibrant economic hubs.

Based on extensive field research and firsthand accounts from traders in the market, the study highlights the unique challenges of operating in Onitsha’s fast-paced, cash-heavy environment and illustrates how Moniepoint’s technology is addressing these pain points.

From reducing payment bottlenecks to enabling access to credit, the fintech’s integrated platform is reshaping the commercial landscape, supporting small and medium enterprises (SMEs), and strengthening the region’s economic resilience.

Tosin Eniolorunda, CEO and Co-founder of Moniepoint, emphasised the company’s mission: “Our goal is to empower businesses with tools to thrive in dynamic markets like Onitsha. This case study showcases the power of digital innovation to drive financial inclusion and build stronger communities.

By delivering reliable, accessible, and secure financial services, we’re enabling merchants to focus on growth and opportunity.”

Onitsha main market: a living business school powered by Moniepoint’s digital innovation

Onitsha’s market, with annual transactions of over $5 billion, per The New York Times, is more than a commercial hub; it operates as a “living business school” through the Igbo apprenticeship system, a structured incubator that has produced generations of entrepreneurs.

This system transfers wealth, trade secrets, and business acumen without formal academic frameworks. However, the market’s reliance on cash transactions has long posed challenges, including risks of theft, delays in payments, and inefficiencies in accessing banking services.

Moniepoint’s digital payment infrastructure has emerged as a game-changer. The case study reveals that two out of three in-person payments in Onitsha are now processed through Moniepoint POS terminals, with a daily transaction of over $2 million, demonstrating deep penetration of digital finance in a traditionally informal economy.

This shift has reduced the risks associated with cash handling, accelerated transaction speeds, and eliminated the need for costly and time-consuming bank runs. As a result, businesses can operate more efficiently in one of Africa’s busiest markets.

Key findings of the Moniepoint study: safety, speed, and scalability

The report outlines several critical impacts of Moniepoint’s platform on Onitsha’s traders:

• Enhanced Safety and Efficiency: By transitioning from cash to digital payments, merchants have minimised the risks of theft and streamlined operations. Faster transactions have unlocked smoother business flows, allowing traders to focus on sales rather than logistics.
• Access to Instant Credit: Moniepoint’s platform enables merchants to leverage their digital transaction histories to secure fast loans. This access to credit is a crucial competitive advantage in Onitsha’s volatile, high-volume market, where fluctuating prices demand quick restocking to capitalise on opportunities.
• Hyperlocal Support Builds Trust: Its dedicated local account managers, who understand the cultural and linguistic nuances of the region, have been instrumental in fostering trust among merchants. This hyperlocal approach has proven essential for the adoption of digital financial services in a community-driven market.
• Support for SMEs and Apprentices: By providing tools to manage payments, access credit, and streamline operations, Moniepoint is supporting the growth of SMEs and empowering the next generation of entrepreneurs emerging from the apprenticeship system.

These findings highlight Moniepoint’s ability to deliver frictionless, reliable, and community-focused solutions that resonate with the realities of Onitsha’s traders.

Its impact extends beyond Onitsha, positioning the company as a catalyst for financial inclusion and economic development across Nigeria. Processing over $17 billion in transactions monthly, Moniepoint supports millions of businesses with a suite of services, including payments, banking, credit, and business management tools.

The company’s thought leadership initiatives, including past case studies on family-owned businesses, community pharmacies, women-owned businesses, and the informal economy, reflect its commitment to deepening stakeholders’ understanding of Nigeria’s financial services ecosystem.

The Onitsha case study, available in full on Moniepoint’s website, adds to this growing body of research, offering insights for regulators, investors, and the public. It underscores the potential of digital financial services to transform informal economies when solutions are tailored to local needs.