Moniepoint, then known as TeamApt, was quietly building payment infrastructure for banks. By 2025, it had become one of the most critical pipelines through which Nigeria’s informal economy moves money.
Originally a back-end technology provider, TeamApt supplied banks with payment infrastructure. In 2019, it began courting merchants directly under the Moniepoint brand, crossing 100,000 daily transactions that year. In 2023, the company rebranded from TeamApt to Moniepoint, signaling both the success of its flagship product and its ambition to engage more closely with customers.
By 2025, Moniepoint processed ₦412 trillion ($297 billion) and handled over 14 billion transactions, illustrating a remarkable growth trajectory.
Between 2019 and 2025, Moniepoint evolved from a merchant-acquiring firm with strong distribution to a near-national infrastructure. Payments became the hook, credit the engine, and its growing range of products created lock-in for users.
Moniepoint’s early experience as a backend provider gave it critical insights into transaction flows, settlement bottlenecks, and how banks handle high volumes. This knowledge fueled its expansion into Point of Sale (PoS) acquiring, agency banking, and credit services.
By 2025, Moniepoint’s terminals were among the major processors for everyday commerce at supermarkets, restaurants, small retail shops, fuel stations, traders, and informal businesses. While the company did not provide a complete channel breakdown, it noted that 8 out of 10 in-person payments in Nigeria are made through Moniepoint. It also revealed daily processing figures including:
- ₦8 billion ($5.77 million) at restaurants
- ₦1.7 trillion ($1.23 billion) at bakeries
- ₦90 million ($64,909) at gyms
These numbers underscore how quickly digital payments are scaling in Nigeria, particularly over the past two years. Alongside OPay and PalmPay, Moniepoint has emerged as one of the biggest beneficiaries of this growth.
Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that in 2023, Nigeria’s central payment gateway processed 9.6 billion transactions worth ₦600 trillion ($432.73 billion). By 2024, that number had grown to ₦1.07 quadrillion ($771.69 billion) in transaction value. Moniepoint’s 2025 figures alone—₦412 trillion—represent 38.5% of NIBSS’s full-year 2024 transaction value, highlighting its outsized role in the country’s payments ecosystem.
Moniepoint’s journey from a backend fintech company to a full-stack payment and credit infrastructure provider illustrates how local fintechs can scale rapidly by leveraging deep operational knowledge, meeting everyday merchant needs, and locking in users with a growing suite of services.
In 2023, Moniepoint processed 5.2 billion transactions worth $182 billion, with 3.3 billion conducted on its own terminals. Of the total transaction value, $92 billion came from bank transfers, while $194 million went to airtime and bill payments.
By 2025, the company had surged to over 14 billion transactions and ₦412 trillion ($297 billion) in transaction value.
Moniepoint now operates over one million active terminals, processing ₦10 trillion monthly, or ₦120 trillion annually. For context, the Central Bank of Nigeria (CBN) reported total PoS transaction value at ₦223.27 trillion ($161 billion) in 2025, with 5.9 million active PoS terminals nationwide. Between January and June 2025, PoS transactions alone totaled ₦147.19 trillion ($106 billion).
These numbers indicate that Moniepoint now controls roughly half of Nigeria’s PoS economy. In 2023, it had onboarded over two million businesses; by 2025, that number had tripled to over six million active businesses.
Leveraging the vast transaction data flowing through its network, Moniepoint has expanded into lending. In 2023, it disbursed $71 million in working capital loans. By 2025, the figure had jumped to over ₦1 trillion ($721 million) in loans to small businesses, driving a 36% increase in transaction value following loan disbursements.
About 30% of these loans are recurring, and the company reports low non-performing loans (NPLs). Moniepoint attributes this to its rich payment data, which allows it to underwrite credit for businesses with clear, visible cash-flow patterns.
To support its lending operations and encourage savings, Moniepoint relaunched its savings product in 2025, further integrating credit, payments, and deposits into its expanding financial ecosystem.
Moniepoint’s strength in Point of Sale (PoS) lies in its merchant-first approach, but long-term stickiness comes from card usage. In 2023, 72 million unique cards were used on Moniepoint terminals. By 2025, card users had grown 200%, with 1.7 million daily card transactions.
Its personal banking footprint also expanded significantly. Personal and business accounts grew from over three million in 2023 to over 16 million individuals and six million businesses by 2025.
Monnify, Moniepoint’s web payments platform, processed payments for 1,800 businesses totaling $13 billion in 2023. By 2025, it handled ₦25 trillion ($18 billion) and launched direct debit, pushing further into automated collections.
In 2025, Moniepoint’s switching subsidiary, TeamApt, secured Mastercard and Visa certifications to support international card payments for other businesses. This marked a shift from simply using global payment rails to becoming part of the rails itself, processing payments not just for Moniepoint but for other companies as well.
Moniepoint launched Moniebook in 2025, a business management platform integrating payments and bookkeeping. Merchants who manage collections, records, inventory, payroll, and taxes on the same platform are effectively locked in, turning Moniepoint from a POS provider into a core part of their operating system.
In April 2025, it also launched Monieworld, a remittance product allowing UK residents to send money directly to Nigerian bank accounts. While Monieworld’s transaction numbers were not disclosed, the company relies heavily on word-of-mouth. UK filings show Moniepoint has invested $7.39 million in the market, including $3.77 million spent since February 2024 on infrastructure and equity deposits for the acquisition of Bancom, a UK-regulated electronic money institution.
The UK market is critical, home to over 290,000 Nigerians, and Nigeria was the third-largest recipient of UK remittances in 2021, with inflows of £2.76 billion ($3.69 billion). Moniepoint aims to capture a slice of this market, competing with players like Grey and Lemfi.
In 2025, Moniepoint secured a National Microfinance Bank (MFB) licence, aligning with the Central Bank of Nigeria’s push for fintechs to match licencing structures to operational footprints. National licences bring legitimacy and room to expand formal banking services but also increase compliance requirements, regulatory visibility, and operational scrutiny.
Moniepoint’s growth is not just technological. Staff numbers grew from 1,800 employees in 2023 to over 3,300 across 19 countries and five continents.
Between 2023 and 2025, Moniepoint progressed through three phases:
- Building a distribution channel with a strong PoS footprint, merchant adoption, and credit access.
- Scaling to national payments, institutional credit, and product stacking.
- Expanding infrastructure, acquirer/processor ambitions, national licensing, and entry into diaspora remittance corridors.
While Moniepoint’s growth has been impressive, its next chapter depends on proving stickiness and credit resilience. The Nigerian banking sector has seen risky lending: in 2025, First Bank’s parent company wrote off ₦748 billion ($539 million) in bad loans, cutting profits by 92%.
Moniepoint has solidified its stake in Nigeria’s payment rails. In 2026, the company will need to demonstrate sustainable growth as the CBN tightens its grip on PoS and digital payments.
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