Moniepoint Expands Access for Underbanked SMEs, Individuals 

Moniepoint said, it is expanding financial services access to underbanked Small and Medium Enterprises(SMEs) through its platform.

To this end, it promised to reach out to estimated 40 million adult Nigerians who remain unbanked, through its comprehensive financial services platform.

The firm’s co-founder, Felix Ike, in a statement made available to the newsmen, averred that, Moniepoint’s guiding principle is financial happiness for everybody.  ‘Even if you are underbanked and in a far flung and remote area, you should be getting access to the best financial products available,’ Ike asserted.

Having evolved from its roots as TeamApt, where it initially focused on automating back-end processes for banks, Moniepoint’s founders, he said, saw an opportunity to make a direct impact on people’s lives with the solutions they were creating and that, this, in turn, has heralded the global fintech’s emergence as a truly transformative force for good.

“With Google Cloud’s infrastructure solutions, we’ve been able to quickly and reliably scale our platform to reach millions of customers, process billions in transactions, and expand economic opportunities. This flexibility allows us to adapt and expand rapidly without compromising performance or security,” Ike said.

The company’s growth is also creating sustainable employment opportunities, with thousands of direct hires across Nigeria and millions more jobs supported indirectly through the growth of Moniepoint’s business customers.

As Moniepoint expands to serve individuals as well as SMEs with credit facilities, savings and other exciting products, he said, it aims to empower even more underbanked communities by ensuring access to modern, digital financial services.

As the wider world continues to rapidly embrace digital payments, access to financial services has become critical for businesses and to thrive. But for the underbanked and underserved, especially in rural areas, this access remains a major hurdle.

According to the latest research released by EFInA in its Access to Financial Services in Nigeria survey, approximately 40 million adult Nigerians remain formally excluded.