Moniepoint’s point‑of‑sale terminals now account for two‑thirds of all face‑to‑face transactions in Onitsha, transferring more than $5 billion per month from cash into secure digital channels.
Its real‑time payments, instant micro‑credit and embedded local support are transforming the trading activities of more than 20,000 merchants in Onitsha, it said in a new study.
Every day, Moniepoint processes over $2 million for businesses in the market. A New York Times article states that the annual volume of business transactions in the market is estimated to be above $5 billion.
The market also contributes significantly to the Anambra state government, with over ₦90 million estimated to have been generated in revenue in 2022 and 2023, according to BusinessDay.
Onitsha’s marketplace, with roots in pre‑colonial bartering along the Niger River, has evolved into a structured commercial hub governed by the Onitsha Main Market Traders Union (OMMATU).
The market also serves as a de facto business academy through the Igbo apprenticeship or Nwa Boi system, in which novices learn trade skills before receiving capital to establish independent enterprises. Despite its dynamism, the market remained largely cash‑dependent until Moniepoint’s intervention.
In the market, merchants traditionally conducted high‑value transactions in cash, exposing them to theft, robbery and logistical delays.
One trader cited in the study recounted a colleague being attacked after leaving large sums unattended in a vehicle. Bank‑driven agency services alleviated some risks but failed to achieve widespread adoption owing to network downtimes and procedural bottlenecks.
To address this, Moniepoint introduced a network of reliable POS terminals linked to its integrated platform, supported by dedicated local account managers fluent in Igbo and familiar with market customs.
The deployment has driven digital adoption to the point where two‑thirds of in‑person payments in Onitsha are now processed electronically, significantly reducing settlement times and nearly eliminating cash‑related losses.
Leveraging transaction data, Moniepoint’s platform offers instant microloans, enabling traders to respond swiftly to price fluctuations. For example, a fragrance merchant used the facility to stock up ahead of a supply-shortage-driven price surge, thereby safeguarding profit margins. Merchants report that access to such credit has been pivotal in scaling operations without resort to informal lenders.
Critical to Moniepoint’s success has been its cadre of on‑site account managers, who provide technical support, training and culturally attuned guidance. “My bank is with me in my pocket,” said a textiles trader, noting uninterrupted transaction approvals since adopting Moniepoint over four legacy banks.
Moniepoint’s hyperlocal fintech model enhances transactional efficiency and strengthens the apprenticeship‑to‑entrepreneurship pipeline that underpins Onitsha’s economic vitality. With the market’s annual trade exceeding $5 billion, the findings offer a replicable framework for digitising informal economies across Nigeria and the wider region.
BusinessDay