Moniepoint, one of Nigeria’s leading fintech and business banking firms, has released a landmark case study spotlighting its transformative role in Onitsha, West Africa’s largest market. The report underscores how Moniepoint’s digital solutions are reshaping trade and accelerating financial inclusion in one of Africa’s most vibrant commercial hubs.
Titled “How Moniepoint is Driving Trade in West Africa’s Largest Market,” the study draws from extensive field research and interviews with traders in Onitsha. It provides a comprehensive look at the region’s complex trading environment while detailing how Moniepoint’s payment infrastructure, business support tools, and grassroots engagement have revolutionised the market experience.
Speaking on the company’s mission, Tosin Eniolorunda, CEO and Co-founder of Moniepoint Inc., stated:
“Our mission has always been to empower businesses with the tools they need to thrive. This case study is a testament to the impact of digital innovation in Africa’s most vibrant markets. By providing reliable, accessible, and secure financial services, we are not just facilitating transactions—we are helping to build stronger, more resilient communities.”
Key Insights from the Study
Onitsha Market as a Living Business School
The report highlights how Onitsha serves not only as a centre of trade but also as a business incubator through the Igbo apprenticeship system. This long-standing tradition fosters entrepreneurship by transferring knowledge, skills, and wealth without reliance on formal education.
Payments Infrastructure Driving Safety and Speed
Transitioning from cash to digital payments—driven largely by Moniepoint—has greatly reduced theft risks, sped up transaction times, and ended the need for hazardous bank runs, thereby streamlining business operations.
Widespread POS Adoption
Moniepoint’s presence is now deeply rooted in Onitsha’s daily transactions, with two-thirds of all in-person payments being processed through its POS terminals. This reflects the fintech’s success in penetrating a traditional, informal economy through hyperlocal, reliable solutions.
Access to Instant Credit
By leveraging digital transaction records, traders now access quick credit, allowing them to respond rapidly to price changes and restock efficiently—a game-changer in high-turnover environments.
Hyperlocal Trust and Cultural Understanding
One of Moniepoint’s strongest differentiators is its deployment of local account managers who speak the language and understand the culture. This proximity has helped foster trust and community acceptance—critical for digital finance adoption.
Fintech Driving National Impact
The Onitsha case study adds to Moniepoint’s growing library of insights aimed at policymakers, investors, and the public. Previous publications have examined family-owned enterprises, community pharmacies, and women-owned businesses across Nigeria.
Processing over $17 billion in monthly transactions, Moniepoint continues to support millions of businesses with digital banking, credit, payments, and management tools. Its latest research solidifies its role as a driver of economic resilience and empowerment across the country.
The full case study is available for download on the Moniepoint website.
