Moniepoint Powers Economic Transformation in West Africa’s Largest Market, Onitsha, with Digital Payment Solutions

Moniepoint Powers Economic Transformation in West Africa’s Largest Market, Onitsha, with Digital Payment Solutions

Onitsha, Nigeria – Nigeria’s leading fintech and business banking platform, Moniepoint, has released a groundbreaking case study detailing its transformative impact on Onitsha, West Africa’s largest and most bustling market. The report, titled “How Moniepoint is Driving Trade in West Africa’s Largest Market,” explores how digital payment technology is reshaping commerce, fostering financial inclusion, and accelerating economic development at the grassroots level.

Drawing from extensive field research and firsthand testimonies, the study paints a vivid picture of how thousands of small and medium-sized enterprises (SMEs) in Onitsha are embracing digital finance to improve efficiency, access capital, and build resilience in one of Africa’s most dynamic commercial environments.

A New Era for Grassroots Commerce

Moniepoint’s CEO and Co-founder, Tosin Eniolorunda, emphasized the broader mission behind the initiative, stating:
"Our mission has always been to empower businesses with the tools they need to thrive. This case study is a testament to the power of digital innovation in Africa’s most vibrant markets. By providing secure, accessible financial services, we’re not just powering trade—we’re building stronger communities."

Key Insights from the Study Include:

• Onitsha as a Business Incubator: The market’s famed Igbo apprenticeship system is highlighted as a grassroots business school that nurtures generations of entrepreneurs—transferring wealth and business acumen in an informal but highly structured way.

• Digital Payments Driving Security and Speed: The shift from cash to Moniepoint-powered POS terminals has significantly reduced theft and streamlined transactions, eliminating the need for frequent and risky bank runs.

• Widespread Penetration of Digital Finance: Currently, 2 out of 3 in-person payments in Onitsha are made using Moniepoint POS terminals—demonstrating how digital finance can thrive in traditional markets when solutions are hyperlocal and user-friendly.

• Access to Instant Credit: Merchants are leveraging digital transaction histories to secure fast, short-term loans—enabling them to react quickly to market demands and price fluctuations.

• Community-Driven Trust: Local Moniepoint account managers, fluent in regional languages and customs, have played a pivotal role in winning trust and fostering adoption. This underscores the importance of culturally sensitive financial services in informal economies.

Driving Nigeria’s Fintech Evolution

Moniepoint’s latest case study adds to its growing body of research that offers insights to regulators, investors, and the public on the evolving financial services landscape in Nigeria. Previous studies by the fintech leader have spotlighted family-owned businesses, women-led enterprises, community pharmacies, and the broader informal economy.

With over $17 billion processed monthly and a strong focus on payments, banking, credit, and business tools, Moniepoint remains at the forefront of financial innovation, supporting millions of Nigerian businesses to scale and succeed.

The full case study is available for download on the Moniepoint website.