Moniepoint Teams Up with Google Cloud to Offer Financial Services to Unbanked Businesses in Nigeria

Google Cloud has teamed up with Moniepoint, a business banking platform targeting underbanked businesses in remote Nigerian areas. The collaboration aims to provide financial services to small and medium-sized enterprises (SMEs) in suburban locations, bridging the banking gap.

With over 41 million micro-businesses in Nigeria, enabling digital payments is crucial. Moniepoint has turned to Google Cloud’s scalable infrastructure to digitize these businesses and offer efficient banking services. Google Cloud’s low-latency internet access ensures seamless operations, even in areas with limited connectivity.

Moniepoint has already doubled its customer base to 1.3 million businesses, with the support of Google Cloud’s scalable infrastructure. The collaboration enables Moniepoint to process up to 200,000 financial requests per minute and scale its services to handle 300 million transactions monthly.

“Our development team is empowered with the latest technology to process financial transactions quickly and move fast with requests as Google Cloud technologies are easy to deploy, said Felix Ike, Chief Technology Officer at Moniepoint.

“With Google Cloud’s scalable infrastructure, we are confident that we can grow our customer base exponentially to cater to three million customers in the coming 18 months as we expand our footprint across Africa.”

Google Cloud’s partnership with Moniepoint contributes to financial inclusion in Nigeria, as the country’s underbanked population stands at 50 percent. By automating processes and improving efficiency, Moniepoint aims to provide businesses with seamless and secure services.

Source: TechPoint Africa

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