Moniepoint crosses 10 million business accounts as agent banking consolidates
The quiet winner of Nigeria's cash-scarcity years is now setting terms for the whole POS economy. Inside the numbers, and what rivals plan next.
Adaeze Okafor
Senior Reporter, Fintech
9 min read
The SignalAI-assisted, editor-reviewed
- Moniepoint now processes the majority of offline merchant payments in Nigeria's south-west corridor, per data reviewed by SignalWave.
- Agent network consolidation is squeezing smaller PSPs, with at least three exploring sales.
- The CBN's pending agent-exclusivity rules could reset the entire market by Q4.
Lagos does not announce its inflection points. They show up first in the terminals: the agent kiosks that keep working through network outages, the settlement times that quietly drop from hours to seconds, the fee schedules that get rewritten overnight. The story below was assembled from operator data, regulatory filings, and interviews with fourteen people across the payments value chain.
The headline number is real, but it is not the interesting one. What matters is the concentration underneath it: the share of offline merchant volume now clearing through a single set of rails, and what that means for everyone still building on the old assumptions.