Google Cloud and Moniepoint have partnered to provide financial services to underbanked businesses in remote areas of Nigeria.
The collaboration aims to bridge the banking gap in suburban locations and make financial services accessible to millions of small and medium-sized enterprises (SMEs). With over 41 million micro-businesses in Nigeria, enabling digital payments is crucial for their success. Moniepoint has shifted its focus to consumer-facing products that digitize these businesses, and it has chosen Google Cloud’s scalable infrastructure to support this mission.
Moniepoint efficiently delivers banking services in remote areas by leveraging Google Cloud’s technology. This collaboration significantly impacts SME growth and success by providing accessible financial services and enabling digital payment acceptance.
Felix Ike, Chief Technology officer (CTO) of Moniepoint, expressed gratitude for Google Cloud’s support saying “Google Cloud has been a key enabler in fueling Moniepoint’s growth journey from day one, as we expanded from a small business to become a licensed business bank that caters to 1.3 million businesses across Nigeria today. 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. 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.”
Niral Patel, Google Cloud Africa Director, emphasized Moniepoint’s impactful business model addressing Nigeria’s underbanked population. By leveraging cost-effective Google Cloud solutions, Moniepoint empowers SMEs and addresses the underbanked population in Nigeria, enabling its growth. By automating manual processes, Moniepoint has achieved remarkable efficiency gains, reducing transaction times from eight hours to just 10 minutes. Automation instills confidence, expanding Moniepoint’s customer base as businesses rely on its seamless and secure financial services.