Recent data indicates that only 11% of businesses in Nigeria’s informal sector have accounts with traditional banks.
Instead, many are turning to digital banks like Moniepoint, with 39.5% of participants in the informal sector using digital banks.
Key reasons for this shift include
Lower entry barriers
Higher returns
Greater ease and speed of transactions
Lower transaction decline rates
Instant payment alerts
Moniepoint, in particular, has become ubiquitous across Nigeria, with its machines available in almost all local governments, and it has seen significant growth, recording 5.2 billion transactions worth over $150 billion in 2023
