Moniepoint is a Nigerian financial technology (fintech) company that provides digital financial services, such as money transfer, bill payments, airtime top-up and cash withdrawal, through its network of agents and partners to individuals, businesses and government agencies.
The company was founded in 2018 by Abdul Hassan, a Nigerian entrepreneur and has quickly grown to become one of the leading fintech companies in Nigeria.
This post gives us brief history of Moniepoint’s existence, salary structures for its employees and significant contributions to national development in Nigeria within a short time of its establishment.
Moniepoint started as a small startup with only a few agents, but it quickly gained traction among consumers and merchants due to its ease of use and low transaction fees. The company expanded its network of agents and partners across the country and by 2020, it had over 35,000 agents and processed millions of transactions every month.
In 2023, Moniepoint raised $2 million in funding from local and international investors, which it used to further expand its services and reach.
The company also launched a mobile app that allows customers to access its services directly from their smartphones, making it even more convenient to use.
Today, Moniepoint is one of the fastest-growing fintech companies in Nigeria, with a mission to make financial services accessible to everyone, regardless of their location or income. The company continues to innovate and develop new products and services to meet the evolving needs of its customers and partners.
Moniepoint’s Salary Structures For Employees
In terms of salary structure for Moniepoint employees, there is no specific amount paid to its employees as it varies, depending on their position, level of experience and other factors.
However, a reliable source revealed that the average salary for a software engineer at Moniepoint is about ₦350,000 per month, while a customer service representative earns about ₦60,000 per month.
Moniepoint’s Contributions to National Development in Nigeria.
Moniepoint has contributed significantly to economic growth and development in Nigeria, some of which are:
- Financial Inclusion: One of the most significant contributions of Moniepoint is in promoting financial inclusion in Nigeria. By providing accessible and affordable payment solutions to individuals and businesses, Moniepoint has helped to bring many people into the formal financial system. This has helped to reduce the gap between the banked and unbanked population, and also helped to reduce the reliance on cash transactions.
- Job Creation: Moniepoint’s operations have created employment opportunities for many people in Nigeria. From customer service representatives to software engineers, Moniepoint employs individuals from various backgrounds and qualifications. This has helped to reduce the rate of unemployment in the country and contribute to the growth of the economy.
- Increased Efficiency: Moniepoint’s payment solutions have helped to improve the efficiency of financial transactions in Nigeria. By providing a reliable and secure platform for payments, Moniepoint has helped to reduce the time and cost of transactions. This, in turn, has helped to increase the productivity of businesses and individuals in the country.
- Increased Revenue for the Government: Moniepoint’s payment solutions have also contributed to the revenue generation for the Nigerian government. Through the use of digital payment channels, the government has been able to reduce leakages in revenue collection and increase its tax base. This has helped to improve the government’s ability to fund public services and infrastructure development.
- Improved Transparency and Accountability: Moniepoint’s payment solutions have helped to increase transparency and accountability in financial transactions. By providing a digital trail for payments, Moniepoint has helped to reduce corruption and improve governance in Nigeria. This, in turn, has helped to improve the overall business climate and attract foreign investment to the country.
Overall, Moniepoint’s contributions to national development in Nigeria have been significant and ongoing. Through its payment solutions, the company has helped to promote financial inclusion, create employment opportunities, improve efficiency, increase government revenue and improve transparency and accountability in financial transactions as well as keep numerous of jobs seekers in Nigeria well informed.