West Africa’s Largest Market Sees Significant Growth through Digital Payments

West Africa’s Largest Market Sees Significant Growth through Digital Payments

By prince Benson Davies

A recent study by Moniepoint, a leading fintech and business banking provider in Nigeria, highlights the transformative impact of digital payments on West Africa’s largest market in Onitsha. The report showcases how digital payment solutions and innovative business support tools are revolutionizing the commercial landscape, improving access to financial services, and fostering trust among merchants. With 2 out of 3 in-person payments in Onitsha now made via Moniepoint POS terminals, the study demonstrates the significant role digital payments play in driving economic growth and development in the region.

Tosin Eniolorunda, CEO and Co-founder of Moniepoint Inc, commented:

“Our mission has always been to empower businesses with the tools they need to thrive. This case study is a testament to the impact of digital innovation in Africa’s most vibrant markets. By providing reliable, accessible, and secure financial services, we are not just facilitating transactions-we are helping to build stronger, more resilient communities.”

Key findings from the report reveal that Moniepoint’s integrated platform has significantly reduced payment bottlenecks, enhanced business efficiency, and contributed to the growth of small and medium enterprises (SMEs) in the market. The study also explores the enduring apprenticeship system in Onitsha and how digital tools are supporting the next generation of entrepreneurs.

Excerpts from the Report’s Findings:

Onitsha Market as a Living Business School:

Beyond trade, Onitsha functions as a structured business incubator through the Igbo apprenticeship system. Generations of entrepreneurs are created, transferring wealth, trade secrets, and business skills without formal academic structures.

Payments Infrastructure as a Catalyst for Safety and Speed:

Transitioning from cash to digital payments (led significantly by Moniepoint) dramatically reduced risks of theft, enabled faster transactions, and eliminated costly bank runs — unlocking smoother business flows in one of Africa’s busiest markets.

Massive Digital Payment Penetration at the Grassroots:

Today, 2 out of 3 in-person payments in Onitsha are via Moniepoint POS terminals. This shows that digital finance can deeply penetrate highly traditional, informal economies when solutions are hyperlocal, reliable, and frictionless.

Access to Instant Credit as a Growth Accelerator:

Merchants can now leverage digital transaction histories to secure fast loans, allowing them to stock up quickly when market prices fluctuate — a crucial competitive advantage in volatile, high-volume markets.

Hyperlocal Support and Trust as the Differentiator:

Moniepoint’s dedicated local account managers who understand cultural nuances (even language) have been critical to building trust — proving that digital financial services must be deeply embedded in community realities to succeed.

This latest case study adds to the growing pool of thought leadership materials curated by Moniepoint for the benefit of stakeholders – regulators, investors and the general public aimed at improving their understanding of the financial services ecosystem in Nigeria. Past case studies have explored family owned businesses, community pharmacies, women owned businesses and the Informal Economy Report.

Moniepoint’s ongoing commitment to financial inclusion and economic development has positioned it as a catalyst for growth across Nigeria and beyond. The company processes over $17 billion in monthly transactions and continues expanding its reach, supporting millions of businesses with payments, banking, credit, and business management solutions.

The full case study is available for download on the Moniepoint website.