Moniepoint, Nigeria’s leading fintech unicorn, is taking a bold step by pursuing a commercial banking license from the central bank. This license would mark a significant milestone in its journey, allowing the fintech to expand offerings like foreign transactions, treasury operations, and physical branches. These additions will boost trust and widen access in Nigeria’s financial market.
Why the Moniepoint Commercial Banking License Matters
The commercial banking license would help the fintech provide more comprehensive services, including international transactions—a major revenue driver. In the past nine months, foreign currency transactions alone generated ₦3.37 trillion for Nigeria’s top banks. This move positions Moniepoint to capitalize on similar opportunities.
Obtaining this license would make Moniepoint the first Nigerian fintech to operate as a commercial bank. It would also allow it to rival major players like OPay and Kuda by offering expanded banking services and establishing a physical presence nationwide.
Cards, foreign currency transactions, and treasury operations could significantly boost Moniepoint’s revenue. Unlike its competitors, Moniepoint plans to integrate advanced financial services into its model, leveraging its existing agent network to reach underserved regions.
Challenges and Investments
The path to acquiring a commercial banking license involves meeting stringent regulatory requirements, including raising $30 million in capital. Despite these challenges, Moniepoint’s recent $110 million funding round demonstrates its readiness to adapt and grow.