A recent study by Moniepoint has shown significant changes in trade in West Africa's largest market, Onitsha, due to the implementation of digital payment systems. According to the data, two out of three payments are now processed through Moniepoint terminals.
Overview of the Moniepoint Study
The Moniepoint study, titled 'How Moniepoint is Driving Trade in West Africa's Largest Market,' demonstrates how the company's digital payment solutions are promoting financial inclusion and supporting small businesses in Onitsha. Ongoing attention to the challenges faced by traders has been integral to the research aimed at identifying solutions for enhanced trade efficiency.
Impact of Digital Payments on the Onitsha Market
Two-thirds of all payments in Onitsha are processed through Moniepoint POS terminals, ensuring a daily turnover of over $2 million. These changes not only speed up transaction processes but also minimize risks associated with cash handling, such as theft and delays. The Moniepoint platform strengthens the position of small and medium enterprises (SMEs) by providing access to credit and efficient financial management.
Key Findings and Future of Onitsha's Economy
Based on the analysis of terminal operations and feedback from local traders, several important aspects can be highlighted, such as:
* **Enhanced Safety**: Transitioning to digital payments has reduced theft risks and streamlined financial operations.
* **Access to Credit**: The ability to secure loans based on digital transactions offers a competitive edge for traders.
* **Local Support**: By working through local teams, Moniepoint reinforces trust in its services among users.
The Moniepoint study underscores how digital financial services can transform informal economies and support business development in dynamic environments like the Onitsha market. These findings could serve as a foundation for further financial inclusion initiatives in Nigeria.
