By: OLIVIA NNOROMGoogle Cloud has announced a new partnership with Moniepoint, a business banking platform targeting underbanked businesses in remote Nigerian areas.
The partnership between Google Cloud and Moniepoint will bridge the banking gap by facilitating accessible financial services for small and medium-sized enterprises (SMEs) in suburban locations.
Nigeria is home to over 36.9 million MSMEs comprising 96.7 percent of all businesses in the country.
With the country’s unbanked population at 50%, this support is crucial as Moniepoint has turned to Google Cloud’s scalable infrastructure to digitise these businesses and offer efficient banking services.
Google Cloud’s low-latency internet access ensures seamless connectivity, enabling Moniepoint to succeed in reaching Nigerian remote towns and communities where internet connectivity poses challenges to businesses outside Nigeria’s commercial hubs—where mainstream banking is more accessible.
Felix Ike, Chief Technology Officer at Moniepoint said;
Our development team is empowered with the latest technology to process financial transactions quickly and move fast with requests as Google Cloud technologies are easy to deploy”
Moniepoint has leveraged Google Cloud’s scalable infrastructure to double its customer base to 1.3 million businesses and process up to 200,000 financial requests per minute, handling 300 million transactions monthly.
However, Ike explained that the company is confident to cater for three million customers in the coming 18 months, as they expand into Africa.
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