Conflicting public numbers cloud Moniepoint’s growth story

On its About Us page, Moniepoint advertises a monthly total payment volume (TPV) of $22 billion from 800 million transactions, implying an average ticket value (ATV) of $27.50.

Condia’s review of public reports on Moniepoint’s 2025 performance reveals a monthly transaction count of 1.67 billion transactions instead of the 800 million still showing on the website. TechCabal, citing internal documents, reported that Moniepoint “averaged 1.67 billion monthly transactions in 2025.” Meanwhile, the company is not specific in its 2025 Year in Review, where it states “over 1 billion transactions made monthly.” 

At 1.67 billion, the average transaction value (ATV) is $13.50 (based on a monthly value of $22.5 billion deduced from an annualised value of $270.65 billion or ₦412 trillion disclosed by the company).

Further review indicates that the 800 million–transaction figure was from an old public relations cycle in October 2024, when the company was announcing its $110 million Series C. At the time, the average transaction value was $21.25, as the monthly TPV was $17 billion.

Comparing Moniepoint’s ATV in 2025 to 2024 reveals that the company has gone deeper into becoming a utility in 2025, boasting higher volume and lower ticket sizes. The Nigerian unicorn claims to power eight out of every ten in-person payments in Nigeria.

Considering the devaluation of the naira against the dollar between 2023, when Moniepoint averaged $28.85 (from 5.2 billion annual transactions worth $150 billion), and 2025, the drop in average ticket size is a double squeeze. It reflects a currency losing its value on the global stage while simultaneously highlighting a network becoming flooded with smaller, high-frequency transactions.

Data Box: Moniepoint’s Numbers (Verified)

A tale of two dashboards

Here’s where the maths becomes uncomfortable: Moniepoint officially reported a total of 14 billion transactions for the full year of 2025. If you divide that by 12 months, the actual average is 1.16 billion per month, bringing the average ticket size to $19.39 (based on the ₦412 trillion annual total).

If the much higher average of 1.67 billion cited in news reports were a true monthly average for the whole year, Moniepoint would have finished 2025 with over 20 billion transactions. This 6-billion-transaction discrepancy suggests that the higher figure isn’t a year-long average at all but likely a peak velocity snapshot from the end of the year, when Nigeria witnessed an influx of 1.2 million people for Detty December. 

Shifting maths is not a new phenomenon for Moniepoint. In early 2024, independent tech publications like TechCabal and Techpoint, citing internal company presentations, reported that Moniepoint processed $150 billion in TPV for 2023. Yet, in its official 2023 Year in Review, that figure was raised to $182 billion. This $32 billion discrepancy—roughly the size of Nigeria’s entire 2024 national budget—highlights a strategic gap between press-ready baseline snapshots and the investor-ready narratives released later. 

This ambiguity makes the company’s true year-on-year growth nearly impossible to pin down. 

Data Box: The Velocity Gap Breakdown

These discrepancies complicate any straightforward reading of growth. Static volumes appearing in some public disclosures also contradict the logic of the Series C funding round, which was explicitly framed around reaching more users, entering new markets, and widening Moniepoint’s footprint. 

If transaction growth has indeed reached 1.67 billion per month, it would be a signal for investors that Moniepoint has crossed into a payment rail embedded in daily commerce.

Taken together, the data fails to answer whether the company is growing outward as expected with the Series C funding or deeper into the same base.

Moniepoint Strategic Performance Dashboard (2023–2025)

Conversion rates applied: 2023 (₦634.16), 2025 (₦1,522.27)

*Note: Monthly value assumed constant for peak comparison to show ticket size dilution.

Founded as TeamApt Inc. in 2015, Moniepoint initially built financial products for banks, with its solutions reportedly deployed to 95% of Nigerian banks. In 2019, it pivoted into digital payments, enabling businesses and individuals to transact more easily. By 2022, it had secured a banking licence allowing it to offer a full suite of financial services.

Announcing the initial Series C round backed by Google’s Africa Investment Fund, Verod Capital, and Lightrock, lead investor Development Partners International (DPI) said the capital would be used to “accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes.”

Visa, LeapFrog Investments, Proparco, and other investors later entered the round, raising the Series C pool to $200 million by late 2025.

The company’s group CEO, Tosin Eniolorunda, said the raise would empower all Africans with access to the tools to manage personal and business finances.

Ultimately, the question is not whether Moniepoint is moving more money, but whether its payment rails are carrying that money into new African terrains or simply circulating faster along the same tracks.