Google Cloud Partners with Moniepoint to Enhance Financial Inclusion in Nigeria
- on Jun 20, 2023
|Google Cloud & Moniepoint|
Google Cloud has partnered with Moniepoint, a business banking platform in Nigeria, to offer financial services to small and medium-sized enterprises (SMEs) in underbanked locations, bridging the banking gap.
Moniepoint is a financial institution and business banking platform in Nigeria. The Fintech aim at targeting underbanked businesses in both remote and urban areas of Nigeria.
Google Cloud, on the other hand, is a services managed by Google LLC, that consists a set of physical assets, such as computers and hard disk drives, and virtual resources, such as virtual machines (VMs), that are contained in Google’s data centers around the globe.
There are more than 41 million SMEs in Nigeria that offers or receive digitalized payment in one way or the other. Therefore, Moniepoint has turned to Google Cloud’s scalable infrastructure to digitize these businesses and offer efficient banking services.
Google Cloud’s low-latency internet access ensures seamless operations, even in areas with limited connectivity. However, this partnership has already doubled its Moniepoint’s customer base to 1.3 million businesses.
In other words, the Google Cloud’s scalable infrastructure enables Moniepoint to process up to 200,000 financial requests per minute and scale its services to handle 300 million transactions monthly.
According to the Chief Technology Officer at Moniepoint, Ike Felix, he said that Moniepoint has step up it ways of processing financial services with Google Cloud Technology. Hence, busineses using Moniepoint can now process financial transactions quickly and move fast with requests as Google Cloud technologies are easy to deploy.
With Google Cloud’s scalable infrastructure, we are confident that we can grow our customer base exponentially to cater to three million customers in the coming 18 months as we expand our footprint across Africa. – Felix IKE
Moniepoint’s partnership with Google Cloud is aimed at enhancing financial inclusion in Nigeria, as the country’s underbanked population stands at 50 percent. By automating processes and improving efficiency, Moniepoint aims to provide businesses with seamless and secure payment services.