By way of leveraging Google Cloud’s scalable infrastructure, Moniepoint is in a position to activity USD 14 Billion price of monetary transactions on a per 30 days foundation, offering protected and coffee latency banking products and services to Nigeria’s small and medium sized agencies in far flung spaces and communities
LAGOS, Nigeria, June 19, 2023 /PRNewswire/ — Google Cloud introduced nowadays a brand new collaboration with Moniepoint, an Africa-focused industry banking platform that gives monetary products and services to Nigeria’s underbanked agencies dwelling in far flung spaces and communities. The collaboration makes monetary products and services obtainable at scale to hundreds of thousands of small and medium sized enterprises (SMEs) via bridging the banking hole in suburban places.
Consistent with Statista, there are over 41 million micro-businesses in Nigeria. Enabling those agencies to simply accept bills digitally is an important to their luck. As Moniepoint pivoted into consumer-facing merchandise designed to digitize those agencies and tool them to luck, the corporate grew to become to Google Cloud’s scalable cloud infrastructure to assist do so venture.
Google Cloud’s scalable infrastructure supplies Moniepoint with low-latency web get admission to that is helping the corporate ship environment friendly banking products and services to its shoppers with out them encountering any lag when the use of the platform. This in flip permits Moniepoint to reach making its banking products and services obtainable to Nigeria’s far flung cities and communities the place get admission to to web connectivity poses demanding situations to agencies that perform outdoor Nigeria’s industrial hubs—the place mainstream banking is extra obtainable.
Additionally, on account of Google Cloud’s ease of use, Moniepoint was once in a position to double down its buyer base and develop it from 300,000 small and medium-sized agencies in the beginning of 2022, to at least one.3 million agencies nowadays. Those agencies now depend on Moniepoint’s bills software to activity monetary transactions and settle for bills for his or her products and services.
Managing a median of 200,000 monetary requests in keeping with minute, Moniepoint established a hybrid cloud technique for a part of its bills software on Cloud Spanner that is determined by Google Cloud’s scalable infrastructure. The appliance helps to keep document of all of the monetary transactions and requests which are processed via Moniepoint and is constructed to care for planet-size quantity of transactions. With Moniepoint poised for larger expansion—as the corporate anticipates supporting greater than 500 % of its present workload—the applying is able to scale to activity 300 million transactions on a per 30 days foundation.
Felix Ike, Leader Era Officer, Moniepoint, mentioned: “Google Cloud has been a key enabler in fueling Moniepoint’s expansion adventure from day one, as we expanded from a small industry to turn out to be an authorized industry financial institution that caters to at least one.3 million agencies throughout Nigeria nowadays. Our building group is empowered with the newest generation to activity monetary transactions temporarily and transfer speedy with requests as Google Cloud applied sciences are simple to deploy. With Google Cloud’s scalable infrastructure we’re assured that we will be able to develop our buyer base exponentially to cater to a few million shoppers within the coming 18 months as we make bigger our footprint throughout Africa.”
The corporate additionally leverages Google Kubernetes Engine to scale the amount of transactional requests which are processed similar to cost transactions and accounting ledgers. Moniepoint boosted the amount of requests processed in keeping with workload from 1,000 to 4,000 requests in keeping with minute, enabling the industry to show round buyer requests in no time and seamlessly.
Niral Patel, Director, Google Cloud Africa, added: “Nigeria’s Inter-Financial institution Agreement Gadget (NIBSS) published that fifty % of Nigeria’s 207 million grownup inhabitants is these days underbanked. Moniepoint is a novel industry style established to force monetary inclusion and certainly affect the livelihood of other people via offering SMEs with get admission to to banking products and services. The corporate has effectively grown from a small to a large-scale industry via capitalizing on Google Cloud’s cost-effective cloud answers that experience enabled the automation of its handbook processes. Banking and monetary products and services is usually a process-heavy area, however with Google Cloud’s infrastructure, the group at Moniepoint has automatic transactional processes that might take as much as 8 hours into 10 mins. This has translated into rising the amount of consumers depending on Moniepoint, as extra agencies turn out to be assured in its seamless and protected products and services.”
About Google Cloud
Google Cloud speeds up each group’s skill to digitally become its industry. We ship enterprise-grade answers that leverage Google’s state of the art generation – all at the cleanest cloud within the trade. Consumers in additional than 200 international locations and territories flip to Google Cloud as their relied on spouse to permit expansion and resolve their most important industry issues.
About Moniepoint
Moniepoint is an all-in-one virtual monetary products and services platform for agencies in rising markets. Since 2019, Moniepoint’s generation has powered over 1,000,000 agencies, providing all of the cost, banking, credit score and industry control gear they want to prevail. It objectives to energy the desires of companies via offering them with the monetary generation gear they want to develop, regardless of their virtual literacy degree. Moniepoint these days processes nearly all of the POS transactions in Nigeria, processing over $170 billion in annualised TPV. It’s Africa’s biggest Fintech via transaction quantity. It’s successful and, in 2022, changed into QED Buyers’ first funding into Africa. For more info, please consult with: https://moniepoint.com
SOURCE Google Cloud
