Google Cloud  and Moniepoint accomplice to spice up entry to monetary providers for underbanked companies in Nigeria

Google Cloud has collaborated with Moniepoint, an Africa-focused enterprise banking platform that gives monetary providers to Nigeria’s underbanked companies residing in distant areas and communities.

The collaboration  goals to make monetary providers accessible at scale to thousands and thousands of small and medium sized enterprises (SMEs) by bridging the banking hole in suburban areas. 

Felix Ike, Chief Expertise Officer, Moniepoint, mentioned:“Google Cloud has been a key enabler in fueling Moniepoint’s progress journey from day one, as we expanded from a small enterprise to grow to be a licensed enterprise financial institution that caters to 1.3 million companies throughout Nigeria immediately. Our growth crew is empowered with the newest know-how to course of monetary transactions rapidly and transfer quick with requests as Google Cloud applied sciences are straightforward to deploy. With Google Cloud’s scalable infrastructure we’re assured that we are able to develop our buyer base exponentially to cater to a few million clients within the coming 18 months as we develop our footprint throughout Africa.”

In line with Statista, there are over 41 million micro-businesses in Nigeria. Enabling these companies to simply accept funds digitally is essential to their success.

As Moniepoint pivoted into client going through merchandise designed to digitise these companies and equipment them to success, the corporate turned to Google Cloud’s scalable cloud infrastructure to assist obtain this mission.

Google Cloud’s scalable infrastructure offers Moniepoint with low-latency web entry that helps the corporate ship environment friendly banking providers to its clients with out them encountering any lag when utilizing the platform.

 This in flip permits Moniepoint to reach making its banking providers accessible to Nigeria’s distant cities and communities the place entry to web connectivity poses challenges to companies that function exterior Nigeria’s business hubs—the place mainstream banking is extra accessible. 

Additionally, on account of Google Cloud’s ease of use, Moniepoint was in a position to double down its buyer base and develop it from 300,000 small and medium-sized companies at first of 2022, to 1.3 million companies immediately.

These companies now depend on Moniepoint’s funds utility to course of monetary transactions and settle for funds for his or her providers. 

Managing a mean of 200,000 monetary requests per minute, Moniepoint established by way of a hybrid cloud technique a part of its funds utility on Cloud Spanner that depends on Google Cloud’s scalable infrastructure.

 The applying retains document of all of the monetary transactions and requests which are processed by Moniepoint and is constructed to deal with planet-size quantity of transactions. With Moniepoint poised for greater progress—as the corporate anticipates supporting greater than 500 % of its present workload—the applying is able to scale to course of 300 million transactions on a month-to-month foundation.

The corporate additionally leverages Google Kubernetes Engine to scale the quantity of transactional requests which are processed comparable to cost transactions and accounting ledgers.

Moniepoint boosted the quantity of requests processed per workload from 1,000 to 4,000 requests per minute, enabling the enterprise to show round buyer requests in a short time and seamlessly.

Niral Patel, Director, Google Cloud Africa, added:“Nigeria’s Inter-Financial institution Settlement System (NIBSS) revealed that fifty % of Nigeria’s 207 million grownup inhabitants is at the moment underbanked. Moniepoint is a novel enterprise mannequin established to positively affect the livelihood of individuals by offering SMEs with entry to banking providers. The corporate has efficiently grown from a small to a large-scale enterprise by capitalizing on Google Cloud’s cost-effective cloud options which have enabled the automation of its handbook processes. Banking and monetary providers could be a process-heavy area, however with Google Cloud’s infrastructure, the crew at Moniepoint has automated transactional processes that might take as much as eight hours into 10 minutes. This has translated into rising the quantity of shoppers counting on Moniepoint, as extra companies grow to be assured in its seamless and safe providers.” 

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