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Moniepoint’s natural focus will be more towards the mid-size corporates. Manufacturing, consumer goods, technology & communications and logistics are relevant verticals in this size range.
Type of deposit:
Type of deposit | % growth in 2024 YTD (in NGN terms) |
|---|---|
Demand | 15.0% |
Savings | 29.2% |
Call | 1.5% |
Term | 17.2% |
Foreign currency | 86.8% |
Foreign currency deposits (the overwhelming majority denominated in USD) have seen a huge surge in growth due to Naira devaluation- for the first time foreign currency deposits now make up more than Naira deposits.
To be appealing to many corporate and high net worth individual customers, the data makes it clear that Moniepoint will need to have a strong USD deposits offering.
External data- lending
Sector | % of total loan book |
|---|---|
Oil & gas | 25.1% |
Manufacturing | 19.3% |
General | 18.4% |
Government | 8.7% |
General commerce | 7.0% |
Construction | 6.1% |
Financial services | 3.7% |
Information & communication | 2.8% |
Agriculture | 2.6% |
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This will allow Moniepoint to create USD denominated deposits products that have a competitive advantage relative to others in the domestic Nigerian market. This is crucial for competitive offerings in the market today.
Manufacturing
Moniepoint has good penetration, can build a market-leading ERP solution solving real pain points, and work our way up and down deeper into industry verticals.
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Retail & general trade
Supermarkets
Pharmacies
Restaurants
Fuel stations (to ultimately eventually expand to midstream and upstream)
Remittances distribution
Manufacturing