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Number of depositors by vertical:
Top 100 by size of deposit | 100-200 by size of deposit | 200-300 by size of deposit | |
Conglomerate | 4 | 2 | 2 |
Oil & gas | 25 | 20 | 13 |
Public sector | 16 | 9 | 9 |
Construction | 9 | 15 | 8 |
Financial services | 28 | 13 | 11 |
Manufacturing | 3 | 8 | 10 |
Food & Beverage | 5 | 8 | 7 |
Individuals | 1 | 2 | 5 |
Infrastructure | 4 | 2 | 4 |
Consumer goods | 4 | 3 | 4 |
Other | 1 | 3 | 4 |
Consulting | 2 | 1 | |
Charities | 8 | 3 | |
Technology & Comms | 1 | 6 | |
Logistics | 1 | 5 | |
Medical | 1 | 2 | |
Services | 3 |
Oil & gas, and financial services dominate depositors in the top 100.
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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Industry | NGN collections | Top30 ** accounts % | Industry size | Industry growth (real) | Exports |
|---|---|---|---|---|---|
Top 3 focus verticals | |||||
Retail & General Trade | 798m (1st) | 38% | N27.4tn | 1.7% | - |
Remittances distribution | - | - | N31.9tn | -2.9% | $19.5bn |
Manufacturers | - | - | N36.0tn | - | - |
Expand From retail & general trade, expand up the supply chain into these industries | |||||
Food & Drinks | 401m (2nd) | 34% | N13.9tn* | 3.0% | $0.9bn |
IT Oil & ElectronicsGas | 121m 166m (4th3rd) | 26%45% | N25N13.5tn1tn | 8-35.9%8% | $0$61.1bn |
Healthcare | 66m (9th) | 29% | N1.0tn* | 6.4% | - |
*this number is for manufacturing only. Moniepoint data includes distributors and retailers, so industry number for comparison is likely higher
**by profitability
Rationale for top 3 prioritisation choices
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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 eventually expand to midstream and upstream)
Remittances distribution
Manufacturing