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Google Cloud & Moniepoint to Serve Underbanked Businesses in Nigeria

Africa-focused business banking platform Moniepoint will make financial services more accessible to SMEs even in remote regions of Nigeria with the help of Google Cloud and its scalable infrastructure

Google Cloud & Moniepoint to Serve Underbanked Businesses in Nigeria

Google Cloud announced it expanded its partnership with Moniepoint, a business banking platform providing financial services in Africa, to be able to cater to Nigeria’s underbanked businesses, especially in remote areas and communities.

The collaboration will enable Moniepoint to enhance its services with low-latency internet access crucial for remote suburban and rural areas. This way, Google Cloud infrastructure will help the company deliver efficient banking services without significant lags that can occur due to poor internet connectivity.

Moniepoint has used Google Cloud services from day one of its existence. The company established a hybrid cloud strategy for some of its payment applications on Cloud Spanner that relies on Google Cloud infrastructure. The application records all the financial transactions and requests processed by Moniepoint without delay.

Today, Moniepoint expands the use of cloud services to enable further business growth. Namely, the company anticipates supporting more than 500% of its current workload in the cloud environment. The application is ready to scale to process 300 million transactions on a monthly basis, Moniepoint currently handles an average of 200,000 financial requests per minute.

The company claims it has doubled down its customer base and grown it from 300,000 small and medium-sized businesses at the start of 2022, to 1.3 million businesses at present time due to the simplicity and convenience of Google Cloud services.

The cloud infrastructure will also enable Moniepoint to focus on providing customers with products and solutions able to improve their overall digitalisation processes. An additional use of Google Kubernetes Engine is supposed to help the company scale the volume of transactional requests that are usually processed, including payment transactions and accounting ledgers. Therefore, businesses and enterprises get the possibility to handle end-customer requests in a seamless and secure way.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.