What Fintech Giants Reveal About Small Business Finance

Understanding the Fintech Landscape

A recent report by techcabal.com provides a rare look into the inner workings of two major players in Nigeria's payments ecosystem: OPay and Moniepoint. For many shop owners, these platforms have become the backbone of daily operations, moving billions of dollars through terminals and mobile wallets. In 2025, these companies processed a staggering $644.85 billion in combined transaction value within Nigeria.

The data highlights a distinct split in how these firms operate. OPay, with its massive base of 50.1 million monthly active users, focuses on high-frequency, lower-value consumer transactions. In contrast, Moniepoint focuses heavily on merchant services, serving over 20 million businesses and individuals. Moniepoint's average transaction value is significantly higher at $20.49, compared to OPay's $5.75, reflecting its role at the checkout counters of local shops, restaurants, and wholesale distributors.

The Shift Toward Business Lending

Perhaps the most significant takeaway for small business owners is the aggressive move by both companies into lending. They are no longer just payment processors; they are now credit providers. Moniepoint reported disbursing over ₦1 trillion in business loans in 2025. By using the transaction data generated by your Central Bank of Nigeria-regulated terminals, these companies can assess your creditworthiness without needing traditional collateral or complex financial statements.

OPay is also expanding into merchant lending, though it maintains a strong focus on consumer credit. For these fintechs, lending has become a major revenue driver. OPay, for instance, generated $260.3 million from loan financing in 2025 alone. However, this growth comes with risks. OPay's provisions for credit losses increased nearly five-fold year-over-year, highlighting the challenges of managing large loan portfolios.

What this means for you

For store and supermarket owners, this shift presents both an opportunity and a risk:

• Easier access to working capital: Because these firms monitor your daily sales through their terminals, they have a clear view of your cash flow. This often makes it faster to get a business loan compared to a traditional bank.
• Data-driven growth: Moniepoint reports that businesses receiving their loans saw an average 36% increase in transaction value. Credit, when used for inventory or expansion, can help you scale your operations effectively.
• Cost awareness: With OPay’s credit loss provisions rising, it is vital to be cautious about interest rates. While lending provides liquidity, ensure the terms fit your business profit margins before borrowing.

What to do now

1. Track your digital records: Use your payment terminal consistently. A strong digital history is exactly what lenders use to approve your next loan.
2. Review loan terms carefully: Before accepting any credit offer, compare the interest rates and repayment schedules to ensure they are sustainable for your store's budget.
3. Maintain compliance: Ensure your business operations align with regulations set by agencies like SMEDAN to ensure long-term stability and eligibility for financial services.