BBN Market Influence in Moniepoint’s Growth: What to expect
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Entertainment Business - August 1, 2023

BBN Market Influence in Moniepoint’s Growth: What to expect

Two Sundays ago, the highly anticipated return of the beloved Nigerian TV reality show, Big Brother Naija (BBN), once again captivated viewers. The premiere of the new all-star season, featuring former housemates from previous seasons vying against each other for the grand prize of N120 million.

The show, now in its eighth season, has undeniably become a household name, especially in Nigeria. Since its inception in 2006, its impact has reached far beyond the 200 million Nigerian citizens residing within the country. BBN’s viewership spans across numerous African nations, such as Ghana, Namibia, Kenya, Somalia, Angola, Botswana, Cape Verde, Central African Republic, South Africa, and many more. Its allure stretches even further, captivating audiences from diverse continents across the world. Whether you are a viewer or not, the show has undoubtedly left a significant mark on the global entertainment landscape.

The show’s substantial social wealth and growing influence have made it highly attractive to numerous brands for collaboration. Being a headline sponsor has proven to be an immensely effective marketing strategy for certain companies. It’s no surprise that brands are willing to invest a fortune to associate themselves with the show. 

In the 2021 BBN6 ‘Shine yah eyes” season, Abeg Technology and Patricia reportedly each paid $2 million to become associate sponsors. Over the years, from Payport in the early seasons to Piggyvest last year, brands and companies have consistently demonstrated a keen interest in sponsoring the program due to the exposure and mileage it provides. Currently, Moniepoint, a leading African fintech platform serving 1.3 million businesses, holds the coveted position of the show’s headline sponsor.

Performance of previous sponsors of the show

In 2020, during the Covid-19 pandemic, Flutterwave sponsored BBNaija season 5. Prior to its collaboration with the TV show, Flutterwave had processed 107 million transactions, totaling $5.4 billion when it raised its Series B funding. However, within a few months after the partnership, the numbers experienced a remarkable surge. The company reported processing over 140 million transactions, amounting to over $9 billion, with more than 290,000 businesses utilizing its platform for making payments.

Additionally, during its sixth edition in 2021, Abeg’s sponsorship of BBNaija led to a remarkable surge in its user base. The brand reportedly grew its users from 20,000 to over 1.8 million, experiencing a staggering 700 per cent increase attributed to the sponsorship. 

As a result of this substantial return on investment, Abeg returned as a sponsor for the show in 2022. Following in the footsteps of previous sponsors, Moniepoint is now strategically positioning itself to enhance its brand image and expand its market presence. With this strategic move, it is highly likely that Moniepoint will achieve explosive figures by the end of the season.

What you should know about Moniepoint

Founded in 2015 under the name TeamApt, Moniepoint started its journey with a focus on building digital financial solutions for Nigeria’s commercial banks. Initially, it didn’t enjoy the popularity it has today. However, by 2018, the company set its sights on Nigeria’s consumer segment, recognizing the immense potential as more than 90% of transactions in the country were still conducted using cash.

The transformation occurred in 2019 when Moniepoint was established as a platform to offer users a wide range of financial services, including payments, cash withdrawals, and deposits. Fast forward to November 2022, the CEO and Founder, Eniolorunda, proudly shared on LinkedIn that Moniepoint had achieved significant growth, processing transactions worth $10 billion monthly for over 400,000 businesses. 

Fortunately for the platform, the Naira cash crunch that posed a threat to Nigeria’s informal economy earlier this year turned out to be a catalyst for its unprecedented success. Presently, Moniepoint MFB operates the largest distribution network for financial services in the country, with over 21 million people using their cards on POS terminals each month, spanning across every local government in Nigeria.

In a significant achievement, the company announced in May that it processed approximately $43 billion in transactions during the first three months of the year. Alongside this, it recorded about 500,000 app downloads, among other remarkable milestones. Notably, the platform managed to process an astounding 1 billion transactions in that period, reflecting remarkable growth compared to the time it took to reach those numbers in 2022, which spanned about three quarters. 

This positions Moniepoint for accelerated growth. While the exact percentage increase resulting from headlining BBN is challenging to quantify, it undoubtedly promises significant and impactful influence. In 2021, Moniepoint had already expressed its aspirations to expand its presence throughout West Africa. 

Potential influence of BBN on Moniepoint

Taking the spotlight as the headline sponsor of the renowned BBN offers a surefire strategy to surpass previous milestones and reach even greater heights. BBN enjoys a vast international viewership, presenting Moniepoint with exposure to a global audience. 

This exposure creates opportunities for potential expansion, allowing the company to venture into other African markets and potentially even explore opportunities on an international scale. With such extensive reach and visibility, Moniepoint is well-positioned to make a substantial impact and achieve impressive growth in the financial industry.

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