Moniepoint : A Nigerian Fintech Success Story Making Waves on the Global Stage

In a remarkable testament to Nigeria’s growing influence in the global fintech landscape, Ambassador Yusuf Maitama Tuggar, Nigeria’s Minister of Foreign Affairs, has hailed Moniepoint as a "true Nigerian success story." This recognition comes as part of the minister’s high-level working visit to the United Kingdom, where he underscored the critical role Moniepoint plays in fostering financial inclusion and economic growth.

A Symbol of Nigeria’s Fintech Strength

During his visit to Moniepoint’s UK offices, Ambassador Tuggar emphasized Nigeria’s strong position in the fintech and financial services sector. He pointed out Moniepoint’s rapid rise to prominence, attributing its success to its ability to empower businesses through digital financial solutions.

“With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem”

-Ambassador Youssouf Tuggar

Tuggar highlighted Moniepoint’s impressive growth, which includes a workforce of over 2,000 employees, thousands of sales personnel, and the facilitation of millions of business transactions. He also noted the substantial global investor confidence in the company, citing backing from Google’s Africa Investment Fund, Visa, and BiII.

Tosin Eniolorunda, CEO and co-founder of Moniepoint

From Startup to Fintech Unicorn

Moniepoint’s journey from a Lagos-based startup to a fintech unicorn valued at over a billion dollars is nothing short of remarkable. Founded in 2015 by Tosin Eniolorunda and Felix Ike as TeamApt Inc., the company initially focused on payment infrastructure for banks. Over time, it evolved into a full-fledged financial services provider, offering digital banking, credit, business management tools, and cross-border payment solutions.

Moniepoint’s impact on the Nigerian economy is significant. As the country’s largest merchant acquirer, it processes over a billion transactions monthly, with a total payment volume exceeding $22 billion. This has been instrumental in digitising Nigeria’s informal sector and ensuring small and medium-sized enterprises have access to essential financial services.

Strategic Expansion and Global Recognition

Moniepoint’s success has not gone unnoticed. The company was recognised as Africa’s fastest-growing fintech by the Financial Times in both 2023 and 2024. It has also won accolades such as the National Inclusive Payment Initiative Award and the SME Microfinance Bank of the Year at the BusinessDay BAFI Awards.

The recent $110 million funding round further solidified Moniepoint’s position as a leader in Africa’s digital banking revolution. The investment, led by existing partners such as Development Partners International and Lightrock, as well as new investors like Google’s Africa Investment Fund and Verod Capital, will fuel Moniepoint’s expansion across Africa and the development of an integrated business platform.

“Our mission is to power the dreams of millions of business owners while engineering financial happiness for all Africans,” said Moniepoint’s CEO, Tosin Eniolorunda. “We believe that technology can be a powerful catalyst for economic growth and social development.”

Pioneering the Future of Payments in Nigeria

In line with its expansion strategy, Moniepoint has partnered with AfriGo to launch five million contactless payment cards across Nigeria. This move is set to accelerate digital payment adoption and reduce the country’s reliance on cash transactions.

Despite Nigeria’s rapid fintech growth, cash transactions still dominate the economy, with over 50% of merchants preferring physical cash due to its perceived reliability. However, Moniepoint’s vast agent network and commitment to financial inclusion aim to change this narrative. The company will leverage its infrastructure to ensure seamless adoption of contactless payments, further integrating Nigeria into the global digital economy.

AfriGo’s Managing Director, Ebehijie Momoh, praised the partnership, stating, “This collaboration is about building a future where every Nigerian, regardless of location or background, can participate in the digital economy.”

A Model for African Entrepreneurship

Moniepoint’s rise underscores the potential of African fintechs to scale globally. The company’s success story serves as an inspiration for startups across the continent, proving that local innovation can lead to international recognition and expansion. With strategic alliances and sustained innovation, Nigerian fintech firms are well-positioned to drive Africa’s digital transformation.

As Ambassador Tuggar’s visit highlights, Nigeria’s fintech ecosystem is not just thriving but also setting benchmarks for global financial inclusion. Moniepoint stands as a beacon of what is possible when vision, technology, and strategic partnerships align to create lasting impact.

What KABA sees in this

The rise of Moniepoint, from a startup to a company valued at over a billion dollars, is further proof that the continent holds immense innovation potential. Africa, and more specifically Nigeria in this case, is not just a consumer market but a key player in the global digital transformation.

With its central role in the digitisation of payments and financial inclusion, Moniepoint demonstrates that Africa is fully capable of developing technological solutions tailored to its specific needs.

Far from being an isolated case, Moniepoint is part of a broader movement where African companies are reinventing financial services with impressive speed. Its partnership with AfriGo to deploy millions of contactless payment cards is concrete evidence of this trend.

We should expect more success stories of this kind to continue emerging across the continent.

Written by Ethan Desseix and Joel Massicot