Moniepoint Inc., a Nigerian fintech startup, has rapidly ascended to prominence by revolutionizing digital financial services for small and medium-sized enterprises (SMEs) and individuals across Africa. Founded in 2015 by Tosin Eniolorunda and Felix Ike, the company has transitioned from providing banking infrastructure solutions to becoming Nigeria’s leading business banking platform.Moniepoint Inc.Disrupt Africa+5FinTech Futures+5Business Wire+5
Explosive Growth and Unicorn Status
In October 2024, Moniepoint secured $110 million in a Series C funding round led by Development Partners International, with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock. This investment elevated Moniepoint’s valuation to over $1 billion, granting it “unicorn” status . The funds are earmarked to accelerate Moniepoint’s expansion across Africa, enhancing its integrated platform that offers digital payments, banking, foreign exchange, credit, and business management tools.Disrupt Africa+7Business Wire+7FinTech Futures+7Financial Times+2Reuters+2Citizen Digital+2
Impressive Transaction Volumes
Moniepoint’s growth trajectory is underscored by its substantial transaction volumes. In 2023, the company processed over 5.2 billion transactions valued at more than $150 billion, marking a 205% increase from the previous year . Currently, Moniepoint handles over 800 million transactions monthly, with a total value exceeding $17 billion .Business Wire+2TechCabal+2Reuters+2Tech Startups+3Business Wire+3Citizen Digital+3
Expanding Services and Partnerships
Originally focused on business banking, Moniepoint ventured into personal banking in August 2023 through its subsidiary, Moniepoint Microfinance Bank. This move introduced consumer apps and debit cards, extending reliable banking services to millions of Nigerians .TechCabal+4Disrupt Africa+4FinTech Futures+4
In a strategic partnership with Afrigopay Financial Services Limited, Moniepoint committed to distributing 5 million AfriGO cards, Nigeria’s National Domestic Card Scheme. This collaboration aims to enhance digital payment adoption through tap-to-pay solutions, leveraging Moniepoint’s extensive network and technological expertise .Moniepoint Inc.
Strategic Investments and Future Outlook
In January 2025, Visa made a strategic investment in Moniepoint, further validating the company’s vision to digitize and support African businesses at scale . Moniepoint has also led a $3 million investment in African fintech startup Payday, focusing on borderless payment solutions .Techpoint AfricaNairametrics
Looking ahead, Moniepoint plans to deepen its presence in Nigeria and expand into other African markets, with Kenya identified as a potential entry point. The company aims to address challenges such as identity management by leveraging biometric identification systems, which now cover over 115 million Nigerians .Reuters+3African Business+3Financial Times+3
Moniepoint’s rapid ascent and strategic initiatives underscore its commitment to fostering financial inclusion and empowering businesses across Africa.Business Wire
