Africa’s digital revolution has produced a handful of transformative companies, and few have shaped the continent’s fintech landscape as profoundly as Moniepoint. In less than ten years, the Nigerian firm—formerly TeamApt—has evolved from a boutique banking software provider into one of Africa’s largest and most influential financial platforms.
The company’s meteoric rise has caught the attention of global investors. Its latest $90 million funding round, which included heavyweight backers like Google’s Africa Investment Fund and Visa, pushed Moniepoint’s total capital raised past $200 million. Such investor confidence underscores both the platform’s leadership and the continent’s growing clout in the world’s digital economy.
Moniepoint’s journey began in 2015, when founders Tosin Eniolorunda and Felix Ike set out to solve a fundamental problem: financial exclusion. Initially, they built software for banks, but soon recognized that millions of Nigerians remained outside the formal financial system, dependent on cash and underserved by traditional institutions.
Their solution was to create a vast network of local agents, deploying blue-and-white point-of-sale terminals to connect unbanked individuals and businesses with digital financial services. From bustling urban markets to remote rural communities, Moniepoint’s footprint has come to symbolize access and inclusion across Nigeria.
The platform’s resilience was tested during Nigeria’s 2023 cash crunch, when currency shortages crippled banks and left ATMs empty. While the formal banking system stalled, Moniepoint’s agent network kept cash circulating and digital transactions uninterrupted, cementing its reputation as an essential service provider.
Today, Moniepoint serves more than 10 million customers and processes over $250 billion in annual transactions. As it joins the ranks of Nigerian unicorns like Interswitch and Andela, the company faces the challenge of balancing explosive growth with its founding mission: making finance accessible for all.
Moniepoint’s ongoing evolution will be closely watched as it navigates expansion across Africa’s burgeoning digital economy—seeking to maintain its innovative edge while staying true to its core values of inclusion and impact.
