How Moniepoint opened the door to digital banking for Nigerian citizens
The Nigerian start-up has fast evolved into one of Africa’s most crucial platforms as the continent’s digital economy continues to grow. But can it keep up with its own expansion?
In Africa’s fast‑evolving fintech landscape, few stories embody ambition and resilience like that of Moniepoint. Formerly known as TeamApt, the Nigerian start‑up has, in less than a decade, morphed from a modest provider of banking software into one of the continent’s most powerful platforms.
In October it announced that it had raised a further $90m (€77m) in funding, bringing its total war chest to more than $200m (€172m). The most recent injection includes cash from Google’s Africa Investment Fund and Visa; the calibre of backers signals not only investor confidence but also recognition of Africa’s growing influence in the global digital economy.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint began as a small operation providing software to Nigerian banks. The founders soon realised that there was a deeper problem: millions of Nigerians remained locked out of the financial system, trapped in a hard‑to-monitor cash economy.
In response, they created a network of local agents who could deliver digital services to people overlooked by conventional banks. From remote villages to city markets, Moniepoint’s blue‑and‑white point‑of‑sale terminals became emblems of accessibility. Today the company serves more than 10 million personal and business customers and processes more than $250bn (€215bn) in transactions annually.
The firm’s reputation was cemented during Nigeria’s 2023 cash crisis, when policy shifts and currency shortages brought the formal banking system to its knees. While ATMs went dark and queues snaked around banks, Moniepoint’s agents kept cash flowing and digital transactions alive.
As Moniepoint scales, can it balance rapid growth with its founding mission of accessibility? Its trajectory – joining other Nigerian “unicorns” valued at more than $1bn (€860m), such as Interswitch and Andela – certainly suggests so.
moniepoint.com
Comment:
Cryptocurrencies hog the headlines but it’s important to remember that much of the world still needs a reliable retail banking system.
