Moniepoint is a Nigerian financial technology company that provides banking and payment services, primarily catering to small and medium-sized businesses. Founded in 2015 by Tosin Eniolorunda and Felix Ike, the company originally operated under the name TeamApt before rebranding in 2019. It has since evolved into a comprehensive platform offering digital payments, credit services, and business management tools. Headquartered in Lagos, Nigeria, Moniepoint has rapidly grown, becoming a significant player in Africa’s fintech scene.
| Attribute | Information |
|---|---|
| Founding Date | 2015 |
| Headquarters | Lagos, Nigeria |
| Founders | Tosin Eniolorunda, Felix Ike |
| Industries | Fintech, Banking |
| Key Investors | Google’s Africa Investment Fund, Development Partners International, Verod Capital, Lightrock |
| Revenue | Over $100 million (annualized) |
| Number of Employees | N/A |
| Subsidiaries | Moniepoint Microfinance Bank |
Moniepoint began as TeamApt in 2015, focusing on creating payment solutions infrastructure for banks and financial institutions. Over time, the company shifted its strategy, entering the direct financial services domain by providing banking solutions tailored to Nigerian businesses. The pivotal rebranding to Moniepoint in 2019 marked this transition, emphasizing a broader spectrum of digital financial services, including agency banking and online transaction facilitation.
Moniepoint now stands as an integrated digital financial service provider, offering a seamless platform for businesses to accept payments, access credit, and utilize various business management tools. Key achievements include:
Moniepoint currently operates one of Nigeria’s largest business payments and banking platforms. It processes over 800 million transactions monthly, with a significant portion involving digital payments and business management services. Despite the challenges posed by local competition, Moniepoint has carved out a strong market position through its extensive agent banking network and innovation in service offerings, such as multifactor authentication for high-value transactions. Its strategic focus remains on expanding across Africa, leveraging its robust service platform and financial backing to address diverse market needs effectively.
Moniepoint has emerged as a leading force in Africa’s fintech industry, driven by its commitment to improving financial inclusion and providing versatile digital payment solutions. With its recent funding, Moniepoint is poised for further expansion beyond Nigeria, aiming to integrate more comprehensive financial services into its offerings. As it continues to grow, Moniepoint's impact on digital finance in Africa is expected to deepen, highlighting its role in shaping the future of financial transactions on the continent.