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Tag: Tosin Eniolorunda

  • Moniepoint Group CEO makes case for credit layering on Nigeria’s payment infrastructure as CBN rolls out PSV 2028 

    Moniepoint Group CEO makes case for credit layering on Nigeria’s payment infrastructure as CBN rolls out PSV 2028 

    As the Central Bank of Nigeria (CBN) officially rolled out its ambitious Nigeria Payments System Vision (PSV) 2028 framework in Abuja, industry leaders are shifting the conversation from how money moves to making a robust case for how those transactions can unlock economic survival for millions of underserved businesses. 

    Tosin Eniolorunda, Founder and Group Chief Executive Officer of Moniepoint Inc, has said the next phase of growth in Nigeria’s payments ecosystem will come from building credit products directly on top of existing payment infrastructure, using transaction data to unlock financing for the millions of small businesses that have historically been shut out of formal credit markets.

    Eniolorunda made the remarks during a panel session at the launch of the Nigeria Payments System Vision 2028 (PSV 2028), describing the event as a reminder of how far the country’s payments ecosystem has come and how much further it can go with deliberate building.

    “I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions,” Eniolorunda said. 

    The Nigeria Payments System Vision 2028 is a CBN-led framework setting out the priorities and direction for the country’s payments infrastructure over the coming years, with financial inclusion, resilience, and innovation among its core pillars.

    The panel, moderated by Chief Executive of Sterling Bank Plc, Mr. Abubakar Suleiman, also featured Managing Director/CEO of Nigeria Inter-Bank Settlement System (NIBSS) Plc, Mr. Premier Oiwoh; Managing Director/CEO of Remita Payment Services Limited (RPSL), Mr. Deremi Atanda; and Managing Director/CEO of Shared Agent Network Expansion Facilities (SANEF) Limited, Mrs. Uche Uzoebo, among others.

    Speaking on the power of payment infrastructure as a foundation for broader financial services, Eniolorunda argued that the data generated by payment systems, when used responsibly, holds the key to making credit faster and more accessible for underserved businesses.

    “One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier,” he said.  

    Eniolorunda also noted that Central Bank of Nigeria Governor Olayemi Cardoso used the PSV 2028 launch to stress the importance of collaboration and innovation in building a payments ecosystem capable of supporting inclusion and economic growth.

    “Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” Eniolorunda emphasized, echoing Governor Cardoso’s warning against the country’s historic “start-stop” policy cycles.

    In his address at the launch, CBN Governor, Dr Olayemi Cardoso noted that the new framework builds on Nigeria’s progress in digital payments and seeks to accelerate the country’s transition towards a more inclusive, technology-driven ecosystem as it continues to lead Africa’s digital payments ecosystem.

    “Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace on the continent. While this progress has not always been fully reflected in global narratives, its impact on economic activities, financial inclusion, and system resilience is evident across our economy,” he said.

    The CBN governor stressed that financial inclusion must remain central to the country’s economic future, noting that millions of Nigerians are still outside the formal banking system.

    “Inclusion and not exclusion must define our future. In 2023, a very large number of Nigerian adults will have access to financial services. Under Vision 2028, I would like to see this reaching 95 per cent inclusion. That means 50 million more market women, farmers, and young people will have a bank account or wallet in their name, with their name and BVN protecting them,” Mr Cardoso said.

    Nigeria has grown into one of the most active fintech markets globally over the past decade, driven by mobile money adoption, agent banking expansion, and a wave of venture-backed startups building across the financial services stack. The push to convert payment data into business capital aligns closely with the core pillars of the PSV 2028 roadmap, which emphasises open banking, infrastructure resilience, and deep economic integration.

    Moniepoint, which is Nigeria’s largest distributor of financial services, has built its early dominance on payment infrastructure and agent banking for small businesses, and has since expanded into business banking and credit, with over 1 trillion naira disbursed in 2025 to Nigerian MSMEs. 

  • Feature: VP Shettima Speaks on Moniepoint CEO’s Claim on Lack of Skilled Nigerians

    Feature: VP Shettima Speaks on Moniepoint CEO’s Claim on Lack of Skilled Nigerians

    By Toluwanimi Adejumo

    Vice President of the Federal Republic of Nigeria, Kashim Shettima has waded into the heated national debate regarding the quality of the Nigerian workforce, following controversial remarks made by Moniepoint CEO, Tosin Eniolorunda. Speaking on Sunday, May 10, 2026, during the graduation ceremony of the American University of Nigeria (AUN) in Yola, Adamawa State, the Vice President offered a nuanced defence of Nigerian talent while acknowledging the systemic hurdles facing the nation’s digital economy.

    The controversy began when Eniolorunda, whose fintech firm recently attained “unicorn” status, claimed at a Lagos event that Moniepoint has struggled to fill over 500 vacancies because most Nigerian applicants do not meet global standards. The CEO’s comments, which included a warning about the “general IQ” of the country potentially declining due to educational failures and social media consumption, sparked a firestorm of criticism from tech professionals and industry groups.

    “The Talent is Not Absent”

    Addressing the issue through a representative, the Executive Secretary of the National Universities Commission (NUC), Professor Abdullahi Ribadu, Vice President Shettima suggested that the perceived “lack of talent” is more often a result of market dynamics than a lack of inherent capability.

    “The talent is not absent; it is simply responding to rational market signals,” Shettima stated. “Some of the pushback that followed [the CEO’s remarks] was legitimate. Compensation structures, currency pressures, and the reality that Nigerian engineers now command global opportunities are all part of the equation.”

    The Vice President’s remarks touched on the “brain drain” phenomenon, noting that top-tier Nigerian professionals are increasingly being snapped up by international firms offering remote work or relocation packages in stronger currencies. He argued that rather than a shortage of brains, Nigeria is facing a challenge of alignment and retention.

    A Call for Synergy

    While defending the potential of Nigerian youth, Shettima did not shy away from the need for reform. He urged for a “structured and sustained pipeline” between the ivory towers of academia and the high-speed demands of the fintech sector.

    “This is not a task the government can accomplish alone, nor is it one the private sector can solve without universities,” he added. He called on higher education institutions to study the AUN model, which he praised for its focus on problem-solving and community development.

    The Industry Backlash

    The Vice President’s intervention comes as various industry bodies, including the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), questioned the transparency of Moniepoint’s hiring claims. Critics pointed out that while the CEO cited 500 vacancies, public job boards showed significantly fewer openings, leading to accusations that the narrative was being used to justify low wages or the hiring of foreign labour.

    Software engineers on social media also pushed back, arguing that Nigerian tech companies often expect “world-class” expertise without offering the globally competitive salaries or internal training programmes required to groom junior talent into senior roles.

    Government Reform Agenda

    Shettima emphasized that the President Bola Tinubu administration is currently pursuing reforms to integrate Artificial Intelligence (AI) and digital-focused learning into the national policy framework. He highlighted the 3MTT (Three Million Technical Talents) programme as a primary vehicle for bridging the gap Eniolorunda identified.

    Closing his address, the Vice President challenged the 2026 graduates to resist the “easier route” of migration for survival, urging them instead to apply their skills to solving Nigeria’s unique structural problems. “The graduates this country desperately needs are those who bring their full capabilities to solve Nigerian problems,” he concluded.

    The discourse remains a focal point for the Nigerian tech ecosystem, highlighting the tension between a private sector hungry for elite skills and a workforce navigating one of the most volatile economic periods in the country’s history.

    Toluwanimi Adejumo hold a Bachelor’s degree in Mass Communication. He is a Content Writer and multimedia Reporter.

  • Tosin Eniolorunda and ALX host Entrepreneurship Masterclass for 100 female business owners to deepen financial literacy

    Tosin Eniolorunda and ALX host Entrepreneurship Masterclass for 100 female business owners to deepen financial literacy

    Tosin Eniolorunda, Group CEO of Moniepoint Inc., has delivered on a commitment that demonstrates his fidelity to deepen financial literacy among women business owners in Nigeria.  In partnership with ALX, Eniolorunda hosted a four-hour virtual Entrepreneurship Masterclass bringing together 100 female business owners for a hands-on session designed to move them from petty trading to building valuable enterprises.

    The masterclass was structured around three practical modules: The Model, The Money, and The Plan with each session facilitated by a subject matter expert and anchored in live, guided exercises rather than passive instruction. Participants also completed a one-page Lean Canvas draft, worked through a pricing and profit calculator to identify their break-even points and profitability levers, and closed the session by drafting a personal 30-60-90 day execution roadmap with weekly actions and measurable KPIs. Every participant left with a resource pack to continue applying the tools after the session.

    One of the modules involved guiding participants through the fundamentals of building a scalable business model with a focus on customer definition, problem articulation, value proposition, and channels while others focused on pricing and financial fundamentals, equipping participants with the confidence to understand their numbers and make informed decisions about growth. 

    Iwalola Sobowale, Director of Customer Experience and Market Research at Moniepoint, addressed participants during a dedicated product session, walking them through how Moniepoint’s suite of tools, which spans payments, business banking, and operations management, with a particular focus on Moniebook, supports smarter, more efficient business growth.

    This Masterclass reflects Eniolorunda’s long-standing position that the work of inclusion does not end at access. At the 2024 International Financial Inclusion Conference convened by the Central Bank of Nigeria, he argued that financial inclusion for women “must no longer be treated as a buzzword, charitable social activity or a checklist to be marked, averring that it must be rooted in economic and business activities that are well underlined by data.” 

    Research consistently shows that women-owned businesses demonstrate stronger repayment discipline and higher financial engagement when given access to the right tools, making investment in women entrepreneurs both a moral and economic imperative. “It is actually more profitable to serve women,” Eniolorunda has said.

    Speaking on the imperative of the initiative, he noted: “We’re at a point where technology can significantly accelerate business growth, but access alone isn’t enough. What matters is giving entrepreneurs the knowledge and confidence to use these tools effectively. This masterclass is about equipping women with insights they can apply immediately to grow their businesses.”

    ALX, the project partner is a pan-African technology and professional skills training platform committed to developing the next generation of African leaders through world-class, practically grounded programmes.

    The initiative sits within the United Nations Sustainable Development Goal 5 on Gender Equality, specifically its targets around women’s full and effective participation in economic life and expanding access to financial services and quality education for women entrepreneurs. It builds on Eniolorunda’s broader record in this space, including the Tosin Eniolorunda Foundation’s financial literacy programme for female STEM students at Obafemi Awolowo University which has its root in his belief that “there can be no sustainable financial inclusion without financial literacy as its cornerstone.”

  • Moniepoint acquires Orda Africa to power Africa’s Restaurant Economy

    Moniepoint acquires Orda Africa to power Africa’s Restaurant Economy

    …Acquisition deepens Moniepoint’s food sector expertise with best-in-class restaurant management, targeting Africa’s $50 billion opportunity

    Moniepoint Inc. (“Moniepoint” or the “Company”), Africa’s all-in-one financial ecosystem platform for individuals, businesses and their customers, today announced the acquisition of Orda Africa (“Orda”), a leading cloud-based restaurant management platform operating in Nigeria. 

    Under the terms of this acquisition, Orda will become part of the Moniebook platform, Moniepoint’s all-in-one Point-of-Sale (POS) and business management platform. Since launching its business management tools product in 2025, Moniebook has rapidly become the go-to platform for thousands of African businesses seeking integrated financial and operational tools, seamlessly unifying payments and bookkeeping in one platform. 

    With Orda, restaurant owners can now gain access to this proven ecosystem that creates unprecedented opportunities to scale operations, optimize performance, and access credit, as well as the extensive reach of Moniepoint which has powered growth for millions of African businesses.

    The acquisition comes as Africa’s food service industry experiences unprecedented growth, with the sector valued at $50 billion and Nigeria’s market alone projected to reach $19.31 billion by 2030, growing at 11.73% annually. With Orda’s restaurant-focused capabilities now part of the Moniepoint ecosystem, the platform is well-positioned to capture this opportunity. 

    Founded in 2015 by Tosin Eniolorunda and Felix Ike, today Moniepoint has grown into one of Nigeria’s leading distributors of financial services as well as a trusted platform for many of the country’s MSMEs especially in the informal sector. The company has considerably expanded its offerings to include digital payments, business and personal banking, credit, cross-border payments, and business management tools with a customer base exceeding 20 million active businesses and personal banking customers and processes over US$250 billion in digital payments transaction value annually. 

    Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint Inc., said, “The food industry isn’t just about feeding people, it’s a major source of jobs and daily survival for many Africans. It highlights how vital the informal sector is, not just for the economy, but for everyday life across the continent. 

    Data has shown us that Africa’s restaurant sector is one of the continent’s most dynamic economic engines, yet the majority of food businesses still operate with manual processes and fragmented tools. By bringing Orda into Moniepoint, we are giving restaurant owners what they deserve: a single platform that handles everything from kitchen management to business growth. Our goal remains to create financial happiness for Africans, giving them the tools to reach their full potential and that’s exactly what we’ve built here.”

    Founded in 2020, Orda was built to give Africa’s small and independent restaurants the tools they need to run more efficiently, providing a purpose-built software to businesses that had long operated without it.

    E-comerof Orda, reassured existing customers: “Orda has found the perfect home in Moniepoint. We have spent years building deep expertise in restaurant operations, but we have always known that to truly transform the industry, we needed to connect that expertise with comprehensive financial infrastructure. That’s exactly what this integration delivers. For our customers, we are assuring a smooth transition with no disruption to the platform and retained access to the support you are used to. What changes is your access to opportunities. Over the coming weeks, being part of Moniepoint means you’ll have more tools, more reach, and more ways to grow your business than ever before”

    Combining their respective strengths, Moniepoint and Orda deliver a purpose-built solution that empowers food businesses at every scale to manage orders, track inventory, pay suppliers, and access working capital, all in one seamless experience. This move represents a demonstrated commitment to building a dedicated financial infrastructure designed around the unique complexity of Africa’s food economy.

    For the millions of food entrepreneurs across the continent, from the everyday buka owner to the high-end restaurateur, this acquisition means less time managing multiple tools or carrying out arduous manual work and more time doing what they do best – feeding Africa. 

  • Moniepoint celebrates a decade of impact, Microfinance Bank disburses over ₦1 Trillion in credit to empower small businesses in 2025

    Moniepoint celebrates a decade of impact, Microfinance Bank disburses over ₦1 Trillion in credit to empower small businesses in 2025

    Moniepoint Inc., Nigeria’s definitive platform for small businesses and Africa’s all-in-one financial ecosystem, today released its 2025 Year in Review, marking a decade of “financial happiness” and a transformative year of growth. Highlighting its role as the backbone of Nigeria’s entrepreneurial economy with over 6 million active businesses, the company revealed that its microfinance bank has now disbursed over ₦1 trillion in credit to thousands of businesses from provision stores and supermarkets to building materials sellers. 

    It is worthy to note that on average these businesses experienced growth by more than 36% after accessing credit, signposting its primacy as a transformational growth level and instrument of deepening shared prosperity. Moniepoint uses alternative data points that include transaction histories, business patterns and payment behaviours in a bid to accommodate what traditional credit scoring misses to drive financial inclusion and access to credit. The company’s 2025 performance reinforces its role as a critical financial infrastructure which not only supports the Nigerian economy, but also impacts everyday lives, creating immense value. 

    Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, business bank accounts, credit, foreign exchange (FX), and management tools. 

    During the year, as Nigeria’s largest merchant acquirer, now powering 8 out of every 10 in-person payments made across the country, Moniepoint MFB, the banking and payments subsidiary, processed ₦412 trillion in transaction value handling more than 14 billion transactions. This clearly suggests that Moniepoint is well-positioned to play a greater role in Nigeria’s steady march towards a trillion-dollar economy by 2030.

    “Our journey has been one of intentional evolution,” said Tosin Eniolorunda, Group CEO and Founder of Moniepoint Inc. “What started as a passion to solve overlooked problems has evolved into a platform powering the dreams of millions. As 83% of employment in Africa exists in the informal economy, our mission to create financial happiness is an operational mandate that guides our product development, our market expansion, and our capital allocation decisions.”

    Beaming with enthusiasm, Eniolorunda continues, “Yet for all we have accomplished, we approach our second decade with the clarity that our work remains unfinished. As we enter this next chapter, we do so with strengthened conviction in our strategy, deepened partnerships with world-class institutional investors, and an organisation scaled to deliver on Africa’s entrepreneurial potential. The infrastructure we have built over the past decade provides the foundation. The journey is far from over, but our resolve has never been stronger. To our partners, our customers, and our team: thank you for a decade of impact. We are just getting started.”

    In 2025, Moniepoint Inc. reached a series of critical inflexion points, highlighted by the successful completion of its Series C funding round, which raised over $200 million in equity financing from leading institutional investors, including Development Partners International, Google’s Africa Investment Fund, Visa, the International Finance Corporation, and Verod Capital. The year also marked the launch of MonieWorld in the United Kingdom, extending Moniepoint’s platform to serve the African diaspora by strengthening key remittance corridors and laying the foundation for the delivery of comprehensive cross-border financial services.

    Moniepoint MFB re-launched its savings product in a firm demonstration of the company’s commitment toward its’ oft stated mantra of providing financial happiness. Data reveals in terms of savings behavioral patterns, the majority of users choose to save on a daily basis, with focus across business operations (24%), rent (16.5%), and education (10%) representing top savings priorities. The launch of Moniebook and the acquisition of a national Microfinance Bank license for Moniepoint MFB further expand the company’s regulated capabilities and product depth.

    TeamApt Ltd, the switching and processing subsidiary of Moniepoint Inc., also achieved major regulatory and operational milestones in 2025 that have solidified its position in the global payments landscape. After a rigorous certification process, the company successfully secured licenses from Mastercard and Visa to act as a processor and acquirer for these global card schemes.. This strategic move allows TeamApt to support international card payments directly and offer these critical switching services to other businesses across the continent.  Monnify, the web payment gateway processed N25 trillion in the period under review, demonstrating remarkable resilience and industry confidence firmly positioning it for more business-to-business transactions. 

    Moniepoint’s impact extended beyond banking into critical social interventions even as the company partnered with the Federal Government to support the Rice Intervention Programme, reaching nearly 850,000 beneficiaries, and worked with the Kaduna State Government in grants disbursement to vulnerable citizens. Through these initiatives, Moniepoint continues to build the infrastructure required to unlock Africa’s entrepreneurial potential, positioning itself as a trusted partner for the delivery of large-scale economic empowerment programmes.

    As Moniepoint Inc. enters its second decade, its well-chronicled decade-long evolution from a backend technology provider to a household name directly complements the Nigerian government’s vision of a more inclusive, data-driven, and productive financial landscape. 

  • Africa’s leading Fintech, Moniepoint, named one of the Global Fintech companies

    Africa’s leading Fintech, Moniepoint, named one of the Global Fintech companies

    Recognition spotlights Moniepoint’s impactful efforts at creating financial happiness for Africans everywhere

    Moniepoint Inc., one of Africa’s leading business payments and digital banking platforms, announces it has been named as one of the world’s top fintech companies by CNBC, reinforcing the Company’s pioneering role in widening access to financial services across the continent.

    Moniepoint joins a select group of leading fintech players recognised for their financial performance and success across 2023-4. The list – compiled by CNBC in conjunction with market research firm Statista – follows analysis of key performance indicators, such as revenue growth, transaction volume, employee headcount, and capital raised. The result is a diverse group of 250 trailblazing fintech companies.

    Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has been instrumental in advancing financial inclusion across Africa – especially for individuals and businesses operating in the informal economy, underserved by formal and traditional institutions. The Company services 10 million+ customers through its comprehensive, integrated ecosystem of digital banking, credit, payments, and business management tools, and processes over one billion transactions monthly with volumes exceeding US$22 billion.

    The accolade follows recent milestones for the Company which reiterate Moniepoint’s commitment to innovation and widening access to the formal financial system. 

    Notably, Moniepoint expanded its offering to Africans in the international diaspora via the launch of the MonieWorld platform. MonieWorld offers seamless remittance and digital financial services capabilities to individuals in markets such as the UK; the first time the Company has provided services to consumers outside Africa. 

    In June, Moniepoint was named in the TIME100 Most Influential Companies list for 2025, highlighting the Company’s extraordinary impact. Moniepoint has also been recognised by the Financial Times for three consecutive years as one of Africa’s fastest-growing companies, reflecting its remarkable revenue growth and business expansion; and by CB Insights in the Fintech 100 list, highlighting the Company’s status as one of the world’s most promising private fintech companies.

    Tosin Eniolorunda, Group CEO of Moniepoint Inc., said, “It is an honour to be named as one of the world’s top fintech companies by CNBC. Moniepoint’s inclusion in this prestigious, authoritative list is testament to the hard-work and success of the entire team while highlighting our emergence as a key player shaping the future of fintech worldwide. Our mission to power the dreams of millions of African entrepreneurs and businesses continues to propel us forward with renewed vigour. As we continue to scale, we remain committed to driving global financial inclusion and widening access to economic opportunities for Africans everywhere – transforming lives and livelihoods.”

    CNBC’s list of the world’s top fintech companies was launched in 2023 to identify global market leaders in technology-driven financial services. The list, which includes companies operating across various regions and market categories including banking solutions, digital assets, and payments, highlights the dynamic and rapidly evolving FinTech industry, offering readers, investors, and stakeholders a comprehensive overview of the leading players across various segments.

    See the full list here: https://www.cnbc.com/the-worlds-top-fintech-companies-2025/

  • AVCA’S Fifth VC Summit Spotlights Resilience, Scale, and Bankability as Critical Levers to Propel Africa’s VC Ecosystem

    AVCA’S Fifth VC Summit Spotlights Resilience, Scale, and Bankability as Critical Levers to Propel Africa’s VC Ecosystem

    The African Private Capital Association (AVCA) hosted its fifth Venture Capital (VC) Summit yesterday. The summit forms part of the industry association’s 21st Annual AVCA Conference week, held in Lagos until 2 May. The global gathering brings early-stage and venture capital investors, corporate venture arms, founders, entrepreneurs, and accelerators together to discuss new trends and plot the rise of Africa’s venture capital landscape.

    Abi Mustapha-Maduakor, CEO of AVCA, opened the Summit by acknowledging the strategic importance of Nigeria’s entrepreneurial landscape: “Hosting the Summit in Nigeria is significant because this country has long been at the heart of Africa’s entrepreneurial evolution. Despite economic headwinds, we’ve witnessed innovation and resilience in the early-stage ecosystem. It is no coincidence that in 2024, Nigeria produced one of the continent’s newest unicorns.”

    Tope Awotona, Founder and CEO of Calendly, the US$3bn tech unicorn, and Abi Mustapha-Maduakor, CEO of AVCA, kicked off the summit with a keynote fireside chat. Describing his remarkable entrepreneurial journey, Awotona said: “I knew scheduling wasn’t just a productivity tax—it was a tax on important business outcomes like revenue. We didn’t invent online scheduling but made it accessible to more people through three key innovations: our freemium pricing model, our viral distribution method, and our data-driven product improvements.”

    The conversation affirmed the power of innovation, enabling expansion to international markets and the benefits of experimentation with price, distribution, and product. Awotona said: “When scheduling went virtual, more users meant more data could help to improve the product and help to become the best on the market.” 

    Following the sentiments of Calendly’s Founder and CEO, a panel titled Unlocking Scale: The Growth-Stage Challenge with Leo Batalov, Partner, Global Co-Head of Emerging Growth Companies and Venture Capital, DLA Piper, and Brian Waswani Odhiambo, Partner, Novastar Ventures, examined how to bridge the gap for businesses moving from early stage development to accessing capital in their growth stage, and highlighted the urgency of building strong local investor ecosystems.

    Outlining the roles of founders and venture capital investors in supporting the long-term sustainability of Africa’s burgeoning tech ecosystem, Dr Omobola Johnson, Senior Partner, TLcom Capital, said: “We need to help founders understand that at the growth stage, they’re competing for global capital, not just local. Founders must recognise the competition and make their businesses appealing to international investors…This makes the African market more scalable, bankable, and investable.”

    The summit proceeded with a headline session, entitled Titans of Industry: Bold Moves, featuring Tosin Eniolorunda, Group CEO of Moniepoint, who underscored the merits of building a valuable company and building a robust team. He said, “If you have an organisation that is growing, investors will be interested; so we focused early on establishing good fundamentals—topline growth, profitability, EBITDA margins, return on equity. The more important goal is building a valuable company with healthy bottom lines. This opens up multiple opportunities, whether through Nigeria’s evolving stock exchange or large buyouts from sovereign wealth funds.”

    Other panels convened capital allocators – representing corporate, commercial, and development-focused interests – to share their perspectives on a maturing venture capital ecosystem in Africa. The competitive fundraising environment provided a backdrop to outline how Limited Partners (LPs) select where to invest, assess risk, evaluate opportunity, and determine priorities.

    In a panel entitled Venture Debt – Africa’s Missing Piece? speakers including Rosanne Whalley, Chief Executive Officer, AHL Ventures Partners, Roeland Donckers, Managing Partner, iungo capital, and moderator Tage Kene-Okafor, Africa reporter at TechCrunch, discussed the role of venture debt products as a complement to equity funding, providing bridge capital to accelerate company growth. 

    According to AVCA’s latest report, venture debt showed impressive resilience in 2024, with 60 deals totalling US$1.0bn—a 3% increase year-on-year. While representing just 12% of total deal volume, venture debt accounted for 37% of total capital deployed, with median deal sizes reaching US$7.5mn, nearly three times larger than equity-based transactions.

    The session underscored the need for African investors to know when to deploy these tools and the importance of raising awareness amongst founders of these financing alternatives. Biola Alabi, Venture Partner, Delta40, noted that “there is a critical gap in financial literacy around debt financing in our ecosystem. Many founders and even some GPs don’t fully understand what debt investors require in terms of traction and stability. We need to help restructure existing debt and educate founders on how venture debt can complement equity to extend runway and avoid dilution, particularly for businesses with predictable revenue streams.”

  • We’ll support Moniepoint to enhance UK-Nigeria trade and investment partnerships – British Envoy

    We’ll support Moniepoint to enhance UK-Nigeria trade and investment partnerships – British Envoy

    With the UK-Nigeria trade relations are expected to see significant growth in several sectors this year, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter has paid a working visit to Moniepoint’s UK office. The visit underscores the value of strong partnerships in driving growth and innovation across continents, with Moniepoint’s emergence as a global fintech leader, showcasing how bilateral cooperation fuels economic progress.. 

    During the meeting, discussions revolved around strengthening trade and investment ties between Nigeria and the UK. Mr. Baxter highlighted the importance of trade as a cornerstone of diplomatic and economic relations between the two nations, emphasizing its role in fostering prosperity, innovation, and cooperation across sectors such as energy, financial services, and infrastructure. The envoy highlighted the British International Investment (BII)’s investment in  Moiniepoint Inc as a critical point in increasing economic opportunities for small businesses in Africa, as well as enhancing financial inclusion for consumers and providing direct financing to impactful companies. 

    Tosin Eniolorunda, Founder and Group CEO of Moniepoint, lauded the British government and DBT for creating an enabling environment for Nigerian businesses operating in the UK. He noted that Moniepoint’s presence in the UK contributes to actualizing this bilateral relationship by ensuring it is not a one-sided transfer of investments but a mutually beneficial partnership.

    “Trade and investment are pillars of UK-Nigeria relations. We’re proud to be part of a movement that’s turning those pillars into bridges for real economic transformation. Our mission has always been to engineer financial happiness while powering the dreams of millions businesses and individuals through digital financial technology. Every step we take—whether in Nigeria or the UK—is about making that vision a reality. Our growth is a testament to what’s possible when partnerships go beyond investment—it’s about shared prosperity and innovation,” Eniolorunda said. 

    Eniolorunda also acknowledged the Enhanced Trade and Investment Partnership (ETIP) between Nigeria and the UK as a critical framework for unlocking market access, regulatory cooperation, and job creation in emerging sectors. He highlighted opportunities for collaboration in areas such as innovative financial services and cybersecurity products. 

    Moniepoint operates as an all-in-one financial ecosystem, offering seamless payments, banking, credit, business management and cross border solutions to over 10 million businesses and individuals across Nigeria and Africa. It has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), especially those in the informal segment of the economy. Moniepoint’s mission to drive financial inclusion and empower businesses has been widely acknowledged and signposted by its listing for two consecutive years as Africa’s fastest growing financial institution. As Nigeria’s largest merchant acquirer, the company powers most of the country’s Point of Sale (POS) transactions, processing over 1 billion transactions monthly, with total payments volume exceeding $22 billion.

    During the visit, Moniepoint discussed plans for new solutions to help Nigerians in the UK easily send money home. These solutions will leverage Moniepoint’s reputation for trust, speed, and transparency to solve payment issues. Eniolorunda noted this is part of a larger effort to improve economic and trade relations between Nigeria and the UK..

    Moniepoint executives at the event include Felix Ike, Co-Founder and Chief Technology Officer, Moniepoint Inc; Moniepoint Inc; Ross Strike, Senior Vice President, M&A & Investor Relations; and Ravi Jakhodia, CEO, Moniepoint UK. The British delegation which had in attendance Hugh de Lusignan, Head of Financial Services at the Department for Business and Trade (DBT) recognized Moniepoint as a testament to Nigeria’s growing prominence in global fintech while reiterating the UK’s commitment to furthering economic collaboration with Nigeria, particularly as both nations explore new opportunities for innovation and growth. 

  • Moniepoint is a true Nigerian success story, says Amb. Tuggar, Foreign Affairs Minister

    Moniepoint is a true Nigerian success story, says Amb. Tuggar, Foreign Affairs Minister

    In a move that bolsters investor confidence in Nigeria’s burgeoning fintech sector, the Honourable Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, visited the UK offices of Moniepoint Inc., a leading Nigerian financial institution, during his high-level working visit to the United Kingdom.

    The visit, aimed at strengthening diplomatic ties and fostering strategic cooperation between Nigeria and the UK, underscored Nigeria’s commitment to driving economic growth and innovation. Ambassador Tuggar’s focus on Moniepoint highlighted the company’s remarkable journey and its pivotal role in Nigeria’s financial landscape.

    During his tour, Ambassador Tuggar lauded Moniepoint as a “true Nigerian success story,” emphasizing its status as a “fintech unicorn with a multibillion-dollar valuation.” He highlighted the company’s impressive growth, citing its 2000+ employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.

    “Nigeria is at a vantage position in the fintech and financial services sector,” Ambassador Tuggar stated. “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.”

    The Minister acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and BII, further validating its position as a leader in the fintech space. He stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.

    In his welcome remarks, CEO Moniepoint Inc. Tosin Eniolorunda reiterated Moniepoint’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans. He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation. 

    “By empowering individuals and businesses with financial tools that are innovative and efficient, we believe that technology can be a powerful catalyst for economic growth and social development. This visit by His Excellency Ambassador Yusuf Maitama Tuggar signposts the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships. We recognize the critical role that international cooperation plays in advancing innovation, especially within the fintech sector. As a country, Nigeria has immense potential, and through strategic alliances with global stakeholders, we can unlock new opportunities that benefit both local and international communities,” Eniolorunda stated.

    Continuing, he said, “At Moniepoint, we are deeply aligned with the Nigerian government’s vision to enhance strategic cooperation in areas like trade, investment, and technology. We are eager to continue contributing to the development of our country’s digital economy while fostering meaningful collaborations that will leave a lasting legacy for generations to come.”

    Moniepoint’s market leadership has been acknowledged by several industry watchers and analysts.  As the country’s largest merchant acquirer, it powers the majority of Point of Sale (POS) transactions, processing over 1 billion transactions monthly with a total payments volume exceeding $22 billion. This enables countless small and medium-sized enterprises (SMEs), particularly those in the informal sector, to digitize their operations and participate in the evolving African economy.

    Moniepoint executives at the event include Felix Ike, Co-Founder and Chief Technology Officer, Moniepoint Inc; Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc; Ross Strike, Senior Vice President, M&A & Investor Relations; Ravi Jakhodia, CEO, Moniepoint UK; Bayo Olujobi, Chief Financial Officer, Moniepoint MFB.

    Important dignitaries who accompanied the Foreign Minister on his visit to Moniepoint’s UK office include Dotun Olowoporoku, Managing Partner, Starta; Gbenga Ajayi, Partner and Head of Africa, QED Investors and other senior officials from the Nigeria High Commission in London and Foreign Affairs Ministry.  It would be noted that this visit reinforces the message that Nigerian companies are not only capable of achieving significant domestic success but also of expanding their footprint internationally, contributing to the nation’s economic development and global reputation. 

    Formerly known as TeamApt Inc., Moniepoint, founded in Lagos in 2015 by Tosin Eniolorunda and Felix Ike, has rapidly grown into a comprehensive digital financial services provider. Offering payments, banking, credit, business management tools, and cross-border payment solutions, Moniepoint serves over 10 million businesses and individuals across Nigeria and Africa.

    Moniepoint Inc has been recognized as Africa’s fastest-growing fintech in 2023 and 2024 by the Financial Times of London. It has also won the National Inclusive Payment Initiative Award and Financially Inclusive Fintech of the Year from the Central Bank of Nigeria as well as SME Microfinance Bank of the Year at the BusinessDay Banks & Other Financial Institutions BAFI Awards to mention a few. 

  • Moniepoint & AfriGO to Distribute 5 Million Cards, collaborate on Tap to Pay solutions

    Moniepoint & AfriGO to Distribute 5 Million Cards, collaborate on Tap to Pay solutions

    In a significant move to further enhance the availability of digital payment services to Nigerians, Moniepoint Inc has announced a strategic partnership with Afrigopay Financial Services Limited (AFSL), a subsidiary of the Nigeria Inter-Bank Settlement System (NIBSS), to further enhance the government’s digital payment agenda, by driving tap-to-pay solutions as well as accelerating the adoption of AfriGO Card, Nigeria’s National Domestic Card Scheme nationwide. 

    This collaboration will also leverage Moniepoint’s extensive reach and robust infrastructure to avail an innovative solution which allows users to make payments by tapping or hovering their contactless card or Near Field Communication (NFC) enabled device over a payment terminal or directly on compatible mobile phone devices. 

    Moniepoint, already a leader in driving digital payments and financial inclusion in Nigeria, will utilize its vast network and technological expertise to facilitate the rapid scaling of the AfriGO cards. Known for its innovative solutions that empower small and medium-sized enterprises (SMEs) and individuals, Moniepoint has consistently demonstrated its commitment to bridging the financial inclusion gap and has committed to deploying 5 million AfriGO cards. 

    AfriGO aims to deepen financial inclusivity by utilizing innovative products, a customer-focused approach, and cutting-edge technology. By reducing the country’s dependency on foreign exchange (FX) for payment transactions and ensuring data sovereignty, AfriGO Card strengthens and empowers local businesses, creating new opportunities within the growing card business ecosystem in Nigeria.

    “Our partnership with AfriGO aligns perfectly with our ongoing mission to engineer financial happiness for every Nigerian while driving convenience, transparency and security with contactless payments,” stated, Tosin Eniolorunda, CEO Moniepoint Inc. “The Moniepoint/AfriGO card is not just a product; it’s a vital tool that will extend our reach, particularly to those who have been traditionally excluded from the formal financial system. Building on Moniepoint’s impressive track record, this partnership will offer Nigerians a more affordable payment option while ensuring instant transaction settlement through AfriGO. Additionally, it will further drive financial inclusion across the country”.

    He continues, “the benefits of contactless payments are far reaching and will be great for our ecosystem. There are mutual synergies in unlocking potentials by creating a better life through our services for all Nigerians and we can reshape the digital economy so everyone — individuals, financial institutions, governments and businesses — can realize their ambitions.”

    Speaking on the collaboration, the Managing Director & CEO of Afrigopay Financial Services Ltd. (AFSL), Mrs. Ebehijie Momoh, stated, “This partnership is set to transform financial service delivery, particularly in underserved areas, by leveraging AfriGO’s innovative payment solutions. With AfriGO Cards, merchants and agents will experience seamless transaction finalization and instant settlement, leading to improved efficiency, better cash flow management, and reduced risk. Backed by robust technology infrastructure and effective liquidity management, AfriGO ensures smooth and secure operations, further enhancing accessibility and driving financial inclusion”.

    She added, “Moniepoint’s extensive agent network will play a key role in expanding this reach, supporting local businesses and delivering essential banking services, including purchases, deposits, withdrawals and money transfers. Together, we are creating a more connected and inclusive financial ecosystem, making transactions faster, more reliable and widely accessible to Nigerians.”

    This partnership reinforces the industry’s commitment to offering advanced, efficient payment solutions while significantly giving a boost to digital payment adoption in Nigeria, offering a secure, local alternative to international payment cards and shaping the future of payments in Nigeria.

    Moniepoint has been instrumental in transforming Nigeria’s financial landscape by providing reliable and accessible digital payment solutions. Their agent network, spanning across the country, has significantly contributed to bringing financial services closer to underserved communities. The company’s focus on empowering SMEs with reliable point-of-sale (POS) terminals and digital banking tools has fostered economic growth and financial stability.

  • Visa makes Strategic Investment in Moniepoint to Accelerate Financial Inclusion for African SMEs

    Visa makes Strategic Investment in Moniepoint to Accelerate Financial Inclusion for African SMEs

    Moniepoint Inc.,) one of Nigeria’s leading business payments and banking services platforms, has secured an investment from Visa, a global leader in digital payments. The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.

    Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools. The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.

    With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.

    As Africa’s Fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups. 

    Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said, “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”

    He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem. We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”

    Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added:

    “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”

    “Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations.” 

    Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.

    Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate. Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem.  The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.

    This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.

    Visa joins other notable investors including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst in advancing Moniepoint’s mission to create a society where everyone experiences financial happiness.

  • Financial Inclusion: It is more profitable to serve women – Tosin Eniolorunda

    Financial Inclusion: It is more profitable to serve women – Tosin Eniolorunda

    For financial inclusion to be sustainable, especially for women, it must no longer be treated as a buzzword, charitable social activity or a checklist to be marked. It must be rooted in economic and business activities that are well underlined by data considering that it is actually more profitable to serve women. 

    This was the thrust of an engaging plenary session, Leveraging Data to Accelerate Access to Finance for Woman Owned and Women-Led Enterprises in Nigeria which was moderated by the Deputy Governor, Operations, Central Bank of Nigeria, Ms. Emem Usoro, at the second edition of the International Financial Inclusion Conference 2024 organized by the Central Bank of Nigeria and other critical stakeholders with the theme “Inclusive Growth: Harnessing Financial Inclusion for Economic Development.

    The conference brought together a rich line-up of global thought leaders, industry practitioners, and key stakeholders to discuss pressing issues around how to accelerate financial inclusion in Nigeria and showcase Nigeria’s progress on gender inclusive financing, spotlight innovative solutions for inclusion, and how to deepen financing and capacity building of Micro, Small and Medium Enterprises (MSMEs) as catalysts of economic growth. 

    Tosin Eniolorunda, chief executive officer and founder of Moniepoint Inc noted that financial service providers play a vital role in supporting gender-inclusive finance and that by collecting and analyzing data on gender trends in small business performance, they can craft better policies, targeted products, and support services that encourage more women entrepreneurs. 

    Drawing from data curated  from the Moniepoint platform, he averred that “women-owned businesses are more likely to stay active and show higher engagement rates in financial transactions.” In cases where financial support has been extended—through investments, KYC compliance, or the provision of tools like point-of-sale devices—female-led businesses have a 7.2 percent higher activity rate than their male counterparts while looking at the gender relations with credit products, “women-owned businesses have an 87.5 percent lower loan non-performance rate (NPL) than male-owned enterprises.”

    Eniolorunda also made a case for the economic potential of investing in women entrepreneurs, who have proven to be diligent and enhance profitability while calling stakeholders to pay attention to the need to drive financial inclusion in the Northern part of the country. 

    He continued, “Data is the new oil,” and its application in the financial sector could be transformative for women-led businesses.

    Echoing similar sentiments, Chief Executive Officer, Credit Registry, Dr. Jameelah Sharrieff-Ayedun said that, ”90% of women’s income that they receive goes back to the communities and their families as such when women have access to credit, the community is enhanced, families are better off which is why it’s important that they can access this funding.”

    Other panelists included Chief Executive Officer, Financial Alliance for Women, Inez Murray,  and the Chief Operating Officer, Development Bank of Nigeria, Bonaventure Okhaimo who expressed belief that creating an enabling environment, with increased investor participation coupled with the willingness of other stakeholders to sit around the table and have frank conversations will move the needle on financial inclusion for women owned businesses. 

    In her summation, Deputy Governor, Operations, Central Bank of Nigeria Ms. Emem Usoro acknowledged some of the structural challenges that might require time and resources to be addressed including cultural practices and less systemic ones such as distance to financial services providers that stifle the participation of women owned businesses, while signposting the power of data to serve as a catalyst for inclusive growth and its viability for economic planning .   

    It will be recalled that the inaugural IFIC which was held in Abuja in November 2022, focused on Nigeria’s achievements since the launch of the National Financial Inclusion Strategy (NFIS) in 2012 even as it highlighted the scaling of innovative digital models in the rapidly evolving financial services landscape.

  • Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint Microfinance Bank, recognized by the Financial Times as Africa’s fastest-growing financial institution, has announced the appointment of Bayo Olujobi as its Chief Financial Officer (CFO) to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness. Bayo brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the bank’s executive team.

    Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint Inc successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.

    It will be recalled that in February 2024, Moniepoint MFB and Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years. In August 2023, Moniepoint MFB entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year. 

    Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank (a member of Standard Bank Group), where he served as the Chief Financial Officer and also as a Non-Executive Director, Stanbic IBTC Capital. With close to twenty years of experience in the financial sector, Bayo, who is a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development & strategy and treasury management. His strategic vision and leadership have been instrumental in driving financial performance and operational efficiency at both Stanbic IBTC and Asset and Resource Management Company (ARM) where he previously worked. The CTP designation is the gold standard for competency in the finance profession and is recognized as the leading credential in corporate treasury worldwide, which signifies that the individual can effectively execute critical functions related to corporate liquidity, capital, and risk management.

    “We are delighted to welcome an accomplished and business savvy professional like Bayo to the Moniepoint family,” said Tosin Eniolorunda, Group CEO, Moniepont Inc. “His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate and consolidate on our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals.”

    Bayo holds a Master of Business Administration, MBA from the Cranfield School of Management, UK, as well as a Bachelor of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student. Bayo’s financial nous has also been globally acknowledged as the recipient of the Financial Services CFO of the Year (West Africa), and Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2021 and 2022 respectively. 

    “I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement,” Bayo Olujobi said. 

    Moniepoint MFB Managing Director, Babatunde Olofin added, “We are pleased to have Bayo join us and contribute to the Bank’s continued success. His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as mentor to peers and colleagues. I look forward to working with him and the super talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”

  • Experts canvass for bridging the finance gap for female entrepreneurs

    Experts canvass for bridging the finance gap for female entrepreneurs

    Access to financial and nonfinancial services has been identified as one of the key barriers for women while a global study noted that the SME finance gap for female entrepreneurs in developing countries is $1.7 trillion. 

    Women represent the world’s largest and fastest-growing market—and one that has been largely overlooked by the incumbent and fintech sectors alike. By overlooking the female economy opportunity, fintechs and other stakeholders are leaving trillions on the table. Accelerating the financial power of all women by working to champion the female economy and unlocking its full value has been the driving force of the Financial Alliance for Women.

    Themed “Shaping Economies through Gender-Intelligent Fintech”, the annual Alliance Hackathon, which was sponsored by Moniepoint Inc and HSBC has revealed innovative fintech solutions aimed at advancing women’s financial inclusion and empowerment. In a world where financial inclusion remains a significant challenge, the initiative provides a platform to tackle challenges which are not just theoretical; but real-world issues that women face daily. 

    The hackathon, now in its fifth year, attracted over 200 applications from fintechs worldwide. Fifteen finalists were selected to compete, developing tech-based solutions to expand women business owners’ access to finance, provide non-financial services for business growth, support wealth-building, and address climate change adaptation.

    Pilou, a women-focused platform offering personalized financial education and investment tools for women in Latin America, emerged as the winner, claiming the title of Female Economy FinTech of the Year 2024. DREX, an Ecuadorian renewable energy financing platform linking women-owned businesses with women-owned solar farms, secured second place. Futa, which supports small businesses in Francophone Africa by leveraging payroll data to provide employee financing, took third place.

    Inez Murray, CEO, Financial Alliance for Women, highlighted the event’s significance: “We received a record number of entries this year. After careful consideration, we narrowed the field to 15 exceptional finalists who competed throughout early August, fine-tuning their solutions to facilitate women’s financial inclusion. Closing the financing gap for women-owned-businesses takes actions across the entrepreneurial ecosystem. We are privileged to bring together key actors from across the world to share innovative strategies that work to close that gap.”

    Tosin Eniolorunda, CEO of Moniepoint Inc and a judge for the hackathon, emphasized the importance of women’s financial inclusion: “It’s not just a matter of equality – it’s a powerful catalyst for economic growth and societal progress. We’re committed to playing our part in unlocking the full potential of the Female Economy.”

    The finalists received mentoring from industry leaders, including Moniepoint’s VP of Corporate Affairs, Edidiong Uwemakpan. They also participated in peer learning clinics and pitched their ideas to executives from global financial institutions.

    The Financial Alliance for Women expressed gratitude to sponsors Moniepoint Inc and HSBC, noting the growing impact of the initiative: “Not only are we raising awareness within the fintech ecosystem, but we are also witnessing fintechs becoming increasingly gender-intelligent.”

    By focusing on women’s financial inclusion, the Hackathon addresses a critical gap in the global economy. Women often face barriers to accessing financial services, which can hinder their ability to start and grow businesses, invest in their futures, and adapt to changing environmental conditions. The solutions developed through this hackathon have the potential to break down these barriers, providing women with the tools they need to succeed.

    This year’s Alliance Hack underscores the ongoing efforts to address the gender gap in financial services and harness the potential of the female economy, estimated to be worth trillions of dollars.

  • Moniepoint Strengthens Efforts to Broaden Financial Access Through Collaborative Initiatives

    Moniepoint Strengthens Efforts to Broaden Financial Access Through Collaborative Initiatives

    Africa’s fastest growing financial institution according to the Financial Times, Moniepoint Inc has underscored the importance of a collaborative and holistic stakeholder approach in advancing the future of financial and economic inclusion in Nigeria.

    In a recent high-level policy dialogue between the Nigerian government and private sector stakeholders held in Washington DC, Moniepoint Inc’s Group CEO and Co-Founder, Tosin Eniolorunda emphasized the importance of public-private collaborations in addressing trust issues that have slowed down the adoption of innovative fintech solutions for economic and financial inclusion.

    “Moniepoint has long championed the importance of financial inclusion and financial happiness. Building trust with the public and government, improving business and consumer access to the financial system are critical issues that are aligned to our philosophy. As testament to our commitment, we recently launched a landmark report investigating Nigeria’s informal economy, highlighting opportunities to widen financial inclusion to historically underserved communities. The outputs from this strategic gathering will go a long way in bolstering Nigeria’s economy even as closer linkages are formed from public-private collaboration which will be a huge boost to the overall development and competitiveness of the larger financial services industry,“ Eniolorunda said.  

    The event, which brought together government officials, regulators, law enforcement agencies, and fintech industry leaders at George Washington University, aimed to leverage innovative approaches to drive a sustainable and inclusive financial system in Nigeria.

    Vice President Kashim Shettima, addressing the gathering via video conference, highlighted the urgent need for financial innovation to drive Nigeria’s economic and financial inclusion agenda. This aligns with President Bola Ahmed Tinubu’s administration’s commitment to bringing over 30 million unbanked Nigerians into the formal financial sector as part of the Renewed Hope Agenda.

    “We must develop a sustainable collaboration approach that will facilitate the adoption of inclusive payment to achieve our objective of economic and financial inclusion,” Vice President Shettima stated.

    The dialogue focused on addressing critical challenges in Nigeria’s fintech ecosystem, including regulatory oversight, security concerns, and trust issues that have hindered the widespread adoption of innovative financial solutions. Participants explored strategies to enhance interagency collaboration and strengthen the overall effectiveness of the financial services sector.

    Philip Ikeazor, Deputy Governor of the Central Bank of Nigeria responsible for Financial System Stability, emphasized the need for ongoing collaboration among all stakeholders to meet the goals of the Aso Accord on Economic and Financial Inclusion.

    Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA), advocated for “a digital-first approach and the fusion of digital literacy with financial literacy to address trust issues affecting the inclusive payment ecosystem.”

    Dr. Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, explained that the gathering aims to evolve into a mechanism providing relevant information to the Office of the Vice President, facilitating effective decision-making for economic and financial inclusion.

    The event resulted in various recommendations covering rules, infrastructure, and coordination, with a focus on implementable actions and clear accountabilities. As discussions continue, Moniepoint remains dedicated to leveraging its expertise and technology to support the government’s financial inclusion goals and create a more financially inclusive society for all Nigerians.

    Other notable speakers included Inspector General of Police, Mr. Kayode Egbetokun, Executive Director of the Center for Curriculum Development and Learning (CCDL) at George Washington University, Professor Pape Cisse, Assistant Vice President at Merrill Lynch Wealth Management, Mr. Reginald Emordi, Regional Director for Africa at the Center for International Private Enterprise (CIPE), Mr. Lars Benson, and United States Congresswoman representing Florida’s 20th congressional district, The Honorable Sheila Cherfilus-McCormick, Prof Olayinka David-West from the Lagos Business School among others.