Moniepoint Inc.
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Native name | Moniepoint |
|---|---|
| Industry |
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| Founded | June 2015 |
| Founders | Tosin Eniolorunda, Felix Ike |
| Headquarters | Lagos, |
Key people | |
| Products |
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| Website | Website |
Moniepoint (formerly TeamApt) is a Nigerian fintech company based in Lagos that provides banking services and loans via an online banking app. The company was founded by Tosin Eniolorunda and Felix Ike in 2015. In November 2024, Bayo Olujobi was appointed its chief financial officer (CFO).[2]
History
[edit]Moniepoint was founded in 2015 by business executives Tosin Eniolorunda and Felix Ike.[3] It was initially founded under the name, TeamApt.[4]
In March 2019, Moniepoint announced funding of $5.5 million in a Series A fundraising from Quantum Capital Partners.[5] In November 2019, Moniepoint received a switching license from the Central Bank of Nigeria.[6][7]
In 2021, the company announced an undisclosed capital in a Series B Funding round led by Novastar Ventures. It also fundraised the $50 million in pre-series C funding led by QED investors.[8]
In March 2023, Moniepoint led the $3 million seed investment round for Nigerian neobank Payday.[9]
In July 2023, the company launched its personal banking service.[10][11] By January 2026, the Central Bank of Nigeria officially upgraded the operating license of its subsidiary, Moniepoint Microfinance Bank, to a national status.
In 2023, Moniepoint got listed by the Financial Times as the Second-Fastest Growing Company in Africa.[12]
In October 2024, Moniepoint became the African continent's eighth unicorn at a valuation of over US$1 billion after it announced a US$110 million Series C funding round. Development Partners International’s African Development Partners (ADP) III fund, Google’s Africa Investment Fund led the round. [13] Lightrock also participated in the round.[14][13][15]
In 2025, the company announced an extension of its Series C round, raising an additional $90 million and bringing the total Series C funding to over $200 million.[16][17][18]
In 2025, Moniepoint Inc. reported the digital payment infrastructure is accelerating the growth of Nigeria's food service industry, projected to reach US$11.09 biilion in 2025. The report highlights innovation such as instant settlement, automated payment verification, and transaction-based lending as key drivers of efficiency, financial inclusion, and business growth.[19][20][21][22][23]
In 2026, Moniepoint in partner with Google, Women Techmakers Lagos, hosted the "Break the Pattern" workshop to equip young Nigerian women with practical tech and AI skills. The programme combined hands-on training, a Buildathone, and leadership sessions, while reinforcing Moniepoint commitment to developing tech talent through initiatives sush as Women in Tech, DreamDevs, HatchDev, and the 3MTT programme.[24][25][26][27]
In 2026, Moniepoint Inc. graduated the second cohort of its DreamDev Bootcamp, a nine-week training programme aimed at addressing African's shortage of software engineering talent. The initiative equips participants with advanced software development skills, mentorship, and hands-on experience to prepare them for enterprise-level engineering roles.[28][29]
References
[edit]- ↑ Oladunmade, Muktar (2023-01-21). "Moniepoint: Rebranding a Fintech Giant". TechCabal. Retrieved 2023-03-17.
- ↑ Akintaro, Samson (2024-11-06). "Moniepoint appoints ex-Stanbic IBTC's Bayo Olujobi as Chief Financial Officer". Nairametrics. Retrieved 2024-11-06.
- ↑ Akinlesi, Love. "Moniepoint Celebrates A Decade Of Impact, Microfinance Bank Disburses Over ₦1 Trillion In Credit To Empower Small Businesses In 2025 | Moniepoint Blog". Moniepoint Inc. Retrieved 2026-07-16.
- ↑ Oladunmade, Muktar (2023-01-21). "Moniepoint: Rebranding a Fintech Giant". TechCabal. Retrieved 2023-03-17.
- ↑ Nsehe, Mfonobong (11 March 2019). "From Self-Funded To Series A - How TeamApt Is Transforming Africa's Payment Sector". Forbes. Retrieved 21 July 2023.
- ↑ Samson, Akintaro (November 16, 2023). "Here are the 16 payment switching and processing companies in Nigeria". Nairametrics. Retrieved June 4, 2024.
- ↑ Umeh, Juliet (16 April 2022). "Moniepoint evolves as business bank to ensure seamless banking for SMEs". Vanguard. Lagos, Nigeria. Retrieved 22 May 2023.
- ↑ Kene-Okafor, Tage (10 August 2022). "QED makes its first African investment, backs Nigeria's TeamApt". TechCrunch. Retrieved 17 March 2023.
- ↑ Kene-Okafor, Tage (2023-03-29). "Payday wants to power the future of work for Africa with $3M seed led by Moniepoint Inc". TechCrunch. Retrieved 2023-05-22.
- ↑ "Q2 2019 Financial Inclusion Newsletter" (PDF). Financial Inclusion Newsletter. 4 (2). Abuja, Nigeria: Central Bank of Nigeria: 22. July 2019.
- ↑ Ehigiator, Sunday (13 September 2023). "Moniepoint Launches Personal Banking Service to Promote Financial Inclusion". This Day. Apapa, Lagos State, Nigeria. Retrieved 25 February 2024.
- ↑ Pilling, David (2023-05-02). "FT ranking: Africa's Fastest Growing Companies 2023". Financial Times. Retrieved 2023-05-22.
- 1 2 "Google among investors putting $110 million into Nigeria's Moniepoint". Reuters. 29 October 2024. Retrieved 29 October 2024.
- ↑ Adeoye, Aanu (29 October 2024). "Nigeria-based fintech Moniepoint gains 'unicorn' status". Financial Times. Retrieved 29 October 2024.
- ↑ "Nigeria-based fintech Moniepoint gains unicorn status". thepaypers.com. Retrieved 2024-10-29.
- ↑ Chris, Ugwu (2025-10-21). "Moniepoint Raises $200m To Deepen Financial Inclusion In Africa". The Whistler.
- ↑ Ogunwusi, Bamidele (2026-02-02). "N1trn Credit Lifeline, $200m Funding: How Moniepoint Is Powering Nigeria's Informal Economy". Independent. Lagos, Nigeria.
- ↑ Gonçalves, Gabriela Rodrigues. Desenvolvimento de uma sequência didática para o ensino de botânica com a elaboração de um blog como ferramenta complementar (Thesis). Universidade Federal de Juiz de Fora.
- ↑ Adepetun, Adeyemi (2026-07-10). "How digital payments are powering Nigeria's $11b food service industry- Moniepoint". The Guardian Nigeria News - Nigeria and World News. Retrieved 2026-07-11.
- ↑ Oboh (2026-07-11). "Digital payments driving Nigeria's $11bn food service industry". Vanguard News. Retrieved 2026-07-11.
- ↑ Onwuegbuchi, Chike (2026-07-10). "Study Reveals How Moniepoint is Powering Nigeria's $11Bn Food Service Sector". Retrieved 2026-07-11.
- ↑ Oparada, Pascal (2026-07-10). "How Moniepoint Helped Transform Nigeria's $11bn Food Service Industry - Legit.ng". www.legit.ng. Retrieved 2026-07-11.
- ↑ Adejumoh, Justus (2026-07-10). "New Study Reveals How Moniepoint Is powering Nigeria's $11bn Food Service Industry". Independent Newspaper Nigeria. Retrieved 2026-07-11.
- ↑ "Moniepoint, Google, Techmakers move to bridge Nigeria's IT..." Daily Trust. Retrieved 2026-07-11.
- ↑ Okamgba, Justice (2026-05-18). "Moniepoint deepens women's participation in tech". Punch Newspapers. Retrieved 2026-07-11.
- ↑ Onwuegbuchi, Chike (2026-03-31). "Moniepoint Launches Sixth Edition of Women in Tech Internship with "There Is Space for You" Campaign". Retrieved 2026-07-11.
- ↑ Anthony (2025-04-10). "Moniepoint supports Nigeria's digital economy agenda". The Guardian Nigeria News - Nigeria and World News. Retrieved 2026-07-11.
- ↑ Okamgba, Justice (2026-06-14). "Moniepoint intensifies efforts to address tech talent shortage". Punch Newspapers. Retrieved 2026-07-11.
- ↑ Anthony (2025-04-10). "Moniepoint supports Nigeria's digital economy agenda". The Guardian Nigeria News - Nigeria and World News. Retrieved 2026-07-11.