Africa’s digital transformation has produced a generation of high-impact fintech giants, but few have shaped the continent’s financial ecosystem as decisively as Moniepoint.
In under a decade, the Nigerian fintech company formerly known as TeamApt has scaled from a niche banking software developer into one of Africa’s most powerful and far-reaching digital finance platforms.
Investor confidence in the company continues to soar. Moniepoint’s recent $90 million funding round, backed by global blue-chip players including Google’s Africa Investment Fund and Visa, has pushed its total capital raised beyond $200 million. The deal reaffirms both the company’s dominance and Africa’s expanding influence in the global fintech economy.
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Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint set out to tackle a persistent challenge: financial exclusion. The company initially built core banking tools, but soon pivoted after recognizing that tens of millions of Nigerians were still shut out of formal financial services, heavily reliant on cash, and underserved by commercial banks.
That pivot gave rise to one of Africa’s most extensive agency banking networks. Moniepoint deployed its distinctive blue-and-white POS terminals across the country, enabling small businesses and individuals from crowded city centers to remote rural communities to access reliable digital payments, deposits, transfers, and cash-out services. The company’s network has since become synonymous with inclusion and everyday financial access.
Moniepoint’s resilience was proven during Nigeria’s 2023 cash shortage, when currency scarcity left banks overwhelmed and ATMs empty. While traditional institutions struggled, Moniepoint’s nationwide agent base kept cash flowing and digital payments online, solidifying its role as a critical financial infrastructure provider.
Today, the company serves more than 10 million users and processes over $250 billion in annual transaction value; placing it firmly among Africa’s elite fintech unicorns, alongside Interswitch, Flutterwave, Opay and Andela. As it accelerates expansion across the continent, Moniepoint now confronts the challenge of sustaining hyper-growth while staying aligned with its founding mission: democratizing access to financial services.
The company’s next chapter will be closely watched across Africa’s digital economy, as Moniepoint aims to deepen its impact, extend its technological leadership, and continue driving financial inclusion for millions.
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