Nigeria-based fintech Moniepoint gains ‘unicorn’ status

The Nigerian fintech which recently won the best bank for SMEs at BusinessDay’s Banks and other Financial Institutions (BAFI) Awards, gained popularity after a cash crunch crisis in 2023. It recently solidified its market share after technology upgrades grounded many traditional bank apps. It stated that it currently processes over 800 million transactions, with a monthly total value exceeding $17 billion, while maintaining profitability.

It stated that it has experienced a 2,000 percent growth since entering the personal banking space over the past year.

Tosin Eniolorunda, founder and group chief executive officer of Moniepoint Inc., said, “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.”

Adefolarin Ogunsanya, Partner at Development Partners International, added, “A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.”