Moniepoint, a Nigerian business and personal banking platform, has reached a valuation of over US$1 billion after completing a US$110 million Series C funding round.
In a 2022 interview with Afridigest, CEO Tosin Eniolorunda outlined the strategy behind the company’s growth.
He emphasised the importance of “customer obsession,” noting that “the boss of all of us, the chairman of all of us are the customers.”
Eniolorunda described how the company developed a system to refund failed transactions within 24–48 hours, compared with the industry standard of 5–10 working days.
Two years later, Moniepoint processes more than 1 billion transactions worth US$22 billion each month for ten million businesses and individuals.
Its infrastructure remained operational during Nigeria’s 2023 cash crisis, while many traditional banks faced system failures.
Eniolorunda also indicated plans to expand internationally.
In April 2025, Moniepoint launched MonieWorld, a remittance product for Nigerians in the UK, and in June 2025 received approval to acquire a 78% stake in Nairobi-based Sumac, a deposit-taking microfinance bank.
Moniepoint has grown across business and personal finance lines, including credit, and reports revenue growth of over 150% CAGR in recent years.
The company attributes its growth to a combination of infrastructure reliability, customer-driven product development, and a globally distributed management team.
On motivation, Eniolorunda told Afridigest:
“You must first of all be sure that this is what you want to do and you actually enjoy it, it’s not because you want it for the fame or necessarily for the money.”
Moniepoint’s progress demonstrates the application of a long-term strategy in a complex market and highlights the potential for African fintechs to expand internationally.
Source: Fintech News
