Tag: Moniepoint

Moniepoint Inc has restated its commitment to help in building the tech talent pipeline in Nigeria and other parts of the continent.

Co-Founder and Chief Technology Officer, Moniepoint Inc, Felix Ike, who gave the commitment when the company announced the opening of applications for the second cohort of its flagship DreamDevs initiative, said the transformative program designed to bridge the tech talent gap in Africa by equipping recent graduates with industry-ready skills and real-world experience.

“The results from our first cohort validated our belief that with the right training and support, Africa’s young tech talent can compete globally. This year, we’re doubling down on our commitment by aiming to convert half of our participants into full-time employees. For us, DreamDevs is all about creating sustainable career pathways that drive Africa’s digital economy forward,” Ike said.

He said the initiative aligns with Moniepoint’s broader vision of using technology to power the dreams of millions and engineer financial happiness across Africa. It complements the company’s existing talent development programs, including HatchDev – a collaboration with NITHub Unilag that produces 500 specialised developers annually across software engineering, intelligent systems, and IoT/embedded systems as well as its hugely popular, Women-in-Tech which is now in its fifth year.

The initiative is also in tandem with the Federal Government’s 3 Million Technical Talent (3MTT) programme, for which Moniepoint serves as a key sponsor. While the 3MTT programme focuses on mass technical skills training across Nigeria, DreamDevs provides a specialised pathway that takes graduates from foundational training through to employment, creating a complete talent development ecosystem.

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“We’re proud to support the government’s vision of building three million technical talents while also creating direct employment opportunities through initiatives like DreamDevs.”

 This multi-faceted approach ensures we’re contributing to national goals while simultaneously addressing our industry’s immediate talent needs. By investing in young people and providing them with practical experience, startup incubation support, and product development opportunities, we are not only creating high-impact jobs and driving sustainable economic growth across the continent,” Ike said.

With applications open to graduates across Nigeria, DreamDevs is designed as a national talent search for the next generation of world-class engineers. Each year, just 20 high-potential candidates are selected into an intensive bootcamp, with the strongest performers progressing into internship and full-time roles at Moniepoint. Last year’s cohort delivered four hires – three interns and one full-time engineer – validating the programme’s role as a high-impact talent pipeline.

Targeting graduates from technology, computer science, engineering, and related fields with foundational programming knowledge in HTML, CSS, and JavaScript, DreamDevs offers a rigorous nine-week boot camp that immerses participants via hands-on training from leading software engineers. Standout performers will secure six-month internship placements at Moniepoint, with potential progression to full-time employment based on performance.

For Victor Adepoju, a member of the first cohort and now a Backend Engineer at Moniepoint, “The organisation of the program was top-notch. The training covered a wide range of topics and provided a solid foundation I could continue to build on. I learned a great deal about cloud technologies, particularly Google Cloud Platform. The program also emphasised valuable soft skills, including planning, organisation, and prioritisation, which have been very useful in my day-to-day work.”

Selection will be based on technical aptitude, learning potential, and alignment with Moniepoint’s values of innovation and excellence. Interested and qualified recent graduates are encouraged to apply before the January 20th deadline via the official portal at dreamdevs.moniepoint.com.

Nigeria’s fintech unicorn, Moniepoint, has restated its commitment to redefine Africa’s technology and finance landscape.

The fintech firm which secured $90 million in additional cash to extend its footprints beyond its home country into the United Kingdom (UK) and Kenya in a capital raise that took its latest funding round to $200 million, said they will continue to revolutionize financial services across Africa, proving that world-class innovation can emerge from homegrown talent and local institutions.

Tosin Eniolorunda and Felix Ike, co-founders of Moniepoint Inc, said theyhave built one of Africa’s fastest-growing fintech companies, not despite their exclusively Nigerian education, but in many ways, because of it.

The two entrepreneurs who are products of Obafemi Awolowo University, Ife and the University of Lagos, already featured on the TIME100 Most Influential Companies list, a testament to the caliber of talent nurtured within Nigerian universities and the transformative potential of locally-rooted vision.

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Eniolorunda’s path exemplifies how Nigerian educational institutions can cultivate entrepreneurial excellence. After earning his degree in Mechanical Engineering from Obafemi Awolowo University, he didn’t follow the well-trodden path abroad but instead chose to build solutions for Nigerian challenges within Nigeria itself. This decision proved prescient. Understanding the unique financial ecosystem and infrastructure gaps firsthand from the work at TeamApt Ltd where they were building from majority of the country’s banks, Tosin pioneered several industry firsts: introducing instant POS transfers to Nigeria, launching the country’s first virtual account services, and constructing a vertically integrated payments processing switch with full switching and processing licenses. These feats and technological achievements must be viewed from the prism that these were deeply contextual innovations born from intimate knowledge of local needs, the kind of understanding that comes from being educated and embedded in the communities one serves.

Felix Ike’s contribution complements this vision with technical brilliance equally rooted in Nigerian educational excellence. Graduating with first-class honors in Computer Science from the University of Lagos, Felix brought to Moniepoint the kind of engineering rigor required to build mission-critical financial infrastructure. As Chief Technology Officer, he has architected systems that are not just functional but scalable, resilient, and secure enough to serve over 10 million businesses and individuals across Nigeria and Africa. His work demonstrates that Nigerian universities are producing software engineering leaders capable of building world-class technology that can compete on the global stage with technology that processes millions of transactions daily and underpins the financial dreams of an entire continent.

Since its founding in 2015, Moniepoint has evolved into Africa’s largest distributor of financial services in Nigeria, with presence across all 774 local government areas. The company’s all-in-one financial ecosystem offering seamless payments, banking, credit, and business management solutions reflects a sophisticated understanding of what African businesses and individuals actually need to thrive. The accolades have followed: recognition by TIME as one of the 100 Most Influential Companies in 2025, listing among CNBC’s top UK fintech firms, and ranking in the Financial Times’ Africa’s Fastest-Growing Companies for three consecutive years.

The Moniepoint story as an indigenously rooted but globally compliant player challenges prevailing narratives about where innovation must originate and what credentials are necessary for building transformative companies. Tosin and Felix’s success illustrates that Nigerian universities, when their graduates are empowered with vision, opportunity, and determination, can produce founders who don’t just participate in the global economy but reshape it.

President Bola Tinubu has pledged continued support to the informal sector of the economy, saying it is at the heart of the country’s story of resilience, creativity and enterprise, from market traders to artisans, service providers, and young digital entrepreneurs.

Speaking at the launch of the second edition of Nigeria’s Informal Economy Report powered by Moniepoint and the launch of “M”, the first artificial intelligence (AI)-powered chatbot dedicated to demystifying the informal economy, Vice President Kashim Shettima said millions of Nigerians power commerce daily in ways that are unseen yet indispensable to the economy.

Represented on the occasion by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, the Vice President commended the business payments and personal banking servicing platform, Moniepoint Inc, for its decade-long commitment to driving financial inclusion and business growth across Africa’s most populous nation

Sen Shettima said: “Millions of Nigerians power commerce daily in ways that are unseen yet indispensable to our economy. This report gives an important window into the challenges and opportunities within the sector. It provides a stronger foundation for inclusive, evidence-based policymaking.

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“The Tinubu-led administration places high priority on the informal sector, which has remained central to Nigeria’s economic resilience. I commend Moniepoint for its decade-long contribution to financial inclusion, supporting millions of informal businesses across Africa.”

To bring the report’s insights to life, “M,” a friendly, AI-powered guide that helps users explore and understand Nigeria’s informal economy. Built on cutting-edge Large Language Model (LLM) technology, M provides conversational and easy-to-understand responses to complex queries. It represents Moniepoint’s belief that technology should serve people, especially the everyday entrepreneurs who keep the economy moving. “M” is designed to make data on small businesses and informal trade accessible, useful, and actionable for everyone from policymakers and researchers to journalists and the general public.

In his welcome remarks, Managing Director, Moniepoint MFB, Babatunde Olofin, noted that the bank’s focus lies in providing millions of these informal operators with the tools they need to thrive sustainably.

“This year’s report dives deeper into unemployment, taxation, savings behavior, and business operations within the informal economy, and what we’ve found paints a picture of both resilience and fragility. These insights remind us that the informal economy is not just a tool for survival but a living ecosystem of innovation and adaptation. We are determined to help shape a more inclusive and sustainable Nigeria, not just for today, but for generations yet unborn. The informal economy is not the shadow of our nation’s progress, it is its pulse. Our job is to make sure it beats stronger,” he said.

The launch event also served to mark a significant milestone as Moniepoint commemorates 10 years of service to now over 10 million active businesses and individuals, processing more than one billion transactions monthly and facilitating payments exceeding $22 billion. The company aims to strengthen public-private collaboration in building a more data-driven, inclusive, and digitized economy aligned with Nigeria’s Renewed Hope Agenda of achieving a $1 trillion economy by 2030.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has grown from building financial solutions and infrastructure for Nigeria’s major banks to becoming the nation’s largest business payments platform and leading merchant acquirer, providing an all-in-one banking platform offering payments, banking, credit, business tools, and cross-border payment solutions.

Hon. Ayodele Olawande, Minister, Federal Ministry of Youth Development represented by Mrs. Ebiho Agun, Technical Adviser commended Moniepoint for its commitment to understanding and illuminating the dynamics of a sector that, though often overlooked, remains the backbone of our national economy.

“While Moniepoint has aptly drawn attention to the vast potential of the informal economy, largely powered by youth, it is clear that realizing this potential requires strong synergy among government, private sector players, financial institutions, and development partners.

“Together, we must move from insight to action, designing and implementing strategies that will enable informal enterprises to access finance.”

During a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable economy for Nigeria, the panelists which included Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities, SANEF, Chinasa Collins-Ogbuo, Head, Inclusion for All Initiative, Enhancing Financial Innovation & Access (EFInA); Charles Odii, Director-General, Small and Medium Enterprises Development Agency of Nigeria  and MD, Moniepoint Microfinance Bank were emphatic about the need to increase access to finance, markets, and other structured interventions for the informal economy.

Speaking on its partnership with Moniepoint on the report, DG, SMEDAN expressed satisfaction that the report shows real progress with more businesses formalizing, accessing finance, and using digital tools, while acknowledging some challenges that persist, especially around rising costs and access to affordable credit.

“We are working with our partners and under this administration’s economic agenda to close these gaps: free CAC registration for 250,000 small businesses, a partnership with SEC to list 1,000 SMEs on the capital market, and new shared industrial hubs that make it cheaper to run a business. We are also working with state governments to deepen access to affordable finance and complement efforts of the Federal Government to create a regulatory environment that supports the growth of small businesses,” he said.

Some of the dignitaries who attended the event include Special Adviser to the President on Job Creation & MSME, Temitola Adekunle-Johnson, Senior Special Assistant to the President on Digital Media and Emergency Management (OVP), Ahmed Ningi, Registrar/ Chief Executive, The Chartered Institute of Bankers of Nigeria, Akin Morakinyo, Mohammed Bagudu, Special Adviser on Stakeholder Management and Finance, Federal Inland Revenue Service (FIRS), Deputy Director, Digital Economy, National Information Technology Development Agency (NITDA) Dr. Amina Sambo-Magaji, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), and Investment Officer. IFC. Meissa Gueye.

Moniepoint’s transformative impact has earned recognition on the Financial Times’ Africa’s Fastest-Growing Companies list, TIME100 Most Influential Companies list, and CNBC’s World’s Top Fintech Companies. The Central Bank of Nigeria honored Moniepoint as Financially Inclusive Fintech of the Year, while the company received SME Microfinance Bank of the Year awards at the BusinessDay Banks & Other Financial Institutions (BAFI) Awards in both 2024 and 2025.

Nigeria’s fintech unicorn, Moniepoint, has thrown its weight behind the Federal Government’s digital economy agenda by setting aside a special funding program to support science, technology, engineering, and mathematics (STEM) across Nigeria. 

Its Founder, Tosin Eniolorunda, through the Tosin Eniolorunda STEM Foundation said he has launched the Future Builders Fund, to support high-potential but under-resourced students across the country.

Moniepoint, formerly known as TeamApt, is a prominent Nigerian fintech company that achieved unicorn status (a valuation over $1 billion) after raising $110 million in a Series C funding round in October 2024. Key investors include Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock.

Eniolorunda said the vision behind the Future Builders Fund is premised in the belief that education is a powerful equalizer capable of turning raw potential into real solutions.

He said: “Every child deserves the opportunity to become the best version of themselves, and socioeconomic barriers should not be a roadblock to mastery and brilliance, We are launching the Future Builders Fund to find and nurture the innovators who will shape Nigeria’s future. This is a way of creating financial happiness leveraging the power of education to help students from low-income and under-resourced backgrounds gain mastery, giving them a fighting chance at being innovative change makers, who will develop life-changing solutions.”

The Future Builders Fund is a scholarship scheme to ensure that no child with potential to excel is left behind as the world races to catch up with emerging technologies such as Artificial Intelligence (AI), robotics, machine learning and many others redefining every facet of human endeavours. 

This pilot program is designed to remove financial and structural barriers that prevent promising students from reaching their full potential in science, technology, engineering, and mathematics (STEM) across Nigeria.

In recognition of the fact that nations need to strategically invest in preparing their youth to take advantage of the global digital economy,, the Tosin Eniolorunda STEM Foundation had donated a CAD/CAM laboratory worth over N100million to the Obafemi Awolowo University last year while supporting other initiatives that include Management Students Association of the University of Lagos Entrepreneurship Challenge, Nigenius Inter-School Robotics Competition, and NextGen Connect Interschool Oratory Competition valued at 50m naira.

The Future Builders Fund addresses a challenge facing Nigerian universities: while STEM programs have expanded and enrollment in fields such as computer science and engineering has increased, many students face financial constraints that force them to abandon their studies. This scholarship program targets under-resourced students who possess the drive, intelligence, and builder’s mindset necessary to become Nigeria’s future innovators.

The Future Builders Fund will sponsor 14 outstanding students—two per university—across seven federal universities, providing tuition support, hostel accommodation, a laptop, and a monthly stipend. In addition, scholars will benefit from ongoing mentorship and development programs designed to cultivate a solutions-oriented mindset throughout their academic journey.

For the pioneer cohort, the participating federal universities were selected across Nigeria’s six geopolitical zones, including Lagos. They are: Obafemi Awolowo University (OAU), Ile-Ife; University of Nigeria, Nsukka; University of Calabar; University of Abuja; Ahmadu Bello University (ABU), Zaria; University of Maiduguri and University of Lagos.

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The scholarship is open to STEM students entering 200 level (i.e., those who have completed 100 level) in the listed universities. Interested applicants are required to submit: Basic bio-data, Academic record (100 level transcript or statement of result) and a personal essay or statement of need

Applicants will be screened based on academic merit, clarity of purpose, and demonstrated need. From each university, the top 10 shortlisted candidates will sit for a standardized test assessing academic ability, critical thinking, and problem-solving skills. The best two candidates per university will be awarded the Tosin Eniolorunda STEM Foundation Scholarship.

The Future Builders Fund is demonstrating a commitment to nurturing talent that can drive national development. Scholarship recipients will be assessed annually and renewal will be based on satisfactory academic performance and demonstrated growth in technical or leadership skills outside the classroom. This ensures the program supports students who are actively applying their knowledge to solve real-world problems.

This pilot edition of the initiative will lay the groundwork for a sustainable five-year, scalable scholarship program that exudes an innovative approach – financial support with mentorship, leadership development, and practical STEM skill application in a manner that can accelerate Nigeria’s cultivation of world-class STEM innovators.

Moniepoint Microfinance Bank has reaffirmed its commitment to financial inclusion as the cornerstone of its business, declaring that its mission goes beyond market share to transforming lives across Nigeria and Africa.

Speaking at the 2025 annual conference of Finance Correspondent Association of Nigeria (FICAN) in Lagos on Saturday, the bank’s Chief Executive, Babatunde Olofin, told a story that captured both the fragility and resilience of the Nigerian dream.

The theme of this year’s conference ‘Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance,’ brought together experts and stakeholders across the key finance sector of Africa’s largest economy, among whom was Moniepoint boss.

Olofin who was represented by the Head, Corporate Communications, Mr. Bemigho Awala, recounted the journey of a certain Iyaruka, a mother of four who relocated to Lagos after losing her homes in Abuja.

Starting out as a petty trader, she was onboarded onto Moniepoint’s payment platform two years ago, later gaining access to credit. Today, she runs three thriving stores and records daily revenues that once seemed impossible.

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“That is the power of access. That is the meaning of inclusion,” the CEO declared. “Financial services should mean only one thing: progress.”

According to him Moniepoint’s new campaign, “We’re Made for Your Progress,” reflects its broader mission to power the dreams of Africans by using technology to provide speed, trust, and simplicity in financial transactions.

He stressed that the digital economy is not a distant prospect but a lived reality, underpinned by tools such as mobile connectivity, cloud computing, and artificial intelligence. Yet, for technology to truly catalyse development, three pillars must be prioritised: trust, talent, and literacy.

Moniepoint, he noted, is investing heavily in these areas. Its “Dream Developments” incubator trains young Nigerians to build financial solutions, while the company also champions financial literacy as a safeguard against exclusion and misinformation. “Without knowledge,” he warned, “we are building on sand.”

Beyond banking transactions, Moniepoint is extending its solutions into areas such as inventory management for small retailers, enabling mom-and-pop shops to track stock and improve profitability. The bank is also documenting local case studies to better understand regional economies, including livestock and crop markets in Northern Nigeria.

The CEO emphasised that Africa’s financial future will not be scripted in Silicon Valley but determined by homegrown solutions, regulatory oversight, and informed journalism.

“At Moniepoint, we are not just interested in growing the market. We are committed to transformation. Everyone can bank on technology as a force for good,” he concluded.

Start-ups in Africa raised over $250 million in funding last month with Nigeria leading the pack with megabucks coming to Moniepoint and Yellow Card.

In total, $1.7 billion has been raised this year by start-ups on the continent, a 33 per cent decline when compared with what was raised in corresponding period last year.

According to a report entitled: Africa: The Big Deal, 42 start-ups on the continent announced a total of $254 million in funding plus over $100, 000 in equity, debt and grants excluding exits.

From the total cash raised perspective, this is the second-best month this year (after July), and almost 50 per cent over the previous 12-month average. As a matter of fact, it is the best October on record since 2019.

Nigerian Fintech Moniepoint’s $110 million Series C accounted for 43 per cent of the total. It made headline news last week, and understandably so. The continent is thought to have minted its eight unicorn, though the valuation of some of Moniepoint’s peers is based on their last raise which in some cases is getting quite old.

The other two largest rounds last month were BasiGo’s $42 million Series A and Nigeria’s cryptocurrency exchange Yellow Card’s $33 million Series C.

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Overall, 60 per cent of the funding in October went to start-ups in Nigeria, and 60 per cent to Fintech; 98 per cent was invested in start-ups with a male CEO; 97 per cent in ventures without a female founder (#notimpressed). One exit was also announced last month: OmniRetail acquired Traction Apps in Nigeria.

In 2024 so far, start-ups in Africa have now raised $1.7 billion in total down -32 per cent year-on-year (YoY) compared to the same time in 2023. Last year, this much had already been announced by early June i.e. almost five months earlier than in 2024. 393 ventures have already raised $100k or more in 2024 (-10per cent YoY), 137 of which have announced $1million or more in funding (-20per cent YoY).

Moniepoint had raised $110 million in funding from investors including Google and London-based private equity firm Development Partners International (DPI), according to its statement.

The investment had boosted the tech start-up’s valuation to over $1billion for the first time according to themoriningstar.com.ng.

 “The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes.

“This platform will include services such as digital payments, banking, foreign exchange, credit, and business management tools, making it a one-stop shop for business solutions,” it had said.

Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said yesterday.

Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for privately-owned business valued at over $1billion

Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.

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The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors.

The new capital would be used to speed up Moniepoint’s growth across Africa and build an integrated platform for businesses.

“This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said in the statement.