Moniepoint Inc., an innovative financial software company led by Nigerian tech entrepreneur Tosin Eniolorunda, has reported a remarkable milestone.
In the first quarter of 2023, the company processed an impressive $43 billion in transaction value.
This milestone is a testament to Moniepoint’s status as Nigeria’s largest business payments platform, and its recognition by the Central Bank of Nigeria as the most inclusive payment platform in the country. Moniepoint has emerged as one of the top fintech companies in Nigeria, thanks to the widespread adoption of mobile money services in the country.
The remarkable expansion of its operations, evidenced by the transaction value it processed during the first quarter of 2023, is all the more noteworthy considering the significant upswing in mobile money service usage spurred by Nigeria’s cashless policy, as well as the growing dependence on Nigerians on online payment and banking platforms.
With more than 1 billion transactions processed in the first quarter of 2023, Moniepoint is on track to surpass an annual run-rate transaction value of $170 billion. The company’s CEO, Tosin Eniolorunda, has led the charge in reducing processing failures to just 10 percent daily and cutting downtime by 60 percent. Moniepoint’s POS requests have also skyrocketed by 1,000 percent, driven by the cash crunch in the country during the period under review.
On the investment front, the company led a series of funding rounds in promising African startups, including a $3-million investment in Payday, a fintech startup providing global accounts to Africans. This investment marks the company’s first involvement with Payday.
Tosin Eniolorunda, the CEO of Moniepoint, expressed enthusiasm for Favour Ori’s innovative approach, which has led to Payday’s impressive growth in just two years. Eniolorunda added that he personally connects with Favour Ori’s drive, technical depth, and execution skills, which inspired Moniepoint to invest in the company.