In a significant move poised to reshape the African financial technology sector, Moniepoint Inc., led by prominent Nigerian tech entrepreneur Tosin Eniolorunda, has received regulatory approval to acquire Kopo Kopo, a Kenya-based company specializing in payment services and credit provision to businesses.
The approval, granted by the Competition Authority of Kenya (CA), signifies a major step forward in Moniepoint’s strategic expansion across the African continent.
The acquisition comes hot on the heels of Moniepoint’s $3-million investment in Payday, a fintech startup facilitating global (USD, EUR, and GBP) accounts for Africans.
With its sights set on expanding into new markets boasting mature banking and payments infrastructure, Moniepoint’s acquisition of Kopo Kopo underscores its commitment to catalyzing financial inclusion and growth across the region.
Eniolorunda, CEO and founder of Moniepoint Inc., expressed enthusiasm for the milestone achievement, despite not disclosing the financial specifics of the transaction.Â
“We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa and are delighted to have reached the milestone of securing regulatory approval for our plans,” Eniolorunda remarked.
Moniepoint Inc., originally founded as Apt Inc. by Eniolorunda in 2015, has rapidly evolved into a powerhouse within the fintech realm. With a visionary goal of fostering widespread financial happiness, the company initially concentrated on developing solutions for seamless money management by both businesses and individuals.
Under Eniolorunda’s leadership, Moniepoint has secured a top spot in Nigeria’s fintech landscape, empowering entrepreneurs by giving them equitable access to growth-enabling tools. Its portfolio includes over 600,000 businesses spanning various sizes, and it operates Nigeria’s most extensive business payments platform.
The company’s run-rate annual transaction value stands at an impressive $170 billion, with a staggering $43 billion processed in transaction value during the first quarter of 2023 alone.
Moniepoint’s exponential growth is particularly remarkable, given the surge in mobile money service adoption catalyzed by Nigeria’s cashless policy and the nation’s increasing reliance on online payment and banking platforms.
It has cemented its status as a partner of choice, facilitating financial aspirations for countless African businesses and individuals while forging a path toward an inclusive and vibrant financial landscape across the continent.
