Many small and medium-sized enterprises (MSMEs) across Africa, especially in Nigeria, lack affordable and reliable financial services. Traditional banks often overlook these businesses because they require collateral or strong credit histories that many MSMEs, particularly informal ones, cannot provide.
Moniepoint addresses this by offering a digital platform that combines payments, banking, credit, and business management tools, enabling MSMEs to manage transactions, grow their operations, and employ others.
Today, Moniepoint raised over $200 million in a Series C funding round, starting with $110 million in 2024 and adding another $90 million in 2025. The round was led by Development Partners International’s African Development Partners III fund and featured Google’s Africa Investment Fund, Visa, LeapFrog Investments, and the International Finance Corporation (IFC).
Additional investors include Lightrock, Alder Tree Investments, Proparco, Swedfund, Verod Capital Management, QED Investors, Novastar Ventures, FMO, British International Investment, Global Ventures, Endeavor Catalyst, and the New Voices Fund.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint emerged from a passion to improve financial inclusion and support African entrepreneurs. Its founders’ experience in payments infrastructure helped tackle Africa’s unique financial challenges. Today, Moniepoint helps businesses and individuals achieve financial success through inclusive, innovative services.
Moniepoint processes over $250 billion annually and serves more than 10 million active customers. It stands out for its ability to handle high transaction volumes and provide reliable infrastructure and comprehensive business management tools tailored to African MSMEs.
Unlike competitors such as Flutterwave, Paystack (owned by Stripe), TymeBank, and Chipper Cash, Moniepoint has achieved profitability at unicorn scale by focusing on sustainable growth, deep customer relationships, and a diversified product lineup targeting underbanked segments.
Looking forward, Moniepoint’s expansion includes launching MonieWorld, a digital remittance platform for the African diaspora in the UK and Europe. Strategic acquisition of Bancom Europe gives Moniepoint FCA-regulated UK licenses passported across the European Economic Area, enabling broader European market access.
Despite incurring a $1.2 million loss related to UK startup costs, management views it as necessary for long-term growth. Moniepoint is also investing in its London office, setting the stage for international scaling.
