Moniepoint Inc., the parent company of Nigeria’s leading financial institutions Moniepoint MFB and TeamApt Ltd, has been acclaimed as Africa’s fastest-growing financial institution by the Financial Times, a globally respected business news organization. This recognition was part of the Financial Times’ annual “Africa’s Fastest Growing Companies” survey, marking Moniepoint’s second consecutive year achieving this prestigious milestone and positioning it among Africa’s top four fastest-growing companies.
The survey, conducted by Statista, a renowned research firm, rigorously ranked companies based on their absolute growth rate and compound annual growth rate (CAGR) from 2019 to 2022. Moniepoint’s impressive growth rates of 7,979% (absolute) and 332% (CAGR) outpaced hundreds of leading companies across various industries, including technology, telecommunications, financial services, and healthcare.
Moniepoint is a significant player in Africa’s business payment platform landscape, and has processed over $182 billion for customers in 2023. In August 2023, Moniepoint MFB expanded into the personal banking market, providing reliable banking services to millions of Nigerians. The holding group also doubled its global workforce, reaching over 1,800 employees by the end of 2023.
This accolade underscores Moniepoint’s success in driving financial inclusion by empowering underserved businesses and individuals to access formal financial systems, aligning with key objectives of the Nigerian government.
“We are thrilled to be recognized by the Financial Times as Africa’s fastest-growing fintech for the second consecutive year,” said Tosin Eniolorunda, Group CEO of Moniepoint Inc. “Achieving rapid growth and maintaining its year-on-year is a testament to the dedication of the Moniepoint team and the trust of millions of customers across Africa.”
Eliolorunda highlighted 2023 as a pivotal year for Moniepoint, noting the company’s transition from being agency-dominated to merchant-dominated as more people embraced digital payment solutions. He emphasized Moniepoint’s role in delivering seamless and reliable payment solutions, especially to underserved communities, and its contribution to economic growth and wealth creation.
Looking ahead to 2024, Eniolorunda anticipates continued growth, innovation, and maintaining Moniepoint’s leading role in the African fintech sector.
The Financial Times’ expanded ranking this year featured a wider geographical spread, with significant entries from Morocco and Mauritius. South Africa led the list with 42 companies, followed by Nigeria with 25, and Kenya with 12.
Moniepoint Inc.’s technology supports over five million businesses and their customers, providing essential payment, banking, credit, and business management tools. The company’s positive impact and transformational strides have garnered local and international acclaim.
In 2023, Moniepoint Inc. was again named among the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the PwC/BusinessDay Family Business Summit and was named Fintech Company of the Year at the 16th edition of Leadership Newspapers Conference and Awards.
Industry analysts recognize Moniepoint Inc. as a systemic institution in digital payment services, poised to continue delivering innovative solutions that promote inclusivity, drive sustainability, and open new market vistas.
