Moniepoint ranked as Africa’s fastest-growing financial institution by the Financial Times for the second consecutive year

Tosin Eniolorunda, Group CEO of Moniepoint Inc

Moniepoint Inc, the parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd, has been recognized by the Financial Times as Africa’s fastest-growing financial institution. The Financial Times, renowned globally for its business news and analysis, highlighted Moniepoint Inc. in its annual “Africa’s Fastest Growing Companies” survey, published today.

For the second year in a row, Moniepoint Inc. has earned this accolade, placing it among Africa’s top four fastest-growing companies. This recognition comes from a comprehensive survey by Statista, a prominent research firm known for its accurate performance insights. The ranking is based on 2019-2022 data, assessing companies by their absolute revenue growth rate and compound annual growth rate (CAGR).

Moniepoint achieved remarkable growth rates, with an absolute growth of 7,979% and a CAGR of 332%, outpacing numerous companies across various sectors including technology, telecoms, financial services, and healthcare.

Additionally, Moniepoint has established itself as one of Africa’s largest business payment platforms, processing over $182 billion for customers in 2023. In August 2023, Moniepoint MFB expanded into the personal banking market, offering reliable services to millions of Nigerians. The holding group also significantly increased its workforce, reaching over 1,800 employees by the end of 2023.

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said:

“We are thrilled to be recognised by the Financial Times as Africa’s fastest-growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation. 2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

According to David Pilling, FT Africa Editor,

The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed.

Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides have earned it local and international plaudits.

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