Moniepoint began in Lagos in 2015 as a self-funded technology venture created by two Nigerian software engineers. Just over a decade later, it has become Nigeria’s largest business-banking platform, processing more than $250 billion in digital payments each year.
Two engineers identify a banking problem
Tosin Eniolorunda and Felix Ike established the company under its original name, TeamApt. Rather than launching immediately as a consumer-facing bank, they initially developed payment infrastructure and financial software for established banks and other institutions.
The founders had identified a fundamental weakness in Nigeria’s financial system. Although large banks operated across the country, millions of small businesses struggled with unreliable payments, limited access to credit and branches located far from local markets.
TeamApt initially financed its development without major institutional investment. This forced the company to concentrate on products that financial institutions were willing to purchase, creating revenue while its technology and industry relationships were still developing.
A decisive move towards small businesses
The company’s breakthrough came when it shifted from supplying software to banks towards providing financial services directly to merchants. It built a network of local agents equipped with point-of-sale terminals, allowing shops and small enterprises to accept digital payments, withdraw cash and conduct basic banking transactions.
This model was particularly effective in communities poorly served by conventional branches. Local agents provided a human connection, while Moniepoint supplied the technology, transaction processing and financial infrastructure behind each payment.
The company gradually expanded into business accounts, working-capital loans, personal banking, foreign exchange, bookkeeping and cross-border payments. TeamApt eventually adopted the Moniepoint name, reflecting the growing importance of its merchant-banking operation.
From local platform to African unicorn
By 2024, Moniepoint was processing more than 800 million transactions every month, with a monthly value exceeding $17 billion. A $110 million investment round involving Google’s Africa Investment Fund helped lift its valuation above $1 billion, giving the company unicorn status.
The business completed a Series C fundraising of more than $200 million in 2025. Investors included Development Partners International, Visa, Google’s Africa Investment Fund, the International Finance Corporation and several specialist emerging-market funds.
At that stage, Moniepoint served more than 10 million active users and had remained profitable despite its rapid expansion. The company now says its banking, payment and business-management services reach approximately 20 million businesses and individuals every month.
Building around Africa’s informal economy
Moniepoint’s growth reflects the enormous economic importance of Africa’s small and informal businesses. These companies employ millions of people but are frequently overlooked by traditional lenders because they lack conventional accounts, financial statements or acceptable collateral.
Digital transaction records allow Moniepoint to assess how merchants operate and potentially offer credit based on actual business activity. This creates opportunities for enterprises that may otherwise depend on cash or expensive informal loans.
The company has also launched a remittance platform for Africans living in Britain, signalling ambitions beyond Nigeria and demonstrating how locally developed financial technology can move into international markets.
A lesson in solving local problems first
Moniepoint’s expansion has not been built around copying a Western banking model. Its success came from understanding unreliable payment systems, limited branch networks and the daily needs of African merchants.
Competition and regulatory risks remain significant, particularly as banks and other fintech companies strengthen their digital services. However, Moniepoint’s journey demonstrates how a small, self-funded business can become major financial infrastructure by solving an overlooked local problem before attempting international expansion.
Newshub Editorial in Africa – 23 August 2026
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