By Jimmy Fatunbi
In a move that bolsters investor confidence in Nigeria’s burgeoning fintech sector, the Honourable Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, visited the UK offices of Moniepoint Inc., a leading Nigerian financial institution, during his high-level working visit to the United Kingdom.
The visit, aimed at strengthening diplomatic ties and fostering strategic cooperation between Nigeria and the UK, underscored Nigeria’s commitment to driving economic growth and innovation. Ambassador Tuggar’s focus on Moniepoint highlighted the company’s remarkable journey and its pivotal role in Nigeria’s financial landscape.
During his tour, Ambassador Tuggar lauded Moniepoint as a “true Nigerian success story,” emphasizing its status as a “fintech unicorn with a multibillion-dollar valuation.” He highlighted the company’s impressive growth, citing its 2000+ employees, thousands of sales personnel, and its empowerment of millions of businesses through enhanced financial inclusion.
“Nigeria is at a vantage position in the fintech and financial services sector,” Ambassador Tuggar stated. “With banks and fintechs operating across Africa, we must continue to instill confidence in Nigerian businesses as they expand globally. Moniepoint is a testament to the strength of Nigeria’s fintech ecosystem.”
The Minister acknowledged the significant backing Moniepoint has received from global investors, including Google’s Africa Investment Fund, Visa, and BII, further validating its position as a leader in the fintech space. He stressed that a thriving fintech sector directly translates to more jobs, increased financial inclusion, and a stronger economy for Nigeria.
In his welcome remarks, CEO Moniepoint Inc. Tosin Eniolorunda reiterated Moniepoint’s commitment to powering the dreams of millions of business owners while engineering financial happiness for all Africans. He noted that the dynamic digital landscape in Nigeria presents unique opportunities to harness technology to drive real change, and Moniepoint is excited to be at the forefront of this transformation.
“By empowering individuals and businesses with financial tools that are innovative and efficient, we believe that technology can be a powerful catalyst for economic growth and social development. This visit by His Excellency Ambassador Yusuf Maitama Tuggar signposts the importance of cross-border collaboration and the strengthening of Nigeria’s global partnerships. We recognize the critical role that international cooperation plays in advancing innovation, especially within the fintech sector. As a country, Nigeria has immense potential, and through strategic alliances with global stakeholders, we can unlock new opportunities that benefit both local and international communities,” Eniolorunda stated.
Continuing, he said, “At Moniepoint, we are deeply aligned with the Nigerian government’s vision to enhance strategic cooperation in areas like trade, investment, and technology. We are eager to continue contributing to the development of our country’s digital economy while fostering meaningful collaborations that will leave a lasting legacy for generations to come.”
Moniepoint’s market leadership has been acknowledged by several industry watchers and analysts. As the country’s largest merchant acquirer, it powers the majority of Point of Sale (POS) transactions, processing over 1 billion transactions monthly with a total payments volume exceeding $22 billion. This enables countless small and medium-sized enterprises (SMEs), particularly those in the informal sector, to digitize their operations and participate in the evolving African economy.
Moniepoint executives at the event include Felix Ike, Co-Founder and Chief Technology Officer, Moniepoint Inc; Didi Uwemakpan, Vice President, Corporate Affairs, Moniepoint Inc; Ross Strike, Senior Vice President, M&A & Investor Relations; Ravi Jakhodia, CEO, Moniepoint UK; Bayo Olujobi, Chief Financial Officer, Moniepoint MFB.
Important dignitaries who accompanied the Foreign Minister on his visit to Moniepoint’s UK office include Dotun Olowoporoku, Managing Partner, Starta; Gbenga Ajayi, Partner and Head of Africa, QED Investors and other senior officials from the Nigeria High Commission in London and Foreign Affairs Ministry. It would be noted that this visit reinforces the message that Nigerian companies are not only capable of achieving significant domestic success but also of expanding their footprint internationally, contributing to the nation’s economic development and global reputation.
Formerly known as TeamApt Inc., Moniepoint, founded in Lagos in 2015 by Tosin Eniolorunda and Felix Ike, has rapidly grown into a comprehensive digital financial services provider. Offering payments, banking, credit, business management tools, and cross-border payment solutions, Moniepoint serves over 10 million businesses and individuals across Nigeria and Africa.
Moniepoint Inc has been recognized as Africa’s fastest-growing fintech in 2023 and 2024 by the Financial Times of London. It has also won the National Inclusive Payment Initiative Award and Financially Inclusive Fintech of the Year from the Central Bank of Nigeria as well as SME Microfinance Bank of the Year at the BusinessDay Banks & Other Financial Institutions BAFI Awards to mention a few.
