Previously generally known as TeamApt, Moniepoint is the most important enterprise funds platform in Nigeria. The corporate processes $170 billion in annualized whole funds quantity (TPV), and have become QED Buyers’ first funding in Africa final yr.
Headquartered in London, with places of work in Nairobi and Lagos, in addition to the U.S., Moniepoint was based in 2015. The corporate counts greater than 600,000 companies massive and small amongst its prospects. Moniepoint has been acknowledged by the Central Financial institution of Nigeria as essentially the most inclusive fee platform within the nation, and was named the second-fastest rising firm in Africa by the Monetary Instances.
We caught up with Tosin Eniolorunda (pictured), founder and CEO of Moniepoint, to debate the state of fintech in Nigeria and what Moniepoint is doing to assist present higher monetary providers to companies and communities in Africa.
In our prolonged dialog, we talk about challenges to digital transformation within the area, the evolution of Nigeria’s cashless financial system, and what to anticipate within the wake of Moniepoint’s latest rebranding.
What drawback does Moniepoint clear up and who does it clear up it for?
Tosin Eniolorunda: Moniepoint solves the issue of fragmented, inaccessible, and low-quality monetary providers for companies in rising markets. It’s a full-service enterprise banking platform looking for to supply all of the digital monetary providers a typical enterprise wants.
Moniepoint particularly offers companies in rising markets with banking, funds, credit score, and enterprise administration instruments to assist them develop. Our motivation is to energy enterprise desires and create monetary happiness for our prospects. We acknowledge the significance of companies in driving financial progress. By powering the profitability and operations of those companies, we hope to allow them to make important contributions to the financial system at massive.
Up to now, we now have powered the desires of over a million companies who help native communities up and down Africa.
Your organization started the yr with a rebrand, transitioning from Group Apt to Moniepoint. What was the importance of this choice?
Eniolorunda: The corporate, TeamApt, began as a service supplier, and our title was aptly chosen. The staff offering these providers was the center of our answer. As the corporate grew, our flagship product – Moniepoint – turned ubiquitous out there, and it turned essential to deliver every part collectively to push the entire model ahead. We had turn out to be the purpose for folks’s cash, and it was solely proper we took up that title.
We all know prime expertise is very wanted within the international fintech trade, which is why we needed to indicate our dedication to embracing the perfect and brightest by going out into the world in our selection of headquarters. By being extra globally oriented, we need to be recognizable as an employer of selection for abilities all over the world.
What’s the monetary providers trade like in Nigeria? And what’s its relationship with the fintech ecosystem?
Eniolorunda: The monetary providers trade in Nigeria is usually a collaborative one. The Central Financial institution of Nigeria drives coverage change in collaboration with all gamers within the trade – conventional banks and fintech gamers – all geared in the direction of a extra financially inclusive ecosystem. An instance of how this performs out is fintechs working with conventional banks as their settlement companions, and conventional banks offering digital account options to fintechs to allow them to, in flip, present digital wallets to their prospects.
It’s additionally acknowledged that fintechs take a usually technology-first strategy to monetary options, and laws exist to make this as seamless as doable.
You might have mentioned that “low-trust” is an obstacle to digital transformation in Africa. Are you able to elaborate on this problem and what’s needed to beat it?
Eniolorunda: Monetary schooling is especially vital to realize belief and help for digital transformation, as folks usually are cautious of what they don’t perceive. In societies with a big share of uneducated folks, it’s anticipated that they’ll push again on innovation that guarantees to make their lives higher.
For instance, if a digital financial institution desires to supply nimble handy providers, it would resolve to not have bodily branches or a name centre to handle prices. Nonetheless, low-trust implies that these communities of individuals need to see an individual or hear from them so as to go away their monies within the financial institution.
We overcame this barrier by approaching these markets utilizing a hybrid distribution methodology – through collaboration with native folks they may establish. After they acquired launched to those digital options by folks they knew and noticed of their neighborhoods, it turned simpler for them to belief these merchandise and check out them out.
This spring there have been numerous headlines concerning the “money disaster” in Nigeria. Are you able to inform us about this and the way the disaster impacted Moniepoint?
Eniolorunda: In March 2023, as a part of its effort to help in adopting cashless technique of funds, fight inflation and forestall fraud, the Central Financial institution of Nigeria began a redesign of the Naira, Nigeria’s forex. Folks needed to flip of their previous notes as they have been not authorized tender, and the consequence of this course of was a diminished availability of money and, by extension, elevated reliance on digital funds.
Moniepoint started to give attention to supporting companies in April 2022, extending our banking and fee instruments to them. Consequently, throughout this money crunch, we have been well-placed to supply these companies with the instruments they wanted to simply accept digital funds and keep afloat.
Consequently, we noticed a surge in transactions throughout this era. We adjusted our platform to make it extra dependable, serving to us to maintain supporting these companies.
What position will Moniepoint play in an more and more cashless financial system in Nigeria and different components of Africa?
Eniolorunda: By being a banking companion for companies, we allow them to obtain funds digitally, which is essential in Africa’s journey in the direction of changing into a cashless financial system. In 2022, we helped companies course of over $170 billion, and are persevering with this optimistic development in 2023.
We’re decided to remain on the forefront of the digital revolution. Preliminary efforts throughout the continent have been targeted on offering people with entry to digital monetary providers, giving them playing cards and different means to pay digitally. It’s not sufficient for purchasers to be empowered to pay digitally; the companies should be geared up with the schooling and sources to obtain these funds.
When companies are capable of obtain these digital funds instantly, money turns into much less central to each transaction, and we’re collectively nearer to a cashless ecosystem.
There was speak within the fintech press about Moniepoint and potential acquisition alternatives. Is the corporate actively seeking to make important acquisitions?
Eniolorunda: Sure, the plan is to make important and strategic acquisitions that align with our total aim of offering an all-in-one monetary platform for companies in rising markets. These acquisitions permit us to increase our product suite or enter new markets.
Additionally not too long ago Moniepoint introduced a partnership with Google Cloud. Why did Moniepoint pursue this partnership, and what is going to the partnership assist Moniepoint accomplish?
Eniolorunda: As we grew greater and sooner, it was vital that monetary transactions on our platform might be carried out at mild speeds, so adopting a hybrid cloud technique was key for us.
A few of the instruments embrace Cloud Spanner and Kubernetes, which assist us to handle and course of excessive volumes of transactional requests per minute, with no lag time. A partnership with Google Cloud ensures we will use their providers with personalised help that the size of our enterprise wants.
What can we anticipate from Moniepoint within the second half of 2023 and into subsequent yr?
Eniolorunda: We’re proud to have already been be acknowledged this yr as not simply Africa’s largest fintech, but in addition its fastest-growing. However that is solely the start.
Now we have a lot in retailer for the second half of 2023, together with plans for a brand new product and to enter new markets. Watch this house.
Picture by McBarth™ Obeya
