Moniepoint Inc Achieves $182 Billion in Transactions, Named Africa’s Fastest Growing Financial Institution

Moniepoint Inc, a leading business payments platform, has achieved a significant milestone by processing $182 billion in transactions from its customer base in 2023. This achievement underscores the company’s rapid growth and expanding influence in the financial sector.

Tosin Eniolorunda, the Group Chief Executive Officer of Moniepoint Inc, shared this development on Thursday while discussing the company’s recent accolade from the Financial Times, which recognized Moniepoint as ‘Africa’s Fastest Growing Financial Institution’ for the second consecutive year. In a statement released to Punch Online, Eniolorunda highlighted the company’s successful entry into the personal banking market, offering services to millions of individuals across Nigeria.

“Moniepoint Inc. has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023,” Eniolorunda stated. He expressed pride in the Financial Times recognition, attributing it to the dedication of Moniepoint’s team and the trust of its customers.

Eniolorunda noted that 2023 marked a pivotal year for the company as it transitioned from an agency-dominated institution to a merchant-dominated one, reflecting a broader acceptance of digital payment solutions.

David Pilling, Africa Editor for the Financial Times, commented on the broader context of the rankings, noting that the list of Africa’s Fastest Growing Companies, compiled by Statista, highlights firms that have thrived despite economic challenges. The ranking, based on data from 2019-2022, includes a diverse range of industries and showcases significant geographical spread.

Moniepoint’s impressive growth rates of 7,979% (absolute) and 332% (CAGR) positioned it ahead of numerous leading companies from sectors such as technology, telecoms, financial services, and healthcare.


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