Connect with us

News

Moniepoint Managers Break Silence on $200M ‘Miraculous’ Fundraise Backed by DPI, Google, Visa, IFC & LeapFrog

Published

on

Moniepoint MFB
582 Views

Moniepoint Inc., Nigeria’s leading digital financial services provider, has announced the successful close of its Series C funding round, raising over $200 million in equity financing. The investment underscores the company’s rapid growth, sustained profitability, and strong impact in expanding financial inclusion across Africa.

The round was led by Development Partners International’s ADP III fund, with the final close anchored by LeapFrog Investments, a top-tier impact investor. Other high-profile participants include Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, Verod Capital Management, Lightrock, and Alder Tree Investments.

Moniepoint, formerly known as TeamApt, is now one of the few global fintechs — and the first in Africa — to achieve profitability at unicorn scale while driving inclusion for millions of underserved individuals and businesses. With over 10 million active users and an annual digital transaction value exceeding $250 billion, the company has cemented its status as a cornerstone of Africa’s digital economy.

Funding to Fuel Expansion and Innovation

According to Moniepoint, the new capital will support its next growth phase — enhancing services for micro, small, and medium-sized enterprises (MSMEs), expanding its presence across Africa, and venturing into new international markets.

The raise follows a period of strong momentum for the company, marked by the launch of MonieWorld, a remittance solution for the African diaspora in the UK, and a new integrated payment and bookkeeping platform for MSMEs. Moniepoint was recently named one of Africa’s fastest-growing companies by the Financial Times for the third consecutive year, and also featured in CNBC’s Top Global Fintech Companies 2025.

Executive and Investor Commentary

Moniepoint’s Group CEO and co-founder Tosin Eniolorunda called the raise a “proud day” for the company.

“We founded Moniepoint to widen financial inclusion and help African entrepreneurs realise their potential. The support from world-leading institutions is a powerful validation of that mission,” said Eniolorunda.
“We will deploy the funds strategically to build momentum in our next chapter — delivering financial happiness for Africans everywhere.”

Development Partners International (DPI), which led the initial close of the round in October 2024, reaffirmed its confidence in the fintech.

“Moniepoint continues to deliver innovation, scale, and profitability. We’re proud to back their leadership as they grow across Africa and beyond,” said DPI Partner Adefolarin Ogunsanya.

LeapFrog Investments Partner Karima Ola emphasized Moniepoint’s impact on African MSMEs:

“MSMEs are the heartbeat of African economies. Moniepoint empowers them with the tools they need to grow, employ others, and formalize operations.”

IFC’s Global Director for Disruptive Technologies, Farid Fezoua, highlighted the fintech’s role in digitizing informal retail:

“Moniepoint is transforming how MSMEs operate in Nigeria. With competitively priced point-of-sale devices and a modern digital platform, it enables growth and job creation in a cash-dominated sector.”

Continued Backing from Global Investors

The Series C round expands Moniepoint’s roster of global blue-chip investors, including QED Investors, Novastar Ventures, FMO, British International Investment, Global Ventures, Endeavor Catalyst, and New Voices Fund.

Financial Technology Partners acted as exclusive financial and strategic advisor to Moniepoint throughout the transaction.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved from building bank payment infrastructure to becoming Nigeria’s leading business banking platform, offering a full suite of financial services — including digital payments, business and personal banking, credit, and business management tools.

With this latest funding milestone, Moniepoint is poised to accelerate its mission to empower African businesses and individuals to achieve their financial dreams.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NNPCL Faults NISO’s Claim of No Gas To Power Generating Plants

It, however, maintained that gas production had increased by about 10 per cent in 2026 so far, as the company pursued the Federal Government’s gas development and monetisation agenda.

Published

on

By

NNPC LOGO 575x400 1
71 Views

The Nigerian National Petroleum Company Limited has dismissed claims by the Nigerian Independent System Operator (NISO) blaming the nationwide power supply outages on partly to limited gas availability and reduced water inflows to hydroelectric power stations.

In a statement issued on Saturday in Abuja by its Chief Corporate Communications Officer, Andy Odeh, NNPC said that its pipelines remain available to deliver gas to power plants across the country.

The national oil company said its operational records did not indicate any transportation-related constraints within the network operated by its subsidiary, NNPC Gas Infrastructure Company Limited, that could explain the current drop in power generation.

It, however, maintained that gas production had increased by about 10 per cent in 2026 so far, as the company pursued the Federal Government’s gas development and monetisation agenda.

Continue Reading

News

NMDPRA, EFCC Storm Illegal Chinese Refinery in Ogun (Video)

Published

on

091b51c4 06ff 4993 a757 f3d8142de62c.jpeg
157 Views

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and operatives of the Economic and Financial Crimes Commission (EFCC) on Tuesday stormed an illegal Chinese-operated refinery in Ogere-Remo, Ikenne Local Government Area of Ogun State.

The joint operation followed intelligence reports that revealed a well-fenced but crude yet technically sophisticated facility occupying more than three hectares of land.

During the inspection, officials observed underground tanks believed to have been used for heating and processing sludge oil, refining waste products, and substances suspected to be Automotive Gas Oil (AGO), popularly known as diesel. NMDPRA officials immediately sealed the facility.

Ogun State Coordinator of NMDPRA, Dr. Atilola Akinyemi, described the plant as a complete illegality operating without any permit from regulatory authorities.

“The underground storage facility behind the site has an estimated capacity of more than 90,000 litres, complete with underground heating systems, water hydrants for cooling, locally fabricated tanks and silos for separation,” Akinyemi told journalists.

He warned that if such adulterated products entered the market, they would pose serious risks to vehicles and engines. All recovered products have been confiscated by the Federal Government.

Director of the Department of Proceeds of Crime Management at the EFCC, Gbolahan Latona, stressed the need for collective patriotism in tackling economic crimes.

“Upon conclusion of investigation, the suspects will have their day in court and the proceeds of crime will be put to meaningful use,” Latona said.

Watch video below:

Continue Reading

News

Sanusi: Critics Are Not Enemies Of The Govt

” It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.

Published

on

By

440px Sanusi Lamido Sanusi 01
161 Views

The Emir of Kano, Alhaji Muhammadu Sanusi II, has advised the Federal Government against treating every comment about the administration as an attack on President Bola Tinubu.

The royal father gave the advise on the occasion of the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tan.

Speaking virtually to the audience at the event, on Tuesday, Sanusi advised the government to tolerate constructive criticism.

“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.

Continue Reading

Trending