News
Moniepoint Managers Break Silence on $200M ‘Miraculous’ Fundraise Backed by DPI, Google, Visa, IFC & LeapFrog
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.
News
Akwa Ibom APC Adopts Governor Umo Eno for Second Term Bid
The All Progressives Congress (APC) in Akwa Ibom State has thrown its weight behind Governor Umo Eno as its candidate for the 2027 governorship election, paving the way for his second-term ambition under the ruling party.
Governor Eno, who defected from the Peoples Democratic Party (PDP) to the APC in 2025, formally submitted his nomination and expression of interest forms for the APC governorship primaries in early May 2026. He described the second term as necessary to complete ongoing projects and consolidate the gains of his ARISE Agenda.
Speaking after submitting the forms in Abuja, Governor Eno called on APC members to support his nomination during the primaries, expressing confidence that his administration’s developmental strides would earn him the party’s backing and the people’s mandate.
“I have just submitted the nomination form. We call on members of APC to support our nomination during the primaries, as we will continue to pray and trust God for more development to thrive in the state,” he said.
Several APC stakeholders and local government chapters in the state have already endorsed Governor Eno’s second-term bid, describing it as a move for continuity and project completion. The governor has repeatedly highlighted numerous ongoing infrastructure and developmental initiatives that require additional time to deliver maximum impact.
The development marks a significant political realignment in Akwa Ibom, as Eno positions the state under the APC platform ahead of the 2027 elections.
Party sources indicate that the APC leadership is working towards a smooth process for the governor’s emergence as the party’s flag bearer, though the formal primaries are yet to be held.
Governor Eno was first elected in 2023 under the PDP before switching to the APC.
News
Lagos Captures 6.4 Million Residents in Major Digital Identity Drive
The Lagos State Government has successfully registered over 6.4 million residents into its digital identity database, marking a significant milestone in its efforts to enhance governance, planning, and public service delivery.
The achievement was announced under the Lagos State Residents Registration Agency (LASRRA) and the Lagos Identity Card Project (LAG ID). According to officials, the initiative aims to create a comprehensive, reliable database of residents to improve targeted service delivery, urban planning, and overall governance efficiency.
Commissioner for Science, Technology and Innovation, Mr. Olatunbosun Alake, who provided the update, described the Lagos Identity Card Project as a critical tool for the state’s digital transformation agenda. He emphasized that the captured data will support better resource allocation and more effective delivery of government services.
The exercise forms part of Lagos State’s broader push toward a digital economy, enabling smoother access to services such as healthcare, social welfare, transportation, and other citizen-centric programmes. Officials noted that the database will help in accurate planning for infrastructure and social interventions.
With Lagos being Nigeria’s most populous state, estimated to have over 20 million residents, the registration of 6.4 million people represents a substantial step forward, though authorities say efforts are ongoing to capture more residents.
The state government has reiterated its commitment to data-driven governance and urged residents yet to register to take advantage of the ongoing exercise for better inclusion in government services.
News
EFCC Invasion Forces Uni. Uyo Teaching Hospital to Suspend Operations (Video)
Operations at the University of Uyo Teaching Hospital (UUTH) were dramatically disrupted on Wednesday after operatives of the Economic and Financial Crimes Commission (EFCC) allegedly invaded the facility, detained some management staff, and assaulted others, prompting the hospital to suspend services.
The Chief Medical Director of UUTH, Dr. Emem Bassey, told journalists that the unannounced raid created a hostile environment, forcing the hospital management to halt clinical services to ensure the safety of both staff and patients. The Accident and Emergency Unit, however, remains operational.
Dr. Bassey expressed disappointment over the incident, noting that the hospital had maintained cordial relations with the EFCC and was fully cooperating on the matter under investigation. He revealed that the requested report had already been prepared and was awaiting his signature when the operatives arrived.
“The use of force and detention of staff was unnecessary,” Dr. Bassey said. “Dialogue would have resolved this issue peacefully.”
Professor Eyo Ekpe, Deputy Chairman of the Medical Advisory Council, who was reportedly among those assaulted, described the EFCC’s action as an “unprovoked invasion.” He claimed he had shown the team leader the completed report before the situation escalated into violence.
The hospital management has called for an independent investigation into the incident and urged the EFCC to use proper channels when engaging with public institutions.
In an earlier statement, the EFCC said its operatives were attacked and trapped inside the hospital while conducting an operation linked to an ongoing fraud investigation. The case reportedly involves a suspect accused of defrauding multiple microfinance banks in Akwa Ibom State.
The development has raised concerns about the impact on healthcare delivery in the region, with patients and staff caught in the middle of the confrontation between the anti-graft agency and the hospital.
As of Thursday, normal services at the hospital remained suspended pending further resolution.
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