Ten years ago, TeamApt was largely invisible to the average Nigerian. Its software quietly powered banks behind the scenes, helping financial institutions modernise their operations while remaining largely unknown outside industry circles.
But it midwifed Moniepoint Inc., which today processes more than $250 billion in annual payment (transactions) value, serves over 20 million businesses and individuals, and has become one of Africa’s most influential fintech companies.
The transformation reflects more than a successful corporate rebrand. It mirrors a grit by the founders: Tosin Eniolorunda and Felix Ike, and the evolution of Nigeria’s financial technology industry itself, from solving banking infrastructure challenges to building digital ecosystems capable of supporting millions of small businesses and consumers.
Moniepoint’s newly released 2025 Impact Report, marking a decade since its founding as TeamApt in 2015, chronicles that journey through numbers, customer stories and milestones that underline how the company has steadily expanded from enterprise software into banking, lending, business management and cross-border payments.
Building from the infrastructure up
Unlike many fintech startups that launched consumer-facing apps first, TeamApt took a different route.
The company began by building financial technology infrastructure for Nigerian banks, eventually serving about 95 percent of them and indirectly reaching more than 10 million customers before launching its own financial products.
That infrastructure-first strategy would later become one of Moniepoint’s defining strengths.
In 2019, it introduced Moniepoint and Monnify, bringing payment acceptance, agency banking and virtual accounts directly to businesses and consumers. A year later, the company says it was processing as much as $7 billion monthly across more than 120 million monthly transactions, establishing itself as one of Nigeria’s largest agency banking networks.
The milestones continued to accelerate.
A banking licence followed in 2022. Personal banking services arrived in 2023 after TeamApt formally became Moniepoint Inc. In 2025, the company expanded again with MonieWorld, targeting diaspora remittances from the United Kingdom, and Moniebook, an integrated bookkeeping, inventory and payment management platform for businesses.
Today, those businesses collectively process over $250 billion in annual transaction value across Moniepoint’s subsidiaries.
Betting on small businesses
If one theme runs consistently through Moniepoint’s decade-long journey, it is Nigeria’s micro, small and medium-sized enterprises (MSMEs).
The company argues that expanding financial inclusion begins with making it easier for entrepreneurs to access payments, banking and credit.
According to the report, Moniepoint disbursed more than $700 million in loans to MSMEs during 2025, with three out of every four merchants receiving formal business credit for the first time through its platform.
The company says businesses that received credit recorded an average 36 percent increase in transaction value, while 88 percent of surveyed merchants reported business growth following access to Moniepoint loans.
The lending model departs from traditional collateral-based banking by relying on merchants’ transaction history and cash flow data to assess creditworthiness.
For Nigeria’s estimated millions of underserved small businesses, that represents a significant shift in how formal finance is accessed.
Financial inclusion beyond the cities
The report repeatedly returns to one challenge: inclusion. Although digital finance has grown rapidly, millions of Nigerians remain outside the formal banking system because of poor internet access, limited smartphone ownership or geographical barriers.
Moniepoint says its network now enables 100 million people to access digital payments through POS terminals deployed across all 774 local government areas of Nigeria.
Moniepoint PoS machine
Its USSD platform has also become an important access channel.
According to the report, five million Nigerians used Moniepoint’s USSD service during 2025, a 500 percent increase over the previous year, demonstrating continued demand for banking services that do not depend on smartphones or broadband connectivity.
That approach reflects a broader lesson emerging across African fintech: innovation succeeds not simply by introducing new technology, but by adapting technology to existing realities.
Closing the gender financing gap
Perhaps one of the report’s most striking statistics relates to women entrepreneurs. Moniepoint says lending to women-owned businesses grew by more than 300 percent in 2025, while women now account for 36 percent of its loan portfolio, well above the industry benchmark of 15 to 25 percent.
Moniepoint Second Cohort DreamDev
The company also reports that 62 percent of female entrepreneurs receiving loans through its platform had never previously accessed formal credit.
Using transaction data rather than traditional collateral requirements, Moniepoint argues, allows it to reduce bias and expand financing to entrepreneurs historically excluded from conventional lending.
Beyond payments
Payments may have built Moniepoint’s reputation, but the company’s ambitions now extend well beyond transaction processing.
The launch of Moniebook signals an attempt to become a business operating platform rather than simply a payment provider.
The application combines inventory management, bookkeeping, payment processing and financial reporting into one platform aimed at helping merchants run their businesses more efficiently. Since launch, 91 percent of merchants surveyed reported improved business operations, while 96 percent said transaction security had improved.
Tosin Eniolorunda Foundation has partnered with the Association of Professional Women in Engineering (APWEN) Ile-Ife chapter, to host a financial literacy initiative for female students of OAU.
It reflects an increasingly common strategy among Nigerian fintech firms: evolve from offering single financial products into comprehensive digital ecosystems capable of supporting every aspect of business operations.
Beyond Business: Investing in Nigeria’s Future
Moniepoint’s impact extends beyond banking halls and POS terminals. Over the past decade, the fintech has steadily expanded its corporate social responsibility agenda to include education, entrepreneurship, financial literacy and technology talent development, initiatives that align with several United Nations Sustainable Development Goals (SDGs).
Its education programmes alone reflect a long-term bet on Nigeria’s innovation economy.
Working with the University of Lagos, Moniepoint launched a nine-month full-stack engineering programme that graduated 150 software engineers, while also establishing a dedicated learning hub on campus. Moniepoint recently commissioned a Tosin Eniolorunda Design Lab, providing students across Obafemi Awolowo University (OAU) with modern facilities for STEM education and product innovation.
The company was not done. It further in invested in nurturing entrepreneurship among young Nigerians through innovation challenges, startup funding, robotics competitions and university entrepreneurship programmes designed to help students transform ideas into viable businesses.
L-R: Deputy Vice-Chancellor, Academics, University of Nigeria, Nsukka (UNN), Prof. Kamoru Usman; Vice President, People Operations, Moniepoint, Chinaza Nduka-Dike; Vice-Chancellor, Obafemi Awolowo University (OAU), Prof. Adebayo Simeon Bamire; Co-founder and Group CEO, Moniepoint, Tosin Eniolorunda, and Deputy Vice-Chancellor, Advancement, Innovation & Research, Ahmadu Bello University (ABU), Prof Aliyu Sanusi, during the launch of N3billion Moniepoint Innovation Hubs for UNN, OAU and ABU at OAU Campus, Ile-Ife, Osun State on Monday, May 25, 2026
The initiative represents one of the most significant private-sector investments in Nigerian higher education in recent memory.
Women have also remained a central focus. Beyond extending more credit to women-owned businesses, Moniepoint partnered with Tech4Dev and ACIOE Associates to provide financial literacy and cybersecurity training for women and persons living with disabilities.
It also supported women entrepreneurs through grants and business development initiatives in collaboration with the Young African Leaders Initiative (YALI).
Its social interventions extend into agriculture and public welfare. In partnership with the Federal Ministry of Agriculture, the company supported payment and distribution for subsidised rice reaching 848,592 beneficiaries, while its collaboration with the Kaduna State Government is helping disburse ₦3 billion under the Ultra-Poor Graduation Programme aimed at expanding financial inclusion among vulnerable citizens.
These initiatives reinforce Moniepoint’s argument that financial inclusion is not merely about opening bank accounts but about equipping individuals and businesses with the knowledge, capital and opportunities required to participate meaningfully in the economy.
Recognition beyond Africa
Moniepoint’s growth has not gone unnoticed internationally. In 2025, the company was named among TIME’s Most Influential Companies, recognised by the Financial Times as one of Africa’s Fastest-Growing Companies, featured among CNBC’s leading UK fintech firms, and received several industry awards recognising its work in financial inclusion and digital banking.
Such recognition places Moniepoint among a growing group of African fintech firms attracting global attention as investors increasingly look beyond traditional financial centres for innovation.
The next decade
While the report celebrates impressive milestones, it also points towards a larger ambition.
Chief Executive Officer Tosin Eniolorunda describes Moniepoint’s mission as creating “financial happiness” for Africans, a philosophy the company defines as moving customers from financial access to progress and ultimately long-term economic wellbeing.
Whether measured by the $700 million extended to small businesses, the 20 million customers using its platform, or the $250 billion processed annually, Moniepoint’s first decade illustrates how African fintech has evolved from enabling payments to building economic infrastructure.
For Moniepoint, the challenge now is no longer proving it can process transactions at scale.
It is demonstrating that a company born as TeamApt can continue evolving into one of Africa’s defining financial institutions, supporting entrepreneurship, expanding financial inclusion and shaping the continent’s digital economy over the decade ahead.
