Tosin Eniolorunda and Felix Ike, co-founders of Moniepoint Inc, have built one of Africa’s fastest-growing fintech companies, not despite their exclusively Nigerian education, but in many ways, because of it. Their journey from the lecture halls of Obafemi Awolowo University and the University of Lagos to the TIME100 Most Influential Companies list stands as a powerful testament to the caliber of talent nurtured within Nigerian universities and the transformative potential of locally-rooted vision.

Tosin Eniolorunda’s path

…exemplifies how Nigerian educational institutions can cultivate entrepreneurial excellence. After earning his degree in Mechanical Engineering from Obafemi Awolowo University, he didn’t follow the well-trodden path abroad but instead chose to build solutions for Nigerian challenges within Nigeria itself.

This decision proved prescient. Understanding the unique financial ecosystem and infrastructure gaps firsthand from the work at TeamApt Ltd where they were building from majority of the country’s banks, Tosin pioneered several industry firsts: introducing instant POS transfers to Nigeria, launching the country’s first virtual account services, and constructing a vertically integrated payments processing switch with full switching and processing licenses.

These feats and technological achievements must be viewed from the prism that these were deeply contextual innovations born from intimate knowledge of local needs, the kind of understanding that comes from being educated and embedded in the communities one serves.

Felix Ike’s contribution

…complements this vision with technical brilliance equally rooted in Nigerian educational excellence. Graduating with first-class honors in Computer Science from the University of Lagos, Felix brought to Moniepoint the kind of engineering rigor required to build mission-critical financial infrastructure.

As Chief Technology Officer, he has architected systems that are not just functional but scalable, resilient, and secure enough to serve over 10 million businesses and individuals across Nigeria and Africa.

His work demonstrates that Nigerian universities are producing software engineering leaders capable of building world-class technology that can compete on the global stage with technology that processes millions of transactions daily and underpins the financial dreams of an entire continent.

Since its founding in 2015, Moniepoint has evolved into Africa’s largest distributor of financial services in Nigeria, with presence across all 774 local government areas.

The company’s all-in-one financial ecosystem offering seamless payments, banking, credit, and business management solutions reflects a sophisticated understanding of what African businesses and individuals actually need to thrive.

The accolades have followed: recognition by TIME as one of the 100 Most Influential Companies in 2025, listing among CNBC’s top UK fintech firms, and ranking in the Financial Times’ Africa’s Fastest-Growing Companies for three consecutive years.

The Moniepoint story as an indigenously rooted but globally compliant player challenges prevailing narratives about where innovation must originate and what credentials are necessary for building transformative companies.

Tosin and Felix’s success illustrates that Nigerian universities, when their graduates are empowered with vision, opportunity, and determination, can produce founders who don’t just participate in the global economy but reshape it.

This prestigious ranking, developed in collaboration with market research firm Statista, evaluates fintechs globally based on key metrics such as revenue growth, transaction volume, employee strength, and capital raised.

Moniepoint stands alongside 250 trailblazing fintech companies shaping the future of financial services worldwide.

From Nigeria to the World

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt) has grown into a powerhouse, providing digital banking, payments, credit, and business tools to over 10 million customers.

The company processes over one billion transactions monthly, with volumes exceeding $22 billion, significantly boosting financial inclusion, especially within Africa’s informal economy.

Moniepoint’s recent initiatives, including the launch of MonieWorld, its platform for Africans in the diaspora, have further extended its reach.

Now available in markets like the UK, MonieWorld allows users to send money and access digital financial services with ease, marking the company’s first consumer-facing venture outside Africa.

A Streak of Global Recognition

This CNBC recognition follows a string of high-profile accolades:

• TIME100 Most Influential Companies (2025)
• Financial Times’ Fastest-Growing African Companies (3 consecutive years)
• CB Insights Fintech 100

These milestones reinforce Moniepoint’s commitment to innovation, impact, and inclusion.

“It’s an honour to be listed among the world’s top fintechs,” said Tosin Eniolorunda, Group CEO of Moniepoint Inc. “This recognition affirms our team’s dedication and underscores our growing influence in global fintech. We’re driven by a single mission—to power the dreams of millions of African entrepreneurs and businesses. As we scale, we remain committed to transforming lives through wider access to financial services and economic opportunity.”

The Global Fintech Landscape

Launched in 2023, CNBC’s Top Fintech Companies list is a definitive guide to the world’s most innovative and high-performing fintechs across banking, payments, digital assets, and more.

Moniepoint’s inclusion reflects not just regional success but its emergence as a global leader in tech-driven finance.

View the full list here: CNBC World’s Top Fintech Companies 2025

Moniepoint isn’t just building better financial systems—it’s building better futures.

This ambitious program seeks to nurture the continent’s brightest minds, equipping them with practical tech skills and invaluable real-world experience that will mitigate current challenges around tech talent sourcing in Africa.

DreamDevs by Moniepoint targets very recent graduates with a background in technology, computer science, engineering, or related fields who possess fundamental programming knowledge that include  HTML, CSS and foundational JavaScript.

Over a rigorous nine-week boot camp, these young tech enthusiasts will receive hands-on training and exposure to cutting-edge industry technology.

“We believe in investing in Africa’s future,” says Felix Ike, co-founder/chief technology officer, Moniepoint Inc, “and that starts with empowering young people as we join hands to grow Africa’s best talent through technology. DreamDevs is about more than just training; it’s about creating a pathway for ambitious graduates to become the driving force of technological advancement in Africa.”

He continues,

“We have always envisioned a transformative approach to technology, using it to power the dreams of millions and engineering financial happiness across the land. The DreamDevs initiative perfectly aligns with this vision. By providing participants with practical experience, upskilling opportunities, startup incubation, and product development support, DreamDev equips them to become invaluable assets to the tech industry. We are thrilled to be part of an initiative that supports the government’s efforts to build a thriving digital economy for Nigeria.”

At the end of the boot camp, standout participants will earn internship opportunities, providing a gateway to further professional development, and all participants have the potential to secure full-time positions with Moniepoint.

As Africa’s tech revolution continues to transform the continent’s socio-economic landscape from fintech to AI, Moniepoint has consistently demonstrated its fidelity to improving the tech talent pipeline with initiatives like Moniepoint HatchDev, which is carried out in collaboration with NITHub Unilag, and organized as a nine-month specialized training programme that produces 300 junior software engineers, 100 intelligent systems developers, and 100 IoT/embedded systems engineers annually.

With the call for entry, universities and other collaborating partners are primed to play a pivotal role in nurturing the next wave of tech dreamers and innovators.

How to apply

To apply or learn more about the DreamDevs programme, visit the link HERE.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector has been widely acknowledged alongside an enviable track record of serving customers across Africa.

Founded in 2015 by Tosin Eniolorundaand Felix Ike, Moniepoint (formerly known as TeamApt) which initially focused on providing infrastructure and payment solutions for banks and financial institutions, has grown into Nigeria’s leading business banking provider, trusted by millions of businesses. Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion—all while operating profitably.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa.

Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated in the funding round.

The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth – a vital necessity given c. 83% of employment across Africa is in the informal economy. Moniepoint’s positive impact towards financial inclusion was recognised by the Central Bank of Nigeria in 2022, when it received the National Inclusive Payment Initiative Award.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said:

“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible. We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”

In this latest capital raise – DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.

Speaking to the rationale for their investment, Adefolarin Ogunsanya, Partner at Development Partners International, noted that “we are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest growing companies.

A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa. DPI has a long-track record of supporting businesses like Moniepoint to achieve their next stage of scale.

The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success. We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services.”

The investment conviction from DPI, Google’s Africa Investment Fund, Verod and Lightrock is testament to the impact Moniepoint is having through digital and financial inclusion and its game changing ability to foster economic activity and development.

As, Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools, Moniepoint through its subsidiaries is Nigeria’s largest merchant acquirer, currently processing the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries with $17 billion in monthly TPV.

In August 2023, Moniepoint entered the personal banking market and has experienced 2,000% growth in personal finance customers over the past year while growing its revenue at over 150% CAGR in recent years with industry leading gross profit and EBITDA margins.

It will be recalled that for the third year in a row, Moniepoint Inc, was recently listed in the seventh edition of the annual CB Insights’ Fintech 100 List as one of the 100 most promising private fintech companies of 2024.

But for the underbanked and underserved, especially in rural areas, this access remains a major hurdle.

According to the latest research released by EFInA in its Access to Financial Services in Nigeria survey, approximately 40 million adult Nigerians remain formally excluded even though we have seen a leap in formal financial inclusion as it grew from 56% (2020) to 64% (2023).

With the shift from traditional to digital transactions gaining some fillip, Africa’s leading fintech, Moniepoint recognizes the challenges posed by this digital shift, particularly for the underbanked communities.

According to Felix Ike, CTO and co-founder of Moniepoint, who emphasizes the company’s mission:

“Our guiding principle is financial happiness for everybody. Even if you are underbanked and in a far flung and remote area, you should be getting access to the best financial products available.”

Moniepoint’s comprehensive financial services platform provides underbanked and underserved SMEs and individuals with a one-stop solution for payment processing, access to credit, and streamlined operations in powering their dreams.

Its unique approach combines technology with a robust network of local merchants and offline engagement team across every nook and cranny of Africa’s political and economic powerhouse.

Having evolved from its roots as TeamApt, where it initially focused on automating back-end processes for banks, Moniepoint’s founders saw an opportunity to make a direct impact on people’s lives with the solutions they were creating.

This in turn has heralded the global fintech’s emergence as a truly transformative force for good.

“With Google Cloud’s infrastructure solutions, we’ve been able to quickly and reliably scale our platform to reach millions of customers, process billions in transactions, and expand economic opportunities. This flexibility allows us to adapt and expand rapidly without compromising performance or security,” Ike said.

The company’s growth is also creating sustainable employment opportunities, with thousands of direct hires across Nigeria and millions more jobs supported indirectly through the growth of Moniepoint’s business customers.

As Moniepoint expands to serve individuals as well as SMEs with credit facilities, savings and other exciting products, it aims to empower even more underbanked communities by ensuring access to modern, digital financial services.