When TeamApt rebranded as Moniepoint in January this year, it was a testament to just how excellently they have marketed mobile money. Since its launch in 2019, TeamApt Inc., via its subsidiaries – TeamApt Limited and Moniepoint MFB, has seen unprecedented success as a platform for small and medium businesses in Nigeria and currently processes the majority of the POS transactions in the country.
It exceeded its revenue forecasts for 2022 with a total processed payments volume of over $170 billion and a customer base of over 600,000 organizations. The platform also introduced a credit offering in 2022, which has already provided working capital loans totaling more than $1.4 billion.
Moniepoint was recently named the second-fastest growing firm in Africa by The Financial Times. The list is the result of a Statista study that ranked businesses between 2018 and 2021 according to their revenue’s absolute growth rate and compound annual growth rate (CAGR).
Tosin Eniolorunda, Moniepoint’s Chief Executive Officer, noted that the recognition was a monument to the team’s perseverance and commitment, as well as to the confidence and steadfastness of the companies that depend on our goods.
“It has been quite the journey for us since inception, and it’s a delight to have our efforts and progress recognized by the Financial Times. The award is a testament to our team’s hard work and dedication.
“Our focus is to create a banking experience optimized for businesses in emerging markets that meet their specific needs to help them grow. Being recognized as the second-fastest-growing company in Africa speaks to how much progress we’ve made in this regard, and going forward, we have our sights set on doing even more.”
Tosin Eniolorunda
Putting out the numbers
TeamApt’s Moniepoint has experienced unparalleled success as a digital banking solution for small and medium enterprises, despite a rough patch for financial markets internationally in the second half of 2022. With an annual total payments volume (TPV) of more than $170 billion and a customer base of more than 600,000 businesses, it presently handles the bulk of POS transactions in Nigeria. This has allowed it to more than double its annual revenue in 2022. This product’s widespread use led to its being given the National Inclusive Payment Initiative Award by the Central Bank of Nigeria.
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The platform also launched a credit offering in 2022, and working capital loans totaling more than $1.4 billion have already been granted through it. With a 321% (CAGR), Moniepoint outperformed hundreds of top businesses in a variety of sectors, including technology, telecommunications, financial services, and healthcare.
The company, which has been profitable since 2020, is supported by eminent institutional investors such as QED Investors, Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst, and New Voices Fund. In July 2022, the business became QED Investors’ initial venture in Africa. With $43 billion in business payments processed over its network in just the first quarter of 2023, Moniepoint is already among the biggest commercial payment platforms in Africa. Between 2018 and 2023, it increased its global headcount from 64 to over 1000, and in Q1 2023, it produced more revenue than it did in the entire FY22.
Moving Ahead
Nigeria’s economic development has benefited from Moniepoint’s efforts to increase financial inclusion rather than just winning an award. Currently, Moniepoint handles the majority of POS transactions in Nigeria, processing approximately $170 billion in annualized TPV while focusing on economically disadvantaged areas.
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The mobile money ecosystem in Nigeria has expanded quickly in recent years. The sector today includes more than 40 firms providing approximately 50 different mobile money services under various brand names and sub-brands, up from just six operators offering mobile money services in 2014. Moniepoint is one such business that stands apart from its rivals.
Given that many Africans are financially excluded, there is a clear need in Nigeria and throughout the continent. Customers and investors are likely to be interested in Moniepoint’s approach for small businesses looking to accept mobile money as a form of payment. Moniepoint is therefore likely to have been successful because it appeals to this niche market.
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