Nigeria’s growing dominance in the global fintech industry received a major boost as the Honourable Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, visited the UK offices of Moniepoint Inc., a leading Nigerian financial institution. The high-profile visit, part of his strategic diplomatic mission to the United Kingdom, highlighted Moniepoint’s meteoric rise and its role in shaping the country’s digital economy.
Ambassador Tuggar praised Moniepoint as a “true Nigerian success story,” calling it a “fintech unicorn with a multibillion-dollar valuation.” He commended the company’s remarkable achievements, noting its 2,000+ workforce, expansive sales network, and impact on millions of businesses through financial inclusion. According to him, Nigeria is already a leader in fintech and financial services across Africa, and companies like Moniepoint showcase the country’s potential to scale globally.
“Nigeria holds a strategic position in Africa’s fintech sector,” Tuggar stated. “With banks and fintechs expanding beyond our borders, we must continue instilling confidence in Nigerian businesses as they go global. Moniepoint’s growth and international recognition are proof of Nigeria’s thriving fintech ecosystem.”
The Minister also acknowledged the company’s strong backing from global investors, including Google’s Africa Investment Fund, Visa, and British International Investment (BII)—a testament to its strength and reliability in the financial technology space. He emphasized that a vibrant fintech industry translates to job creation, enhanced financial access, and a stronger Nigerian economy.
Moniepoint CEO Tosin Eniolorunda welcomed the Minister and reaffirmed the company’s commitment to driving financial empowerment across Africa. He noted that Nigeria’s rapidly evolving digital landscape presents a unique opportunity to leverage technology for real economic impact.
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“At Moniepoint, our mission is to power the dreams of business owners while driving financial happiness across Africa,” Eniolorunda stated. “Technology is a powerful tool for economic growth and social development, and this visit by Ambassador Tuggar underscores the importance of cross-border collaboration.”
He added that international partnerships play a critical role in advancing fintech innovation, enabling Nigeria to unlock new opportunities for local and global communities. Moniepoint remains aligned with the Nigerian government’s vision to enhance trade, investment, and technological cooperation, ensuring sustainable growth for the digital economy.
Moniepoint’s influence in Nigeria’s financial sector cannot be overstated. Recognized as Nigeria’s largest merchant acquirer, the company processes over 1 billion transactions monthly, with a total payments volume exceeding $22 billion. This level of financial activity has helped countless small and medium-sized enterprises (SMEs)—particularly in the informal sector—digitize operations and scale their businesses in an increasingly digital economy.
The Foreign Minister’s delegation included prominent figures such as Dotun Olowoporoku (Managing Partner, Starta), Gbenga Ajayi (Partner and Head of Africa, QED Investors), and senior officials from the Nigeria High Commission in London and the Ministry of Foreign Affairs. Also present were key Moniepoint executives, including Felix Ike (Co-Founder & CTO), Didi Uwemakpan (VP, Corporate Affairs), Ross Strike (SVP, M&A & Investor Relations), Ravi Jakhodia (CEO, Moniepoint UK), and Bayo Olujobi (CFO, Moniepoint MFB).
Founded in 2015 in Lagos by Tosin Eniolorunda and Felix Ike, Moniepoint—formerly known as TeamApt Inc.—has evolved into a comprehensive digital financial services provider. It offers a full suite of solutions, including payments, banking, credit, business management tools, and cross-border transactions, serving over 10 million businesses and individuals across Africa.
The company’s success has earned it multiple accolades, including recognition as Africa’s fastest-growing fintech (2023 & 2024) by the Financial Times of London. It has also received the National Inclusive Payment Initiative Award, Financially Inclusive Fintech of the Year from the Central Bank of Nigeria, and SME Microfinance Bank of the Year at the BusinessDay BAFI Awards.
