Moniepoint, a leading global technology company in financial services across Africa and emerging markets, has been named Africa’s fastest-growing fintech for the second consecutive year by the Financial Times. The company, a key player in Africa’s business payments sector, processed over $182 billion for customers in 2023.
Moniepoint expanded into personal banking through its subsidiary, Moniepoint Microfinance Bank, providing banking services to millions in Nigeria. With a workforce of over 1,800 employees by the end of 2023, Moniepoint is among the top four fastest-growing companies in Africa.
The survey, compiled by Statista, a leading research company renowned for its insights into African companies’ performance, used a rigorous screening process to rank companies based on 2019-2022 data. Rankings were determined by both absolute growth rate of revenues and compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) placed it ahead of hundreds of companies across various sectors, including technology, telecoms, financial services, and healthcare.
Tosin Eniolorunda, Group CEO of Moniepoint Inc., expressed his excitement about the accolade: “We are thrilled to be recognized by the Financial Times as Africa’s fastest-growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the company.”
This recognition underscores Moniepoint’s role as a leading fintech in Africa, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system. This aligns with a key goal of the Nigerian government, highlighting Moniepoint’s contribution to the broader economic development of the region.
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