Moniepoint Founder Tosin Eniolorunda's Journey to Changing Nigeria's Financial Landscape

Tosin Eniolorunda's journey to changing Nigeria's financial landscape began with a passion for innovation and a desire to solve real-world problems.

He started his career in finance, working with various institutions to develop financial products and services.

Eniolorunda's experience in the industry laid the foundation for his future success, allowing him to identify areas where technology could improve financial inclusion.

With a clear vision in mind, he co-founded Moniepoint, a digital financial services platform designed to simplify financial transactions and provide access to financial services for underserved communities.

Tosin Eniolorunda was born in Lagos, Nigeria, to Rotimi, an Engineering Contractor and Ajoke Eniolorunda, a teacher.

He is from Ose local government, Ondo State but spent his early life in Ibadan, Oyo State.

He is the first of three children.

Tosin attended the University of Ibadan Staff School for his primary school education between 1990 - 1995.

He then proceeded to the Command Day School, Odogbo Ibadan, where he received his secondary school education between 1995 - 2001.

During his time at Command Day School, he was a member of the Junior Engineers, Technicians and Scientists (JETS) Club.

Tosin was admitted to Obafemi Awolowo University in 2002 to study Mechanical Engineering.

He graduated with a B.Sc. in Mechanical Engineering in 2007.

Moniepoint's business strategy is centered around empowering businesses with the necessary tools to thrive and grow. The company has achieved significant growth, processing 5.2 billion transactions valued at over $150 billion in 2023.

Moniepoint's income primarily comes from fees on its point-of-sale machines and online payment gateway. This approach has enabled the company to raise over $85.6 million from investors like QED Investors, Quantum Capital Partners, and Global Ventures.

By offering business loans through its microfinance bank license, Moniepoint is expanding its services to support the financial needs of its customers. This move is in line with its mission to bring financial happiness to people by empowering businesses.

Moniepoint's mission is to bring financial happiness to people by empowering businesses with the necessary tools to thrive and grow.

Their focus is on providing seamless financial services that enhance the economic activities of small and medium-sized enterprises across Nigeria.

Moniepoint's business model is built around providing payment solutions to businesses across Africa. By 2023, the company had processed an impressive 5.2 billion transactions valued at over $150 billion.

Most of Moniepoint's income comes from fees on its point-of-sale machines and online payment gateway. This revenue stream has been instrumental in driving the company's growth.

The company's expansion is supported by a network of over 600,000 business managers who earn commissions by signing up businesses and distributing POS terminals.

In 2019, TeamApt raised $5.5 million and launched a product called Moniepoint, a mobile money agent network.

By 2021, Moniepoint had onboarded over 30,000 agents who did 23m transactions per month valued at ₦400b.

Moniepoint became a flagship product, and by 2023, TeamApt rebranded to Moniepoint to tie into an identity that existing customers already knew and trusted.

Today, Moniepoint is one of Nigeria's largest financial institutions, processing over $150 billion in transactions in 2023.

Moniepoint's success can be attributed to its ability to create a network of agents who facilitate transactions for millions of people.

Here are some key statistics that highlight Moniepoint's growth: