Look to the African sky and be inspired. It is very easy to become discouraged by thinking about the world’s problems. They can seem overwhelming, but the same problems also present us with opportunities to find innovative solutions which help millions of fellow Africans – and people beyond our shores – realise their dreams.
I fundamentally know this to be true due to my experience at Moniepoint – working with a fantastic team to empower people I don’t know and might never meet; enabling them to access the financial system, help their family and friends, and build their businesses.
Looking back to 2015, we couldn’t anticipate the growth Moniepoint has achieved over the last decade; servicing millions of businesses and individuals, raising $110 million on the capital markets, and entering international markets to serve customers around the world. We were simply looking to bring financial happiness to Nigeria and then the rest of Africa.
A decade later, we have seen tangible success in meeting this mission – from pioneering virtual accounts payments in Nigeria via Monnify to becoming Nigeria’s largest merchant acquirer; processing 1 billion+ transactions monthly, with total payments volume of over $22 billion; whilst playing an instrumental role in helping the Nigerian’s government’s efforts to improve financial inclusion. In building the country’s most robust distribution network for financial services, we have been able to create immense value and a life-changing impact in reaching the underserved and unbanked populace.
The capital we have raised across this period, from investors such as Development Partners International (DPI), Google’s Africa Investment Fund, Verod, and Lightrock, is a result of Moniepoint’s impact in driving digital and financial inclusion, and our ability to foster economic activity and development. The investment also speaks to our growth and profitability; our revenue has grown at over 150% CAGR, and the Company has been widely recognised as one of Africa’s fastest growing fintechs.
Naturally, as Moniepoint continues to grow, our goals have changed. Now, for the first time, we are helping the African diaspora – our family and friends living in other countries (such as the UK) – achieve their financial goals.
The diaspora is a critical component of many economies across Africa – sending remittances back to their home countries to support families, friends, and communities. For instance, the global Nigerian diaspora remitted over $20 billion in 2024; an increase of 9% on 2023. This figure is equivalent to c. 3.5% of Nigeria’s entire GDP – helping to grow businesses and drive economic development.
The economic value of the diaspora underlines why African companies should seek to service the African community living in other countries. As most of us know, it takes incredible bravery and confidence to move to another country and start a new life – traits which I believe explain why the diaspora boasts so many entrepreneurs and business leaders. However, these entrepreneurs consistently want to remain connected to their homeland(s), often looking to create a positive impact for their communities at home. This rationale is undoubtedly why we’re starting to see more and more financial products catering to the diaspora – such as our recent solution, MonieWorld – and this is just the beginning.
For us, MonieWorld addresses the fragmented financial needs of the African diaspora, starting with Nigerians in the UK, by creating a seamless bridge between their financial lives in both their home country and their country of residence. Whether they’re long-settled expats, recent migrants still finding their financial footing, or individuals who split their time between Nigeria and the UK, there’ll be needs – school fees, medical expenses, business support, or everyday living – to be met. We want to be front and centre in uplifting lives, helping to build emotional and financial connections to the places that matter.
Over time, I expect the links between the diaspora and our home countries to be increasingly formalised and easy to access, embodying a positive form of globalisation for Africa. This change will help maintain the growth momentum many countries are seeing, drive adoption of innovative products and solutions, and provide opportunities to grow Africa’s share of global capital and economic resources.
Simultaneously, the visibility of servicing the African diaspora will also drive reputational change, as the real and positive impact of Africans in the global economy will become more visible and better understood.
To summarise our approach to business, we believed in a world where every African everywhere could access and enjoy financial happiness. By strengthening our resources, we are ready and committed to making this a reality. To everybody who’s been part of our journey, a genuine and humble thank you. Now we are eager to keep powering more dreams! Keep looking to the sky and find your inspiration.
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Tosin Eniolorunda is a leading innovator in African fintech, with a passion for creating financial happiness and a track record of groundbreaking contributions to financial technology in Africa. He is the Founder and Group CEO of Moniepoint Inc., an all-in-one digital payments and banking platform and Africa’s fastest-growing fintech.
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