Moniepoint Eyes Europe’s 13 Million Unbanked Adults

FUNSHO AROGUNDADE

A few months after his financial software company, Moniepoint Inc., hit a $1 billion valuation following a $110 million Series C raise, Nigerian fintech founder, Tosin Eniolorunda has expressed his interest in tapping the opportunity of bringing the 13 million adults in Europe who still remain unbanked.

In a recent interview, Eniolorunda disclosed this while speaking about the role African fintechs can play in tackling financial exclusion globally.

“A surprising statistic is that over 13 million European adults still do not have a bank account,” Eniolorunda said.

“This includes 30 percent of Romanians. In Hungary and Bulgaria, the figures range across 12 percent-16 percent. Financial exclusion is not limited to Africa; it is a problem in the developed world too. Servicing these potential customers is an opportunity for African fintechs. By creating new international divisions or partnering with existing overseas institutions – they can provide expertise and products to underbanked populations.”

He added that African fintechs, having already helped millions gain financial access across the continent, are in a strong position to do the same in developed markets.

“In developed markets, African fintechs could leverage their knowledge to pitch to unbanked customers. They know how to overcome customer resistance or scepticism; and appreciate the value in helping sole traders grow into small businesses – especially as economies move cashless. These and other insights are valuable and could assist established Western market players reach underserved customers faster, with less risk and expense. For governments, the regulatory experiences of African fintechs could help shape practical ‘what works’ regimes that don’t stifle growth or deny effective services to customers.”

Eniolorunda’s remarks come just weeks after Moniepoint secured a strategic investment from Visa Inc., kicking off a partnership that could reshape Africa’s digital payments landscape.

Their goal is to address the financial challenges faced by millions of small and medium-sized enterprises (SMEs) across the continent.

Visa’s backing builds on Moniepoint’s rapid growth, which reached a new milestone in October 2024 when the company raised $110 million in its Series C Funding round.

The investment, which attracted heavyweights like Google, pushed Moniepoint’s valuation past $1 billion, further solidifying its place as a rising force in Africa’s financial sector.

Eniolorunda is one of Nigeria’s influential tech entrepreneurs transforming old systems.

The co-founder and Group CEO of Moniepoint Inc. is one of Nigeria’s culture shapers – a term that resonates beyond celebrity to encompass people leveraging their expertise for collective progress.

Eniolorunda is excelling in his core endeavours – fintech. He embodies Nigeria’s resilience and reinvention spirit. Before starting Moniepoint with Felix Ike in 2015, Eniolorunda served as a product manager and Software Architect at Interswitch for six years.

As someone who enjoys the thrills of the challenges and risks of starting and nurturing enterprises that affect humanity, he finds it fulfilling to lead a team of talented individuals towards achieving a worthy ideal, changing the status quo and making a mark.

Eniolorunda recognised Nigeria’s need for accessible, user-friendly financial solutions.

Since its inception about 10 years ago, Eniolorunda has transformed Moniepoint into an organisation with a seven-figure dollar revenue. He has turned the fintech powerhouse into the backbone of Nigeria’s business payments landscape, serving over 600,000 enterprises, processing more than one billion transactions monthly with a total payment volume surpassing $22 billion. The numbers do not just impress —they redefine expectations for African financial technology.

It is one thing to build a thriving fintech firm; it is another to earn the trust of global giants.

October 2024 marked a defining moment as Moniepoint achieved unicorn status by securing a $110 million Series C funding round, backed by investors like Google, propelling its valuation past $1billion. Moreover, Visa Inc.’s recent strategic investment in Moniepoint is a nod to the company’s rapid success. But what truly sets this achievement apart is its purpose: financial inclusion for Africa’s overlooked businesses, a mission that carries weight beyond profits.

Eniolorunda’s impact in fact extends beyond Nigeria.

Moniepoint’s acquisition of Kenyan fintech Kopo Kopo and a $3million investment in Payday, for example, show a broader ambition.

The journey of Eniolorunda is not just one of a rise in status; it is a masterclass in resilience, vision, and impact.

Only a few built empires from personal savings, but Eniolorunda did as he left Interswitch with N15 million in savings to build a multi-billion dollar Moniepoint. His flight to greatness embodies a narrative of ambition refined by persistence.