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    Home»Startups»Nigeria’s Moniepoint Sets its Gaze on UK Markets
    Startups

    Nigeria’s Moniepoint Sets its Gaze on UK Markets

    Samuel IgeBy Samuel IgeJanuary 10, 2025No Comments3 Mins Read
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    Two in three Nigerian adults have access to the Moniepoint terminal (Image Credits: Moniepoint)

    Nigerian fintech giant, Moniepoint, solidified its status as a unicorn after it secured a $110 million Series C funding round in October of 2024. Development Partners International, along with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, participated in the funding round which marked a significant milestone for Moniepoint in its goal to expand its footprint beyond Nigeria.

    The fintech startup has signified an intent to further establish its presence in the United Kingdom, an intention that was made all the more apparent by late 2023 regulatory filings that indicated plans to expand its operations in the UK. Part of these regulatory filings include obtaining a financial services licence from the UK Financial Conduct Authority. At the same time, Moniepoint states that it offers IT services to overseas clients.

    Although Moniepoint’s UK managing director, Babatunde Olofin, made light of expansion rumours in 2023, the current developments reveal a more well-planned strategy for the expansion. The UK branch of Moniepoint has accrued a total loss of $1.4 million over 17 months since it was founded in August 2022. However, the company’s directors, Tosin Eniolorunda and Felix Ike, retain high hopes about its long-term profitability.

    Moniepoint has employed the services of CLA Evelyn Partners Limited, an FCA-regulated auditing firm, to ensure compliance with the UK’s stringent financial standards. Compliance is a requirement for securing relevant licenses from the Financial Conduct Authority (FCA). The FCA’s assessment will scrutinize Moniepoint’s financial stability and operational soundness, indicating the company’s readiness to navigate the regulatory complexities of the UK market which holds one of the largest numbers of Nigerian and African immigrants.

    Moniepoint CEO Tosin Eniolorunda, when announcing the Series C raise, emphasized the company’s vision to empower Africans worldwide with tools to manage finances and grow businesses. “We believe in a world where every African, everywhere, can enjoy financial happiness. The company’s growth trajectory in Nigeria, where it processes over 800 million transactions monthly with a total value exceeding $17 billion, has solidified its position as the country’s largest merchant acquirer and in-person payments platform.

    CEO Tosin Eniolorunda further stated after the funding round, led by Development Partners International with participation from investors including Google’s Africa Investment Fund, that the company aimed to “push the boundaries of access to formal financial systems to the informal sector, which still accounts for over 83% of employment across Africa.”

    To further boost its domestic operations, Moniepoint has recently applied for a commercial banking license in Nigeria that would allow the company expand its product offerings and facilitate international transactions once approved. Moniepoint boasts of being Nigeria’s largest merchant acquirer and in-person payments platform. It is believed that two out of three Nigerian adults uses its terminals, a testament to its considerable growth in the country. It processes over 800m transactions monthly, with a value exceeding $17bn. The company benefited significantly from Nigeria’s currency redesign in February 2023, when cash shortages at traditional banks drove users to its digital solutions.

    African Startups FinTech Nigerian fintech
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    Samuel Ige

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