Tosin Eniolorunda’s vision for a more inclusive financial landscape began in 2015 with a stark observation: Nigeria’s banking system was fundamentally broken, leaving millions without access to basic services. Alongside co-founder Felix and a small band of believers known as TeamApt, Eniolorunda set out on a mission to create "financial happiness". The early years were defined by a rigorous "sink or swim" culture, where the first few hires were essentially dropped into the middle of the "ocean" to solve complex technical problems through sheer grit and intelligence. This intense period of "pure hustle" saw staff members sleeping at bank locations to meet deadlines, eventually leading to a 2018 milestone where 26 of Nigeria's 30 banks were utilizing their automated reconciliation tools.
The evolution of Moniepoint Group took a pivotal turn when the team shifted its focus from building invisible infrastructure for banks to serving the end consumer directly. This strategic move birthed Moniepoint, an experiment in agency banking designed to bring financial services to rural and unbanked populations through unconventional means. By prioritizing reliability and introducing instant settlement—a radical departure from the standard 24-hour waits times—the platform quickly earned the trust of merchants who had been desperate for a more efficient system. A breakthrough came when the team pioneered virtual accounts, enabling electronic payments to be confirmed via transfers, a feature that became mainstream after the 2020 pandemic forced businesses to adopt digital solutions.
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Growth was not without its trials, as the company weathered regulatory shifts and early technical failures that resulted in significant financial losses. However, the resilience of the team allowed them to harden their systems and emerge stronger, eventually securing a microfinance bank license on Valentine's Day in 2022. This transition into a full business banking entity allowed them to drive the "real economy," supporting entrepreneurs who used the platform to keep their businesses alive and create new jobs. The impact of this work is now visible in the most remote corners of the country, where even roadside vendors leverage Moniepoint kiosks to fulfill their dreams and support their families.
By 2024, the organization officially achieved unicorn status, raising a Series C round that valued the company at over $1 billion. While this financial milestone is significant, the leadership remains focused on a culture of technical depth and a mission that has now expanded into an international workforce. Having compressed decades of experience into just ten years, the company is now looking toward the next phase: scaling its business and applications to a global level. The dream that began in a small apartment continues to evolve, driven by the belief that the sky is the limit for African innovation as they seek to bring financial empowerment to anyone, anywhere.
