Moniepoint Inc. retains top spot as Africa’s fastest-growing financial institution in FT ranking

• World’s leading financial publication confirms Moniepoint’s rapid revenue growth 

 Onome Amuge

Moniepoint Inc., the parent company of leading Nigerian financial institutions Moniepoint MFB and TeamApt Ltd, has been ranked as Africa’s fastest-growing financial institution by the Financial Times, a globally renowned business news organisation.

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released recently. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall. 

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. According to the survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979 percent (absolute) and 332 percent (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare. “

Moniepoint Inc., one of Africa’s largest business payments platforms, processed over $182 billion for customers in 2023. The company’s impressive growth is evident in its expansion into personal banking, offering reliable services to millions of individuals across Nigeria through Moniepoint MFB. Moreover, the holding group’s workforce doubled, reaching over 1,800 employees by the end of 2023.

The recent recognition solidifies Moniepoint’s position as Africa’s leading fintech company, playing a vital role in promoting financial inclusion. By providing underserved businesses and individuals access to the formal financial system, Moniepoint contributes to a key objective of the Nigerian government.

Tosin Eniolorunda, group CEO of Moniepoint Inc., expressed his delight at the company being recognised by the Financial Times as Africa’s fastest-growing fintech for the second consecutive year. Eniolorunda noted that achieving rapid growth and scale is an impressive accomplishment, but maintaining that year-on-year is even more remarkable.

The CEO attributed Moniepoint’s success to the dedication and hard work of the entire team, as well as the trust placed in the company by millions of customers across Africa.

Eniolorunda added: “2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.   

“With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation.  2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

David Pilling, the FT Africa editor, pointed out that the third year of the publication’s expanded ranking of Africa’s fastest growing companies comes at a time when many economies are still grappling with the aftermath of the Covid-19 pandemic.  He noted that despite the economic challenges faced by the continent, the list highlights numerous businesses that have managed to overcome these obstacles and continue on a strong growth trajectory.

“The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12,” said Pilling.