E-Financial
Moniepoint Secures $110 Million Investment to Scale Digital Payments, Banking Solutions
Moniepoint, Africa’s fastest-growing fintech, has successfully raised US$110 million in equity financing, to power the dreams of millions of businesses and their customers across Africa and the diaspora.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has an enviable track record of serving customers across Africa.
Initially focused on providing infrastructure and payment solutions for banks and financial institutions, Moniepoint has grown into Nigeria’s leading business banking provider, trusted by millions of businesses. Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion—all while operating profitably.
The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated.
The new capital follows a successful period for Moniepoint building on its profitable business model with major operational and financial milestones.
In August 2023, Moniepoint entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank, experienced 2,000% growth in personal finance customers over the past year, and was ranked as Africa’s fastest-growing fintech for the second consecutive year by the Financial Times.
The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.
The investment conviction from DPI, Google’s Africa Investment Fund, Verod and Lightrock is testament to the impact Moniepoint is having through digital and financial inclusion and its game changing ability to foster economic activity and development.
It also speaks to the unique combination of growth and profitability the business has demonstrated, growing revenue at over 150% CAGR in recent years with industry leading gross profit and EBITDA margins.
Moniepoint’s financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth – a vital necessity given c. 83% of employment across Africa is in the informal economy. Moniepoint’s positive impact towards financial inclusion was recognised by the Central Bank of Nigeria in 2022, when it received the National Inclusive Payment Initiative Award.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure.
“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.
“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”
Adefolarin Ogunsanya, Partner at Development Partners International, commented: “We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest growing companies.
“A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.
“DPI has a long track record of supporting businesses like Moniepoint to achieve their next stage of scale. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success.
“We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services.”
In this latest capital raise – DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
Danladi Verheijen, Managing Partner at Verod Capital said: “Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact. By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”
Also speaking on the fundraise, Ravi Sharma, Partner at Lightrock, noted: “Tosin and the dedicated team at Moniepoint have achieved something remarkable. They have built one of the most promising fintechs in Africa by creating economic opportunities for others, most notably SME businesses – critical drivers of economic and social progress.
“Their innovative offering which combines digital payments, banking, and business management tools, is transforming the financial landscape for millions of businesses across the continent. All of us at Lightrock are proud to be supporting Moniepoint through this next chapter as they scale their presence and positive impact.”
Gbenga Ajayi, Partner and Head of Middle East and Africa at QED Investors added: “We are delighted to welcome DPI and Google to the Moniepoint journey. We have been very impressed with the execution of the team and strong customer focus over the past few years.
“The results speak for themselves – Moniepoint has outperformed expectations and it continues to deliver superior products to merchants across Nigeria. We couldn’t be more excited for the company’s next phase of growth.”
Nigeria’s Bank Verification Number (BVN) database expanded to 69.55 million as of July 5 2026 from 69.32 million in June 2026, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS).
BVN is an 11-digit biometric identification system introduced by the Central Bank of Nigeria and managed by the Nigeria Inter-Bank Settlement System (NIBSS) to secure customer accounts and reduce fraud.
This means that BVN enrolments increased by 228,947 between June and July 5 this year.
With the BVN database standing at 67.8 million as of December 31, 2025, it also means that the database grew by 1.75 million between the end of last year and July 5, 2026.
Specifically, with less than 1.8 million BVN enrolments so far recorded for this year, it is looking highly unlikely that BVN registrations at the end of 2026 will come close to the 4.3 million total registrations recorded in 2025.
Analysts note that while the expansion in the BVN database last year was largely driven by the introduction of the NonResident Bank Verification Number (NRBVN) initiative, which enables Nigerians in the diaspora to do their BVN enrolment remotely, thereby removing physical barriers and boosting cross-border financial engagement, the Central Bank of Nigeria (CBN) in March this year, announced a revised BVN regulatory framework, that saw it introducing stricter controls on suspected fraudulent transactions, BVN enrollment, and data access within the banking system.
According to the regulator, the amendments to the BVN framework, which came into effect on May 1, 2026, were aimed at strengthening fraud monitoring, improving identity management within the financial system and safeguarding the integrity of banking transactions, by strengthening identity verification and ensuring that BVN registration aligns with legally recognised age thresholds.
Thus, under the revised BVN framework, the apex bank introduced a stricter age requirement for BVN enrolment, limiting registration to 18-year-old individuals and above.
Also, under the new framework, customers will only be allowed to change the phone number associated with their BVN once. The CBN further stated: “Under the new guidelines, financial institutions are required to establish and maintain a temporary watch-list for BVNs linked to suspected fraudulent transactions reported within the banking system.
“A BVN may remain on this temporary Watch-list for a maximum period of twentyfour (24) hours, during which the BVN owner shall be contacted to provide clarification regarding the identified transaction(s).”
Launched on February 14, 2014, by the CBN in collaboration with the Bankers’ Committee, the NIBSS, and the German firm Dermalog, the BVN scheme was designed to capture the biometrics of all bank customers and provide each with a unique 11-digit identification number that can be verified across the Nigerian banking industry.
Central Bank of Nigeria (CBN) has reaffirmed that the standard N100 banknote remains legal tender across the country, warning that its rejection by individuals, businesses and institutions violates the law.
The clarification follows reports that some members of the public have refused to accept the standard N100 note over concerns about its legal tender status following the introduction of the commemorative N100 banknote issued to mark Nigeria’s centenary.
In a statement signed by Mrs. Hakama Sidi-Ali, acting director of Corporate Communications, the apex bank stressed that “both the commemorative N100 banknote and the standard N100 banknote are valid legal tender and must be accepted for all transactions nationwide.”
The CBN explained that the commemorative N100 note was introduced to celebrate Nigeria’s centenary and did not replace the existing standard N100 banknote.
The CBN cautioned individuals, businesses, financial institutions and other economic agents against rejecting the standard N100 note, noting that such action contravenes the provisions of the CBN Act and undermines public confidence in the national currency.
It warned that appropriate enforcement measures would be taken against any person or organisation found violating the law.
The apex bank reaffirmed its commitment to protecting the integrity of the naira, maintaining confidence in all duly issued banknotes and ensuring the smooth circulation of currency across the country.
The CBN also urged members of the public to continue accepting and transacting with all banknotes legally issued by the Bank and advised anyone seeking further clarification to use its official communication channels.
FCMB Asset Management Limited (FCMBAM), the asset management arm of FCMB Group Plc, has received an upgrade to its national scale long-term and short-term issuer ratings of A(NG) and A1(NG), from A-(NG) and A2(NG), by GCR Ratings, a leading pan-African credit rating agency.
The outlook on the ratings remains stable, said the rating agency.
The upgrade is anchored on FCMBAM’s competitive resilience and financial discipline, alongside the strengthened credit profile of FCMB Group.
GCR highlighted FCMBAM’s decade-long track record of strong performance, well-established brand franchise, diversified product suite and robust distribution network as key drivers of its standalone strength.
These are further supported by consistent earnings growth and a disciplined, unleveraged balance sheet, it said.
According to GCR, FCMBAM’s competitive position is supported by “its relatively long track record, strong brand franchise, established product and geographical distribution network and cross-selling opportunities,” with the rating agency noting that FCMBAM ranks among the top five asset managers in Nigeria, with an estimated five per cent share of a fragmented market as of 31 December.
The Company’s financial performance underpinned the upgrade, with revenue growing by 30 per cent and operating cash flow increasing by 13 per cent, enabling the business to be fully funded without recourse to debt.
Liquidity strengthened further, with liquidity sources versus uses improving to 5x as of December 2025, from 3.6x a year earlier, while the EBITDA margin edged up to over 58 per cent.
Commenting on the upgrade, the Chief Executive Officer of FCMB Asset Management, James Ilori, said: “This upgrade is an important external validation of a strategy we have pursued with discipline over many years: building an investment franchise that performs reliably, governs itself rigorously, and earns trust in every market cycle. It speaks to the strength of our membership of FCMB Group and to a culture that holds itself to local and global standards of risk management and capital stewardship.
“As Nigeria’s asset management industry enters a new era of higher capital thresholds and rising investor expectations, we intend to lead from the front – ahead of regulatory timelines, ahead in digital transformation and ahead in the outcomes we deliver for the clients who trust us to assist them in achieving their investment objectives.”
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