General News
Moniepoint Marks 10 Years of Transforming Nigerian Businesses
Moniepoint Inc., Nigeria’s definitive platform for small businesses and Africa’s all-in-one financial ecosystem, today released its 2025 Year in Review, marking a decade of “financial happiness” and a transformative year of growth.
Moniepoint
Highlighting its role as the backbone of Nigeria’s entrepreneurial economy with over 6 million active businesses, the company revealed that its microfinance bank has now disbursed over ₦1 trillion in credit to thousands of businesses from provision stores and supermarkets to building materials sellers.
It is worthy to note that on average these businesses experienced growth by more than 36% after accessing credit, signposting its primacy as a transformational growth level and instrument of deepening shared prosperity.
Moniepoint uses alternative data points that include transaction histories, business patterns and payment behaviours in a bid to accommodate what traditional credit scoring misses to drive financial inclusion and access to credit.
The company’s 2025 performance reinforces its role as a critical financial infrastructure which not only supports the Nigerian economy, but also impacts everyday lives, creating immense value.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, business bank accounts, credit, foreign exchange (FX), and management tools.
During the year, as Nigeria’s largest merchant acquirer, now powering 8 out of every 10 in-person payments made across the country, Moniepoint MFB, the banking and payments subsidiary, processed ₦412 trillion in transaction value handling more than 14 billion transactions. This clearly suggests that Moniepoint is well-positioned to play a greater role in Nigeria’s steady march towards a trillion dollar economy by 2030.
“Our journey has been one of intentional evolution,” said Tosin Eniolorunda, Group CEO and Founder of Moniepoint Inc. “What started as a passion to solve overlooked problems has evolved into a platform powering the dreams of millions.
“As 83% of employment in Africa exists in the informal economy, our mission to create financial happiness is an operational mandate that guides our product development, our market expansion, and our capital allocation decisions.”
Beaming with enthusiasm, Eniolorunda continues, “Yet for all we have accomplished, we approach our second decade with the clarity that our work remains unfinished.
“As we enter this next chapter, we do so with strengthened conviction in our strategy, deepened partnerships with world-class institutional investors, and an organisation scaled to deliver on Africa’s entrepreneurial potential.
“The infrastructure we have built over the past decade provides the foundation. The journey is far from over, but our resolve has never been stronger. To our partners, our customers, and our team: thank you for a decade of impact. We are just getting started.”
In 2025, Moniepoint Inc. reached a series of critical inflexion points, highlighted by the successful completion of its Series C funding round, which raised over $200 million in equity financing from leading institutional investors, including Development Partners International, Google’s Africa Investment Fund, Visa, the International Finance Corporation, and Verod Capital.
The year also marked the launch of MonieWorld in the United Kingdom, extending Moniepoint’s platform to serve the African diaspora by strengthening key remittance corridors and laying the foundation for the delivery of comprehensive cross-border financial services.
Moniepoint MFB re-launched its savings product in a firm demonstration of the company’s commitment toward its’ oft stated mantra of providing financial happiness. Data reveals in terms of savings behavioral patterns, the majority of users choose to save on a daily basis, with focus across business operations (24%), rent (16.5%), and education (10%) representing top savings priorities.
The launch of Moniebook and the acquisition of a national Microfinance Bank license for Moniepoint MFB further expand the company’s regulated capabilities and product depth.
TeamApt Ltd, the switching and processing subsidiary of Moniepoint Inc., also achieved major regulatory and operational milestones in 2025 that have solidified its position in the global payments landscape. After a rigorous certification process, the company successfully secured licenses from Mastercard and Visa to act as a processor and acquirer for these global card schemes..
This strategic move allows TeamApt to support international card payments directly and offer these critical switching services to other businesses across the continent.
Monnify, the web payment gateway processed N25 trillion in the period under review, demonstrating remarkable resilience and industry confidence firmly positioning it for more business-to-business transactions.
Moniepoint’s impact extended beyond banking into critical social interventions even as the company partnered with the Federal Government to support the Rice Intervention Programme, reaching nearly 850,000 beneficiaries, and worked with the Kaduna State Government in grants disbursement to vulnerable citizens.
Through these initiatives, Moniepoint continues to build the infrastructure required to unlock Africa’s entrepreneurial potential, positioning itself as a trusted partner for the delivery of large-scale economic empowerment programmes.
As Moniepoint Inc. enters its second decade, its well chronicled decade-long evolution from a backend technology provider to a household name, directly complements the Nigerian government’s vision of a more inclusive, data-driven, and productive financial landscape. To read more about the 2025 Year in Review Report:, visit http://2025.moniepoint.com
Independent Corrupt Practices and Other Related Offences Commission (ICPC) indicted the National Information Technology Development Agency (NITDA) and other ministries over administrative lapses that allowed the fictitious Presidential Foreign Investment Promotion Council (PFIPC) to operate.
Musa Aliyu, chairman, ICPC, stated that NITDA, alongside the Office of the Secretary to the Government of the Federation (OSGF), the Budget Office, and other bodies, failed to carry out adequate due diligence and standard operating procedures.
ICPC said however, clarified that the findings pointed to severe internal control weaknesses and administrative negligence rather than active official complicity by NITDA and the other affected agencies.
The briefing followed a 30-day investigation ordered by the president on July 7 into allegations surrounding the purported presidential council.
The commission also cleared the presidency and the Central Bank of Nigeria (CBN) of any wrongdoing but blamed institutional lapses in several ministries, departments and agencies (MDAs).
Aliyu said investigators established that Adeniyi Adeyemi, the director-general, was never appointed by the federal government and that the PFIPC had no legal existence.
“As you may recall, on the 7th of July, Mr. President directed the ICPC to conduct an investigation into the fake Presidential Foreign Investment Promotion Council and submit a report within 30 days,” he said.
“Today, exactly within the stipulated period, we have submitted an interim report based on our interactions with all stakeholders involved.”
According to Aliyu, Tinubu directed the commission to make its findings public in the interest of transparency and accountability.
He said the investigation found that Adeyemi’s purported appointment letter was forged.
“It has been established that Adeniyi Adeyemi Matthew was never appointed by the Federal Government or any authority whatsoever,” he said.
“The Presidential Foreign Investment Promotion Council, which sometimes they called the Presidential Foreign Intervention Promotion Council, was never established by any law, executive order or any valid instrument of government.
“The appointment letter presented by Adeniyi Adeyemi Matthew was completely forged alongside similar documents used to perpetuate the illegal activities of the fake agency.”
Aliyu stated that a purported government gazette used to legitimise the organisation was also fabricated.
“If you recall, there was a gazette which he used to support the fake agency. That gazette is an illegal document that never passed through the processes prescribed by law,” he stated.
“Our investigation found that the office used by the fake agency was the office of the Presidential Economic Advisory Council. The office was broken into and access was gained illegally. That was how he was able to operate from there.”
Aliyu also revealed that investigators uncovered two additional fictitious government agencies allegedly created by the suspect — the FCT Investment Promotion Agency (FIPA) and the Foreign Investment Promotion Agency/Public-Private Partnership (FIPA-PPP).
According to him, fake legislative instruments were used to create the agencies and open bank accounts.
Despite the elaborate scheme, the ICPC chairman said the investigation found no evidence that federal government funds were disbursed to the fake council.
“Our investigation found that no funds of the federal government were approved or disbursed to the fake PFIPC,” he said.
“We also discovered no weaknesses in the systems of the State House or the Central Bank of Nigeria during our investigation. The fake appointment letter did not originate from the presidency.
“Our investigation found that some public officers failed to carry out due diligence and failed to comply with standard operating procedures in their ministries and departments. That gave him the opportunity to carry out these illegal acts.”
Nigeria tax system is build on taxing prosperity not poverty, according to Dr. Zacch Adedeji, executive chairman, Nigeria Revenue Service (NRS).
Dr. Zacch Adedeji, executive chairman, Nigeria Revenue Service
Adedeji, also dismissed the insinuation that the government’s tax reform is aimed at extracting money from Nigerians .
He said the essence of reform is creating an economic environment where individuals and businesses can prosper.
Dr. Adedeji made the clarifications on Sunday night while appearing on Channels Television’s Politics Today, where he defended the administration’s tax reforms and addressed concerns over rising government revenue amid the economic hardship facing Nigerians.
According to him, the government’s objective is to tax the fruits of investment rather than the investment itself.
“For us at Nigeria Tax, we are not there to extract. Our focus is not revenue. I don’t want to tax poverty. I’m to tax the fruit, not the seed, and I’m to tax the return, not investment.”
Adedeji explained that the government would generate more revenue as businesses became more profitable, without necessarily increasing the tax burden on individuals and companies.
He said a company that made N100 in profit could generate N30 in tax revenue for the government, but if its profit increased to N200 or N300, government revenue would rise accordingly.
“So, if I want to make more, I must work for you to make more. And that is why it is in the best interest of us in Nigeria Revenue Service that businesses are doing well, individuals are doing well,” he said.
He said the approach was consistent with President Bola Tinubu’s economic agenda, which seeks to remove barriers to investment and create a more conducive environment for businesses to operate and expand.
Adedeji cited reforms in the electricity sector as part of the government’s efforts to stimulate economic activity.
He noted that the Electricity Act had devolved powers to state governments to generate, transmit and distribute electricity, arguing that improved power supply would boost production and productivity across the economy.
Prof Chidi Oguamanam, Nigerian scholar, has been invited to serve as a member of the United Nations Educational, Scientific and Cultural Organization (UNESCO’s) World Commission on the Ethics of Scientific Knowledge and Technology.
Prof Chidi Oguamanam,
The appointment, which covers four years from 2026 to 2029, recognises Oguamanam’s contributions to the ethics of science and technology and related disciplines.
The invitation was conveyed in a letter from UNESCO on Saturday, which described the commission as an independent advisory body and forum for reflection on major ethical challenges arising from advances in science and technology.
The letter stated, “Recognising your significant contributions to the ethics of science and technology and related disciplines, it is my honour to invite you to become a member of UNESCO’s World Commission on the Ethics of Scientific Knowledge and Technology for a period of four years, from 2026 to 2029.”
Established in 1998, the commission brings together experts from different regions and disciplines to examine ethical issues associated with scientific and technological developments, climate change and the environment.
UNESCO said regional balance was important to the commission’s membership to promote multidisciplinary and transdisciplinary debate on emerging ethical challenges.
According to the organisation, the commission provides guidance and recommendations through its reports to UNESCO, its member states, the scientific community, policymakers, civil society and other stakeholders.
Its previous work has contributed to global normative instruments, including the Declaration of Ethical Principles in Relation to Climate Change adopted in 2017 and the Recommendation on the Ethics of Artificial Intelligence adopted in 2021.
UNESCO noted that the commission had recently published reports examining the ethics of quantum computing and space exploration and utilisation.
The organisation said the commission would now focus on new areas identified for its future work programme, including emerging ethical challenges arising from scientific and technological developments.
In inviting Oguamanam to join the commission, UNESCO expressed confidence in his expertise and active contribution to the development of its forthcoming reports.
The organisation also said it expected members to contribute to “horizon scanning” of emerging ethical challenges and help identify issues that should be addressed in the commission’s next cycle.
Oguamanam’s appointment adds to Nigeria’s representation in international discussions on the ethical implications of science, technology and innovation.
He is expected to serve on the commission alongside experts from different regions and academic disciplines during the 2026–2029 term.
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