Moniepoint Inc. said homegrown talent and deep local insight have been central to its rapid rise as one of Africa’s most dominant fintech companies, arguing that world-class innovation can emerge from Nigerian institutions and education systems.
In a statement shared on Saturday, the company said its growth reflects the strength of locally educated founders who built financial solutions tailored to Africa’s unique economic and infrastructure realities, rather than relying on imported models.
Moniepoint noted that its co-founders, Tosin Eniolorunda and Felix Ike, were both trained in Nigerian universities and leveraged that background to design technologies that address real gaps in the country’s financial services ecosystem.
The company said Eniolorunda, a mechanical engineering graduate of Obafemi Awolowo University, chose to build within Nigeria instead of pursuing opportunities abroad, applying his understanding of local banking and payments challenges to develop industry-first solutions.
These include instant point-of-sale transfers, virtual account services and a fully integrated payments processing switch.
It added that Ike, a first-class computer science graduate of the University of Lagos and Moniepoint’s chief technology officer, provided the engineering leadership needed to build scalable and resilient infrastructure capable of supporting millions of daily transactions.
According to the statement, Moniepoint currently serves more than 10 million businesses and individuals and has built a nationwide footprint across all 774 local government areas in Nigeria.
The company said its all-in-one financial ecosystem spanning payments, banking, credit and business management tools was designed around the practical needs of African enterprises, particularly small and medium-sized businesses.
Moniepoint also pointed to recent international recognition as validation of its locally driven model, citing its inclusion on TIME’s list of the 100 Most Influential Companies in 2025, as well as rankings by CNBC and the Financial Times as one of Africa’s fastest-growing fintech firms.
The company said its journey challenges the notion that global innovation must originate outside Africa, adding that Nigerian universities are capable of producing founders and engineers who can build globally competitive technology when given the right opportunities.
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