Title: Moniepoint Secures 0 Million for Expansion: A New Era for Financial Inclusion in Africa
In a significant development that could reshape the financial landscape across Africa, Moniepoint Inc., a leading financial institution, has successfully secured 0 million in equity financing aimed at expanding its digital payments and banking solutions across the continent. The announcement was made by the Group Chief Executive Officer, Mr. Tosin Eniolorunda, during a press statement in Lagos.
The recent Series C funding round was spearheaded by Development Partners International’s African Development Partners III fund, with notable participation from investors such as Google’s Africa Investment Fund, Verod Capital, and existing stakeholder Lightrock. This robust financial backing is poised to accelerate Moniepoint’s growth trajectory, enabling the firm to develop an all-in-one, seamlessly integrated platform tailored for businesses of all sizes.
Mr. Eniolorunda emphasized the significance of the funding, stating that it would catalyze Moniepoint’s ambitious goal of driving financial inclusion and harnessing Africa’s burgeoning entrepreneurial spirit. The platform aims to provide an array of services encompassing digital payments, banking solutions, foreign exchange, credit access, and essential business management tools. In his words, “The proceeds from this raise will speed up our efforts to harness financial inclusion and support Africa’s entrepreneurial potential.”
Remarkably, Moniepoint’s commitment to enhancing financial accessibility aligns closely with various African governments’ initiatives to broaden access to formal financial systems, an essential endeavor given that approximately 83% of employment on the continent is rooted in the informal economy.
Adefolarin Ogunsanya, Partner at Development Partners International, articulated the rationale behind their investment. He noted that Moniepoint is well-positioned for sustained growth while simultaneously fostering financial inclusion for previously underserved businesses and individuals across Africa. Ogunsanya pointed out that Moniepoint’s impressive metrics—processing over 800 million transactions monthly valued at billion and achieving a 2,000 percent growth in personal finance customers within a year—underscore the company’s exceptional potential.
With a compound annual growth rate of 150 percent in revenue over recent years, Moniepoint is poised to play a crucial role in alleviating financial challenges faced by many. “We look forward to working closely with Eniolorunda and his talented team to expand Moniepoint’s customer base, delivering first-class banking and payment services,” Ogunsanya added.
Moniepoint’s strategic move to secure substantial funding not only promises to enhance its services but also marks a pivotal step toward advancing financial inclusion across Africa—an initiative that holds the key to unlocking the continent’s vast economic potential.
As the world keeps an eye on Africa’s growing fintech scene, developments like these suggest promising strides in creating a more inclusive economy.
Tags: #BusinessNews #Finance #Africa #Innovation #Moniepoint