How Moniepoint’s 5 Key Strategies Pushed it to $1 Billion Fintech 

Today, Moniepoint processes billions of dollars in transactions and is recognized as one of Nigeria’s largest financial institutions. As one of Nigeria’s leading fintech companies, it reached a major milestone on October 29, 2024, by securing $110 million in funding from investors, including Development Partners International (DPI) and Google. 

This new investment officially made Moniepoint Africa’s latest unicorn, achieving a valuation of $1 billion. 

However Moniepoint’s journey began long before it achieved this success, and its growth was driven by five crucial strategies. Here’s a look at how Moniepoint transformed from a software company to a $1 billion fintech leader.

From software solutions to fintech focus

Moniepoint’s story started in 2015 when Tosin Eniolorunda, a former Interswitch employee, noticed a gap in the financial services sector. Driven by a vision to create innovative banking solutions, he left Interswitch to build TeamApt alongside his former colleagues, Felix Ike and Odun Adeboye. 

TeamApt’s mission was to help banks modernize their services with end-to-end system automation and digital products. However, it soon became clear that the company could provide even more value by building products directly for customers rather than just for banks.

By 2019, TeamApt pivoted to launch Moniepoint, a mobile money agent network designed to make financial transactions easier for individuals and merchants alike. This move marked a shift from working behind the scenes for banks to directly serving Nigeria’s people, and it set the stage for Moniepoint to grow as one of the country’s most recognizable fintech brands.

Moniepoint identifies and solves critical pain point

A key step in Moniepoint’s growth was identifying the pain points experienced by Nigerian banks in handling PoS (Point of Sale) transactions. In 2016, TeamApt developed a solution to address the issue of bulk PoS settlements, a system that made it difficult for merchants to keep track of who paid and how much was paid. 

This PoS acquiring solution allowed merchants to monitor their payments accurately, and by 2018, nearly all of Nigeria’s top banks—26 out of 30—were using TeamApt’s software to streamline their operations.

This early success laid a strong foundation for Moniepoint to expand further into the market. The team had proven their ability to identify real customer problems and provide effective solutions, which would become a core approach as Moniepoint continued to grow.

Bootstrapping to keep independence

Unlike many startups, TeamApt (now Moniepoint) avoided outside investments in its early stages. Tosin Eniolorunda explained that early funding often shifts a company’s focus toward satisfying investors instead of achieving its mission. 

He wanted Moniepoint to have the freedom to take risks and focus on building real value without the pressures that can come with early-stage funding. Instead, Eniolorunda used his own funds, investing ₦15 million from his savings, and the company took on side projects to generate income.

By staying independent, Moniepoint was able to develop at its own pace and make decisions based on its mission rather than investor demands. This strategy helped Moniepoint establish a solid foundation before seeking outside funding, proving its value first and then attracting investors as the company scaled.

Smart Go-to-Market strategy

When it came to reaching new clients, Moniepoint kept things simple and effective. Rather than spending heavily on marketing, TeamApt relied on word-of-mouth and strategic customer engagement to gain traction. 

As a B2B company, they recognized that demonstrating value was more important than creating brand noise. For example, they offered banks free trials of their solution, which allowed them to build use cases and gain credibility without a large marketing budget.

This approach not only saved on costs but also helped establish trust with major banks, beginning with Fidelity Bank, who then recommended them to Wema Bank, leading to additional clients. This cost-effective strategy of proving value and letting clients spread the word helped Moniepoint gain a foothold in the market without draining its resources.

Reinvesting profits and pivoting at the right time

Moniepoint’s financial discipline set it apart from other startups. TeamApt became profitable within its first two years and generated seven-figure annual revenue in dollars, which it reinvested back into the company. 

This practice of “ploughing back” profits helped the company grow sustainably and avoid over-reliance on outside capital. Other successful startups like Deimos, a South African tech company, have used similar strategies, allowing them to grow organically and stay in control of their direction.

In 2019, after years of working with banks, Eniolorunda knew it was time to pivot and build for the wider market. This decision led to the launch of Moniepoint, which quickly gained popularity, with 30,000 agents processing millions of monthly transactions by 2021. By 2023, Moniepoint had become such a powerful brand that TeamApt rebranded to Moniepoint, aligning the company’s identity with its most successful product.