How Tosin Eniolorunda Built Moniepoint into a Fintech Giant

Oluwatosin Michael “Tosin” Eniolorunda (born September 1985) is the co-founder and CEO of Moniepoint Inc., a leading business-banking platform serving millions of small and medium enterprises (SMEs) across Nigeria. 

Beginning his career as a software engineer, Eniolorunda has leveraged technical expertise, entrepreneurial grit, and a clear vision to transform agency banking into a full-service fintech bank, driving financial inclusion in one of Africa’s largest economies.

Humble Beginnings with an Eye for Excellence

Raised in Ibadan by a father who worked as a building contractor and a mother who was a teacher, Tosin grew up with the twin values of hard work and curiosity. 

His early education at the University of Ibadan Staff School and Command Day School laid the foundation for academic success, culminating in a mechanical engineering degree from Obafemi Awolowo University in 2007. 

His knack for systems thinking made him well-suited to engineering, but it was his later exposure to software development and business strategy that set him apart.

Determined to grow beyond technical skills, Tosin also studied at Lagos Business School, gaining insight into business leadership in Africa’s complex markets.

Finding His Footing at Interswitch

Tosin’s professional journey began at Interswitch, one of Nigeria’s early fintech pioneers. Over six years, he rose through the ranks to become a senior software manager and head of application development. 

In that role, he gained first-hand experience building secure, large-scale payment systems. He studied the gaps in financial services delivery, particularly for people outside major urban centres, and saw an opportunity to build something better.

Launching a Vision: TeamApt and the Seeds of Moniepoint

In 2015, Tosin co-founded TeamApt with a clear goal: to bring banking to the millions of Nigerians left behind by traditional systems. Working alongside fellow engineer and co-founder Felix Ike, Tosin designed software to power agency banking, where small shops acted as local banking agents. The startup was profitable within two years, a rare feat for a young company without outside funding.

By 2019, TeamApt had caught the eye of investors and raised $5.5 million in Series A funding from Quantum Capital. That same year, the company was granted a payments switching license by the Central Bank of Nigeria, unlocking the ability to process payments directly. With this license, Tosin’s vision began to scale rapidly.

Reinvention and Rapid Growth: Becoming Moniepoint

In the years that followed, TeamApt evolved into Moniepoint Inc., offering far more than just cash-in/cash-out services. It became a full-service business bank, empowering SMEs with tools to receive payments, monitor sales, pay bills, issue employee payroll, and access short-term loans.

Through a simple app and a national agent network, Moniepoint turned everyday businesses into economic engines.

Backed by an undisclosed Series B led by Novastar Ventures in 2021, and a $50 million pre-Series C round from QED Investors in 2022, Moniepoint doubled down on its mission. It wasn’t just offering digital banking, it was building critical infrastructure for Nigeria’s vast informal economy.

The Billion-Dollar Breakthrough

In October 2024, Moniepoint raised $110 million in Series C funding from big global names, including DPI’s ADP III fund, Google’s Africa Investment Fund, and Lightrock. 

This deal pushed the company’s valuation past $1 billion, officially giving it unicorn status. Moniepoint joined a short but prestigious list of African tech unicorns, just the eighth ever, and was named the second-fastest-growing company in Africa by the Financial Times in 2023.

Today, Moniepoint processes billions in transactions monthly, powers tens of thousands of point-of-sale terminals, and has extended credit to thousands of SMEs that banks traditionally overlook.

Recognising Impact

Tosin’s work has not gone unnoticed:

• Named an Endeavour Entrepreneur in 2021
• Featured on the cover of Forbes Africa as a fintech innovator
• Included in New African’s 100 Most Influential Africans list in 2022

These accolades reflect his leadership style: bold, data-driven, and focused on solving real-world problems with technology.

A Personal Mission for Financial Happiness

Though now a high-profile CEO, Tosin stays grounded in his core mission: “to create financial happiness.” He speaks often of the need for products that are not just smart, but also simple and reliable, especially for merchants and customers at the grassroots level. 

His leadership saw the rollout of Moniepoint’s consumer banking offering in 2023, giving everyday Nigerians more options to save, pay, and grow.

Married with children, Tosin continues to guide Moniepoint through a mix of strategic expansion and user-centred design. New services, tools, and partnerships are constantly in the pipeline, all aimed at building a fairer financial system from the bottom up.