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| Tosin Eniolorunda and Felix Ike |
Moniepoint is a microfinance bank (MFB) based in Nigeria, specifically founded in June 2015 to cater to small and medium-sized businesses. It was established by business executives Tosin Eniolorunda and Felix Ike, Moniepoint was formerly named TeamAPT and it operates under the regulatory oversight of the Central Bank of Nigeria (CBN).
In 2019, Moniepoint obtained a switching license from the Central Bank of Nigeria. In July 2023, the company expanded its offerings by launching a personal banking service.
The Moniepoint Bank was established to provide a comprehensive range of financial services, including banking, payments processing, loans, and business management tools, primarily targeting the needs of businesses in Nigeria.
Overview
- Name: Moniepoint Microfinance Bank (MFB)
- Country: Nigeria
Moniepoint was officially licensed as a Digital Bank in February 2022 to helps over 2 million people and businesses with banking, payments processing, access to loans and business management tools. Since the regulatory approval, the fintech company has quickly become a significant player in Nigeria's financial landscape.
The bank supports over 2 million businesses and processes approximately $17 billion in transactions each month. Its services are aimed at enhancing financial inclusion and providing accessible banking solutions to a diverse clientele across Nigeria's 774 local governments.
In addition to its banking services, Moniepoint has recently expanded its offerings to include personal banking products, further supporting the businesses that utilize its services by providing banking solutions for their customers and employees.
Moniepoint Countries
Moniepoint is currently operating in three countries: Nigeria, Kenya, and the United States. While its primary focus remains in Nigeria, where it serves a significant number of businesses, it has expanded its operations to Kenya by acquiring a Kenyan fintech company Kopo Kopo and has offices in the U.S. and the UK as part of its global strategy to enhance its financial services offerings.