Moniepoint raises funds of 200M to grow FinTech services in Africa, which is a source of digital inclusion and MSME access to finance.

Moniepoint is a major Nigerian FinTech that has received more than 200 million dollars in Series C funding to drive its digital financial growth throughout Africa. This was the initial round in which Development Partners International was a lead, and as a result of establishments, it was accompanied by other investors such as LeapFrog Investments, Visa, and the International Finance Corporation, demonstrating the confidence of the investor in the expanding FinTech sector in Nigeria.

Moniepoint is the biggest microfinance bank in Nigeria, with headquarters in Lagos, whereby it operates in all 36 states and has a population of more than 10 million active users. Its FinTech services consist of commercial and retail banking, payments, credit, and global transactions. The company handles digital money transactions valued at over 250 billion USD each year and has a valuation worth over 1 billion, making it a unicorn.

The CEO and co-founder Tosin Eniolorunda underlined that the new capital will assist the FinTech innovator to expand financial inclusion to underserved MSMEs and consumers throughout Africa. Moniepoint is also to invest in new products, such as MonieWorld, a remittance service to the UK market and MonieBook, an online POS and bookkeeping service.

By alleviating the financial inclusion gap in Nigeria, Moniepoint will keep reshaping the role of innovation in FinTech to spur economic growth and access to basic banking operations.