By Abbas Badmus,

When the chief executive officer of one of Nigeria’s leading fintech companies publicly admits that his organisation cannot fill hundreds of open positions despite a population of over 200 million people, it signals more than a recruitment problem. It points to a deeper national challenge — a widening gap between available opportunities and the quality of human capital needed to drive a globally competitive economy.

That was the central concern raised by Tosin Eniolorunda, chief executive officer of Moniepoint, during a recent appearance at The Platform in Lagos, where he disclosed that the fintech giant is struggling to fill about 500 job vacancies because of a shortage of qualified talent in Nigeria.

His comments have since sparked conversations across the country’s technology ecosystem, education sector, and labour market, especially as Nigeria continues to position itself as Africa’s digital and innovation hub.

A Surprising Shortage in a Nation of Millions

Nigeria is often celebrated for its youthful population and energetic workforce. With millions of graduates produced annually by universities and polytechnics, many would assume that companies should have little difficulty recruiting skilled workers.

However, Eniolorunda’s remarks reveal a different reality.

According to him, Moniepoint made a deliberate decision to prioritise local hiring rather than recruit talent from abroad. Yet, despite opening hundreds of positions, the company has struggled to find candidates who meet the standards required to compete internationally.

The revelation is particularly striking because Moniepoint is not a struggling startup. The company has emerged as one of Nigeria’s most successful fintech firms, providing digital banking and payment solutions to millions of businesses and individuals. As competition in the global financial technology industry intensifies, firms like Moniepoint increasingly require professionals with advanced technical expertise, innovation capacity, and problem-solving skills.

For Eniolorunda, the challenge is not merely about numbers; it is about quality.

The inability to source enough highly skilled workers locally underscores concerns that Nigeria’s educational and professional development systems may not be producing graduates equipped for the demands of the modern digital economy.

The Education System Under Scrutiny

At the heart of Eniolorunda’s concerns is Nigeria’s education system, which many experts have long criticised for prioritising theoretical learning over practical and industry-relevant skills.

For decades, employers across multiple sectors have complained about a mismatch between academic qualifications and workplace competence. While students may graduate with degrees and certificates, many lack the technical proficiency, communication ability, analytical thinking, and adaptability required in today’s competitive environment.

The rapid growth of industries such as fintech, artificial intelligence, cybersecurity, cloud computing, and data science has only amplified this gap.

Nigeria’s education sector has also faced persistent challenges including underfunding, outdated curricula, inadequate infrastructure, frequent strikes, and limited access to modern technology. These factors have affected the quality of graduates entering the labour market.

Eniolorunda’s comments reflect growing frustration among business leaders who increasingly find themselves forced to either invest heavily in retraining employees or seek talent outside the country.

The Global Competition for Talent

Another key issue highlighted by the Moniepoint CEO is the global nature of competition.

Today’s digital economy is borderless. Nigerian fintech firms are no longer competing solely with local banks or startups; they are up against multinational corporations and technology companies from countries with advanced innovation ecosystems.

This means Nigerian firms require world-class engineers, product designers, cybersecurity experts, and business strategists capable of delivering solutions that can stand alongside global products.

In this environment, average competence is no longer sufficient.

Companies seeking international relevance must recruit workers who can innovate rapidly, adapt to evolving technologies, and maintain high performance standards. For many Nigerian organisations, this has made talent acquisition one of the most critical determinants of survival and growth.

The “Japa” Effect and Brain Drain

Compounding the problem is the increasing migration of skilled professionals from Nigeria, popularly known as “japa.”

Over the past few years, thousands of Nigerian doctors, nurses, software developers, engineers, academics, and other professionals have relocated abroad in search of better opportunities, improved living conditions, and economic stability.

This migration wave has significantly reduced the pool of experienced talent available to local organisations.

For technology companies especially, the impact has been severe. Nigerian software engineers and tech professionals are highly sought after globally, often receiving remote or international offers with salaries far beyond what many local firms can afford.

As a result, even when companies succeed in training skilled workers, retaining them becomes another major challenge.

The brain drain crisis has therefore created a vicious cycle: limited opportunities and poor systems push talents abroad, while the departure of those talents weakens local institutions and industries even further.

The Influence of Social Values and Get-Rich-Quick Culture

Perhaps the most controversial aspect of Eniolorunda’s remarks was his concern about changing societal values among young Nigerians.

He expressed worry over the growing influence of internet fraud, social media-driven lifestyles, and the widespread obsession with quick wealth.

In recent years, social media platforms have amplified materialism and instant success narratives, often celebrating luxury lifestyles without highlighting the hard work, discipline, and long-term commitment required to build sustainable careers.

This cultural shift, according to many observers, is gradually affecting the aspirations of young people. Instead of focusing on skill acquisition, innovation, and entrepreneurship, some become attracted to shortcuts and unrealistic expectations of success.

Experts warn that such trends could undermine productivity, weaken professional ethics, and discourage the culture of excellence needed for national development.

Human Capital as Nigeria’s Greatest Asset

Despite the concerns, Eniolorunda’s message also carries a broader call to action.

Nigeria’s greatest strength remains its people. The country possesses one of the largest youth populations in the world, creating enormous potential for innovation, economic growth, and digital transformation.

However, demographic advantage alone is not enough.

Without deliberate investment in education, vocational training, digital literacy, mentorship, and leadership development, the country risks wasting its most valuable resource.

Human capital development must therefore become a national priority. Government institutions, private organisations, educational bodies, and civil society groups all have critical roles to play in rebuilding a culture that values competence, integrity, creativity, and continuous learning.

The Way Forward

Addressing Nigeria’s talent shortage will require a coordinated and long-term strategy.

First, educational reforms must align learning with industry realities. Schools and universities need updated curricula that emphasise practical skills, innovation, technology, and entrepreneurship.

Second, stronger partnerships between academia and industry can help bridge the gap between classroom knowledge and workplace expectations.

Third, mentorship and career development programmes should expose young Nigerians to alternative pathways for success beyond social media influence and quick-money culture.

Finally, organisations must continue investing in training and upskilling local talent while creating environments that encourage professionals to remain and grow within the country.

The concerns raised by Moniepoint’s CEO may have emerged from a recruitment challenge, but they ultimately reflect a larger national conversation about the future of Nigeria’s workforce.

As the global economy becomes increasingly knowledge-driven, countries that fail to develop skilled and competitive human capital risk being left behind.

For Nigeria, the message is clear: the nation’s future will depend not only on the size of its population, but on the quality of the minds it is able to nurture.

The post FEATURE: How Fintech Skills Can Empower Youths Financially appeared first on Tech Digest News.

By Abbas Badmus,

Nigeria has emerged as Africa’s undisputed technology powerhouse, home to the continent’s largest startup ecosystem and some of its most valuable digital companies. Driven by a young population, rapid smartphone adoption, expanding internet access, and persistent gaps in traditional banking and infrastructure, Nigerian entrepreneurs have built globally recognized startups solving real-world problems at scale.

Over the last decade, Nigerian startups have attracted billions of dollars in venture capital funding from international investors including Stripe, Visa, Sequoia Capital, Y Combinator, Tiger Global, and SoftBank-backed funds. The country consistently accounts for a major share of Africa’s total startup funding, with fintech remaining the dominant sector.

These companies are not only reshaping commerce and financial services within Nigeria but are also expanding across Africa, Europe, the Middle East, Asia, and North America. Their valuations are based on publicly reported venture capital rounds, acquisition deals, investor disclosures, and regulatory filings.
Below are seven of the richest and most influential Nigerian-founded apps and startups, ranked by estimated valuation, funding strength, and market impact.

1. Flutter wave

Founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji, Flutterwave has become one of Africa’s biggest fintech companies and a global leader in digital payments infrastructure.

The company provides payment APIs and enterprise solutions that allow businesses to process payments across Africa and internationally. Its technology powers payment collections for global brands such as Uber, Microsoft, Booking.com, and several African e-commerce platforms.

Flutterwave operates in more than 30 African countries and supports transactions in over 150 currencies through multiple payment methods including cards, bank transfers, mobile wallets, and USSD.

The startup achieved unicorn status after its Series C funding round and later reached an estimated valuation of about $3 billion following its Series D round in 2022. To date, Flutterwave has raised approximately $475 million from investors including Tiger Global, Avenir Growth, Salesforce Ventures, and Insight Partners.

The company has processed hundreds of millions of transactions worth more than $30 billion, making it one of the most valuable private technology firms ever founded in Africa.

2.  Paystack

Paystack was founded in 2015 by Shola Akinlade and Ezra Olubi with a mission to simplify online payments for African businesses.

The company built a secure and developer-friendly payment gateway that enables merchants to accept card payments, bank transfers, mobile money, QR payments, and recurring billing. Its ease of integration quickly made it one of the most trusted payment platforms in Africa.

In 2020, American fintech giant Stripe acquired Paystack in a deal reportedly worth over $200 million — widely regarded as one of the largest startup acquisitions in African tech history at the time.

Despite the acquisition, Paystack has continued to operate independently while expanding across Africa. The company now serves businesses in Nigeria, Ghana, Kenya, South Africa, and Côte d’Ivoire, while also exploring expansion into other African markets.

Paystack reportedly processes billions of dollars in annual payment volume and has become a major backbone for digital commerce across the continent. Its growth after the Stripe acquisition significantly strengthened confidence in Nigeria’s startup ecosystem and encouraged further global investment into African fintech.

3. Moniepoint

Originally launched as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved into one of Nigeria’s most dominant financial services platforms for businesses and individuals.

The company provides banking services, agency banking, point-of-sale (POS) terminals, working-capital loans, business management tools, and payment processing solutions targeted primarily at small and medium-sized enterprises (SMEs).

Moniepoint became one of Africa’s newest unicorns after raising a major funding round that pushed its valuation above $1 billion. The company has raised more than $180 million from investors including Development Partners International, QED Investors, and Novastar Ventures.

Today, Moniepoint powers a substantial share of Nigeria’s agency banking and POS transaction ecosystem. Its extensive network of agents and merchants has helped deepen financial inclusion in underserved communities across the country.

The startup reportedly supports millions of businesses and processes transaction volumes worth tens of billions of dollars annually.

4. Andela

Founded in 2014 by Iyinoluwa Aboyeji, Jeremy Johnson, Christina Sass, and Ian Carnevale, Andela started as a company focused on training software developers in Africa and connecting them with global technology companies.

The startup initially operated physical engineering campuses in Lagos, Nairobi, and Kigali before transitioning into a fully remote global talent marketplace. Today, Andela connects highly skilled software engineers, designers, product managers, and data specialists with companies around the world.

Andela has raised approximately $381 million from major investors including SoftBank Vision Fund, Chan Zuckerberg Initiative, and Generation Investment Management. Its valuation has been estimated at around $1.5 billion.

The company’s transformation from an African coding academy into a global remote talent network reflects the growing international demand for African tech talent and remote engineering expertise.

Andela now sources talent from more than 100 countries and serves enterprise clients across North America, Europe, and emerging markets.

5. Moove

Moove was founded in 2020 by Ladi Delano and Jide Odunsi to address one of the biggest barriers facing mobility workers in emerging markets: vehicle financing.

The company provides revenue-based financing for ride-hailing drivers, logistics operators, and delivery entrepreneurs. Rather than relying on traditional credit scores, Moove uses earnings data from platforms such as Uber to determine eligibility for vehicle ownership financing.

Moove rapidly expanded beyond Africa into Europe, the Middle East, Asia, and North America. It became Uber’s largest vehicle supply partner in the Europe, Middle East, and Africa (EMEA) region.

The startup has raised more than $330 million in debt and equity funding from investors including Mubadala, Uber, and several global venture capital firms. Its valuation is estimated at more than $750 million.

Moove’s international expansion into markets such as the United Kingdom, India, and the United Arab Emirates demonstrates how Nigerian-founded startups are increasingly building global businesses rather than remaining Africa-focused companies.

6. Kuda

Popularly branded as “the bank of the free,” Kuda was founded in 2019 by Babs Ogundeyi and Musty Mustapha as a digital-only bank targeting Africa’s growing mobile-first population.

Kuda disrupted traditional retail banking by offering low-fee and zero-fee banking services through a smartphone app. Its services include savings accounts, debit cards, transfers, budgeting tools, bill payments, and personal loans.

The company raised over $90 million in funding from investors such as Target Global and Valar Ventures, achieving an estimated valuation of around $500 million after its Series B round.

Kuda has grown rapidly to millions of registered users, making it one of the most recognizable digital banking brands in Nigeria.

The fintech company has also pursued international expansion through a UK operational presence designed to facilitate remittances and cross-border financial services for Africans in the diaspora.

7. Interswitch

Founded in 2002 by Mitchell Elegbe, Interswitch is widely regarded as one of the pioneers of Nigeria’s modern electronic payments industry.

Long before the rise of mobile fintech startups, Interswitch built the infrastructure that enabled Nigerian banks to interconnect ATMs, process card payments, and facilitate digital transactions nationwide.

The company developed Verve, one of Africa’s largest domestic card schemes, with tens of millions of cardholders across multiple African countries.

In 2019, global payments giant Visa invested $200 million in Interswitch in a deal that valued the company at approximately $1 billion, making it one of Africa’s earliest fintech unicorns.

Interswitch continues to process billions of transactions annually across its payment switching, merchant services, and digital commerce platforms, maintaining a foundational role in Africa’s financial infrastructure.

The rise of these startups reflects Nigeria’s growing influence in the global technology industry. Despite economic volatility, currency fluctuations, infrastructure deficits, and regulatory uncertainty, Nigerian entrepreneurs continue to build companies capable of competing on a global scale.

Fintech remains the dominant force within the ecosystem because millions of Africans remain underserved by traditional banking systems. However, sectors such as logistics, mobility, artificial intelligence, health technology, education technology, and digital commerce are also experiencing rapid growth.

As investment continues to flow into African innovation, Nigerian-founded startups are increasingly shaping the future of finance, work, transportation, and digital infrastructure not only across Africa but around the world.

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When Tosin Eniolorunda declared that Moniepoint had decided in 2024 to stop hiring outside Nigeria, only to later discover in 2025 that many of the candidates identified were “not up to global standards,” the comment immediately ignited debate across Nigeria’s tech ecosystem.

Since the controversy erupted, I deliberately stayed reserved in commenting on it because I did not want to react from emotion or sentiment. But the reaction the statement generated was hardly surprising. In a country where thousands of graduates continue searching for opportunities while technology remains one of the few sectors still offering economic hope, such comments were always going to strike a nerve. For many young Nigerians struggling with unemployment, inflation, and an increasingly unforgiving labour market, the statement felt less like a hiring complaint and more like a dismissal of their efforts.

Part of the outrage also came from Nigeria’s long history of foreign validation. For decades, many Nigerians have watched multinational companies reserve top technical positions for expatriates while highly qualified locals struggled for recognition. That background shaped how people interpreted the Moniepoint CEO’s remarks. Many did not hear a narrow concern about recruitment standards. They heard a broader suggestion that Nigerian professionals themselves were inadequate.

The timing made the reaction even more intense. Our country is currently experiencing one of its toughest economic periods in recent years. Inflation continues to erode purchasing power, the naira has suffered repeated devaluations, and youth unemployment remains a serious concern. For many young Nigerians learning software engineering, cybersecurity, or product design, tech represents more than a profession. It represents survival, relevance, and the possibility of economic mobility. That is why the statement felt deeply personal to aspiring developers spending months building skills despite graduating from underfunded institutions and operating in difficult conditions.

Yet beneath the outrage lies a contradiction that is difficult to ignore. Nigeria produces hundreds of thousands of graduates yearly and continues to battle widespread unemployment, yet some of its fastest-growing technology companies insist they cannot find enough qualified talent. The deeper I examined the issue, the clearer it became that the problem is not necessarily a shortage of people, but a shortage of people with the specific skills, exposure, and experience required by companies operating at a global scale.

To be fair, there is some truth in the concerns raised by the Moniepoint CEO. Employers across the technology sector have privately complained for years about outdated curricula, weak practical training, and the disconnect between academic learning and industry demands. Technology evolves far faster than traditional educational systems, and many graduates leave school without experience in cloud infrastructure, cybersecurity operations, system architecture, or large-scale collaborative software development. Modern technology companies are no longer looking only for people who can write code. They want professionals capable of building scalable systems, solving complex business problems, and working effectively in highly demanding engineering environments.

But focusing only on employer complaints ignores another reality. Nigeria has already proven that it can produce world-class talent. Nigerian engineers work at companies like Google, Microsoft, Meta, and Amazon. Nigerian developers continue to build globally funded startups and contribute to international technology projects. If Nigerian professionals were fundamentally substandard, global companies would not continue hiring them aggressively.

What Nigeria appears to face is not a complete absence of talent, but difficulty producing and retaining highly experienced professionals at the scale required by a rapidly expanding digital economy. This challenge has become even more complicated because many of the country’s best professionals are increasingly leaving the local ecosystem. Over the last few years, thousands of skilled Nigerians have either relocated abroad or moved into remote roles for foreign companies paying in dollars and euros. Local startups are no longer competing only against themselves for talent. They are competing against the global labour market.

That reality also explains why many people pushed back against the conversation around “global standards.” If companies want globally competitive talent, workers naturally expect globally competitive compensation and work environments. Many Nigerian startup employees have repeatedly complained about burnout, unstable management structures, poor work-life balance, and salaries that cannot compete with international opportunities. Skilled engineers increasingly understand their value and are no longer willing to tolerate poor conditions simply because a company is locally successful.

I also think the statement unintentionally undermined ongoing efforts to strengthen Nigeria’s digital workforce. Programmes introduced by the National Information Technology Development Agency (NITDA), including the 3 Million Technical Talent initiative and the Digital for All initiative, were specifically created to prepare young Nigerians for global competitiveness. Public comments suggesting local professionals are broadly below global standards risk weakening confidence in those efforts at a time when the country is actively trying to position itself as a serious digital economy.

Another angle many people raised is whether the statement was partly strategic. In startup culture, founders often emphasise recruitment challenges and talent demand to demonstrate growth potential and operational expansion to investors. By highlighting the difficulty of filling roles locally, the comment may also reinforce Moniepoint’s image as a rapidly scaling company with significant hiring capacity. Whether intentional or not, such narratives can influence investor perception in highly competitive funding environments.

Still, I believe the biggest mistake would be reducing this debate to patriotism or outrage alone. Nigeria clearly possesses talented professionals, but it also faces serious structural weaknesses in education, infrastructure, workforce development, and talent retention. The issue is not simply a talent crisis. It is a systems crisis.

What makes Nigeria remarkable is that, despite these conditions, many young professionals still compete globally through extraordinary personal effort rather than through the strength of national systems supporting them. But resilience alone is not enough to build a globally dominant digital economy. Sustainable growth will require stronger institutions, better training systems, healthier work cultures, and long-term investment in developing and retaining talent.

The comment may have been controversial, but perhaps its biggest impact was forcing a conversation many people had avoided publicly for too long. Beneath the outrage lies a more uncomfortable reflection about direction. Nigeria’s real test is not whether it can produce brilliant tech talent, it already does, but whether it can build an environment where that brilliance does not feel like an exception that has to leave to fully thrive.

Shuaib S. Agaka is a tech journalist and digital policy analyst based in Kano

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Tosin Eniolorunda, chief executive officer of Moniepoint, has revealed that the company is facing significant challenges in filling approximately 500 job vacancies due to a shortage of suitably qualified talent in Nigeria.

Speaking at The Platform in Lagos, Eniolorunda disclosed that despite a deliberate shift toward prioritising local recruitment, the firm has struggled to identify candidates who meet its required global standards.

According to him, “We made a strategic decision to focus exclusively on hiring within Nigeria. However, even with about 500 open roles listed on our careers platform, finding the right talent has been difficult.”

He explained that beyond the scarcity of applicants, many of those identified did not meet the level of expertise and competence required for a company operating in a highly competitive global market.

Eniolorunda stressed that Moniepoint competes not only with local firms but also with international players, including companies from Asia, making it essential to recruit world-class professionals.

“We are operating on a global stage. To remain competitive, we must build a workforce that meets international standards,” he said.

The CEO attributed the talent gap partly to systemic issues within Nigeria’s education sector, as well as shifting societal values among young people. He noted that environmental influences—ranging from social media consumption to broader cultural trends—are shaping mindsets in ways that may not support long-term professional development.

He also expressed concern over the growing appeal of internet fraud and the “get-rich-quick” mentality, warning that such trends could be undermining ambition and critical thinking among the youth.

“The quality of reasoning and aspiration appears to be declining compared to previous years,” he remarked.

In addition, Eniolorunda highlighted the impact of the ongoing “japa” wave—the migration of skilled professionals abroad—which continues to drain the country’s talent pool.

Despite Nigeria’s large population, he argued that the country must do more to harness its human capital by promoting sustainable career paths and providing positive role models.

He concluded by emphasising the need for deliberate investment in human capital development and a cultural shift that encourages productivity, innovation, and long-term success.

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The Central Bank of Nigeria (CBN) has explained its decision to upgrade the operating licences of major financial technology firms and microfinance banks, including Opay and Moniepoint, to national status, citing compliance with regulatory requirements and the nationwide scale of their operations.

The upgrade affects key players such as Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga, whose rapid growth through mobile platforms and extensive agent networks has seen them outgrow their earlier regional licences.

Director of the Other Financial Institutions Supervision Department at the CBN, Mr Yemi Solaja, confirmed the development in Lagos during the annual conference of the Committee of Heads of Banks’ Operations. He noted that although the institutions were previously licensed on a regional basis, their services already cut across the country.

“Institutions like Moniepoint MFB, Opay, Kuda Bank and others have now been upgraded. In practice, their operations are already nationwide,” Solaja said.

He stressed that the national licence framework places greater responsibility on the fintechs, particularly in terms of customer protection and physical presence. According to him, most of their customers operate within the informal sector and require accessible channels for complaint resolution.

“Most of their customers operate in the informal sector. They need a clear point of contact if any issues arise,” he added.

Under the new status, the fintechs are required to meet higher capital thresholds, including a minimum capital base of N5 billion for national microfinance banks, and to maintain offices dedicated to dispute resolution. The CBN said the move is also aimed at strengthening financial inclusion while ensuring stability and accountability in the digital finance ecosystem.

The licence upgrade follows earlier enforcement actions by the apex bank, including penalties imposed in 2024 on Moniepoint and Opay, which were each fined N1 billion for non-compliance with Know Your Customer (KYC) regulations. The sanctions, the CBN noted, underscored its resolve to enforce stricter standards in Nigeria’s fast-growing digital financial services sector.

The CBN said the reforms reflect its broader efforts to align regulation with innovation, while safeguarding consumers and maintaining confidence in the financial system.

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The launch coincided with the unveiling of the second edition of Nigeria’s Informal Economy Report and the fintech company’s 10th anniversary. Moniepoint said the initiative reinforces its long-standing commitment to driving financial inclusion and supporting informal businesses, which form the backbone of Nigeria’s economy.

Speaking at the launch in Lagos, Vice President Kashim Shettima, represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the informal sector as “the heartbeat of Nigeria’s enterprise and resilience.” He commended Moniepoint for providing data that can shape inclusive policymaking.

Built on large language model (LLM) technology, the chatbot provides conversational insights and simplified responses to complex data queries about Nigeria’s informal sector. It is designed for use by policymakers, researchers, journalists, and small business owners seeking a clearer understanding of the informal economy.

According to Moniepoint Microfinance Bank’s Managing Director, Babatunde Olofin, ‘M’ reflects the company’s mission to empower entrepreneurs and strengthen economic participation. “The informal economy is not the shadow of our nation’s progress; it is its pulse,” Olofin said. “Our job is to make sure it beats stronger.”

Moniepoint, which now serves over 10 million businesses and individuals, processes more than one billion transactions monthly and facilitates payments exceeding $22 billion. The company said it remains committed to equipping small business operators with digital tools to build sustainable enterprises.

Minister of Youth Development, Ayodele Olawande, represented by Technical Adviser, Ebiho Agun, also praised the initiative, calling for stronger collaboration between government and private stakeholders to unlock the informal sector’s full potential.

A panel session at the event, moderated by Moniepoint’s Vice President for Corporate Affairs, Didi Uwemakpan, featured representatives from SMEDAN, EFInA, and SANEF, who called for greater access to finance and formalization of small businesses. SMEDAN’s Director-General, Charles Odii, said the agency’s partnership with Moniepoint reflects its commitment to improving access to credit and supporting the transition of informal businesses into the formal economy.

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The round drew support from leading global investors, including Visa Inc., Development Partners International (DPI), LeapFrog Investments, and Alphabet’s Google Africa Investment Fund.

According to Moniepoint’s Senior Vice President, Ross Strike, the round reflects growing global confidence in Africa’s fintech potential.

“We have seen more interest coming slowly from global investors, especially those that have seen other emerging markets and are willing to underwrite the African growth story,” Strike said.

The funds will be used to strengthen Moniepoint’s core operations in Nigeria while advancing its expansion plans in the United Kingdom and Kenya. The company now processes over $250 billion in annual transactions and is valued at over $1 billion, though the exact figure remains undisclosed.

Moniepoint’s Founder and Group CEO, Tosin Eniolorunda, said the investment reinforces the company’s mission to drive financial inclusion across Africa.

“The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story—with financial happiness for Africans everywhere remaining our ultimate goal,” he said.

Founded in 2015 in Lagos, Moniepoint offers payments, banking, and remittance services to millions of users. The company joins other Nigerian fintech unicorns such as Flutterwave, Interswitch, and Opay in expanding beyond Africa.

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Regulatory filings show that between February and December 2024, Moniepoint spent $1.26 million—recorded as a loss—on administrative and infrastructure expenses. An additional $2.51 million was committed as an equity deposit for the acquisition of Bancom, an electronic money institution regulated by the UK’s Financial Conduct Authority (FCA). The acquisition was approved in July 2025 and is expected to give Moniepoint a regulatory foothold in the UK and European Economic Area.

The UK, home to more than 290,000 Nigerians, is one of the most critical remittance corridors for Nigeria. In 2021, Nigeria ranked as the third-largest recipient of remittances from the UK, with inflows valued at £2.76 billion ($3.69 billion). Moniepoint’s expansion positions it to compete with established players like Grey and Lemfi for a share of this market.

Despite not generating revenue in its first year of UK operations, Moniepoint said demand for remittance services has remained stable. “While the Company did not generate revenue during the period, it has focused on strengthening operational processes, enhancing customer service, and investing in technology to improve transaction efficiency and security in preparation for future activity,” the company wrote in its filings.

Moniepoint GB, the London subsidiary, was incorporated on February 18, 2024. Its first product, MonieWorld, launched in April 2025, allowing UK residents to send money directly to Nigerian bank accounts using British bank cards, Apple Pay, Google Pay, or their MonieWorld account. According to company insiders, the platform has already recorded a 70% growth rate and healthy transaction volumes, supported by advertising campaigns across trains and major diaspora events.

“Moniepoint GB’s focus is on serving the UK’s African diaspora and bringing financial happiness to a new market—an ambition that naturally requires upfront investment in compliance, infrastructure, and people,” a company spokesperson said.

The company, recently backed by $120 million from investors including Google and Visa, is signaling further expansion. UK filings show that Moniepoint has incorporated a new subsidiary under Moniepoint GB, pointing to possible entry into the US remittance market as its next frontier.

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The case stems from what was described in court documents as a “glitch” on Providus Bank’s POS terminals, which allegedly allowed about ten merchants, including the defendants, to benefit from unauthorized double settlements. Justice Emeka Nwite ruled that Moniepoint must be joined as a co-respondent, noting that the court could not fully resolve the matter without the fintech company that initiated the petition.

The petition dates back to February 2025, when Moniepoint asked the Inspector General of Police to investigate suspicious double payments amounting to more than N21 billion. The firm claimed the merchants admitted receiving the funds and later used them to acquire assets described as proceeds of fraud.

Following preliminary investigations, the matter was referred to the EFCC. The defendants later filed multiple suits to block further questioning, but the court ruled on August 12 that Moniepoint’s participation was necessary to provide material evidence.

The EFCC and defense counsel did not oppose the fintech’s application, which was subsequently granted. The case remains pending as the court ordered all filings to be amended to reflect Moniepoint’s inclusion.

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The Central Bank of Nigeria (CBN) has lifted its ban on several prominent fintech companies, including OPay, Moniepoint, Kuda, Palmpay, and Paga, allowing them to resume onboarding new customers. This development comes five weeks after the apex bank halted the fintechs’ onboarding activities over concerns of illicit foreign exchange transactions.

While the CBN has yet to issue an official statement, both OPay and Kuda have confirmed the news in separate communications to their customers on Monday.

“We are thrilled to announce that the Central Bank of Nigeria has given OPay the thumbs up to resume onboarding new users. This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities,” stated OPay.

The company reassured its customers of its commitment to stringent Know Your Customer (KYC) verification processes, urging all users to comply fully with the required verification steps.Similarly, Kuda took to social media to inform its customers, writing, “As you probably already know, we’ve been working with the CBN to meet recent regulatory requirements by putting more account controls in place.

“Based on the work we’ve done, we’ll resume signing up new customers this week. Please note that you’ll need your BVN, NIN, and your proof of address (followed by address verification) to open a Tier 3 account.”

The initial CBN directive, issued on April 29, came shortly after 1,146 accounts were blocked for peer-to-peer (P2P) cryptocurrency trading.

The fintech companies argued that the majority of the implicated accounts belonged to commercial banks, not fintech platforms.

The National Security Adviser (NSA) had also classified cryptocurrency as a security concern, pressing for enhanced KYC and fraud prevention measures to curb crypto transactions through fintech channels.

On May 20, the CBN provided the fintechs with several conditions to lift the onboarding freeze, including blocking P2P crypto transfers, mandating physical address verification for all account tiers, and updating facial verification for customers.

With these measures now in place, the fintech companies are poised to resume their operations, reinforcing their commitment to regulatory compliance and customer security.

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