Moniepoint Inc. has announced it has been ranked by the Financial Times as Africa’s fastest-growing fintech.
The world’s leading financial publication confirmed Moniepoint’s accolade in its annual ‘Africa’s Fastest Growing Companies’ survey, released mid May. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone and ranked in Africa’s top four fastest-growing companies overall.
The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In the survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR).
Moniepoint’s growth rates of 7,979 percent (absolute) and 332 percent (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services and healthcare.
Moniepoint has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023.
Last year, the company entered the personal banking market via its subsidiary, Moniepoint Microfinance Bank, offering reliable banking services to millions of individuals across Nigeria. It also doubled its global headcount, growing to over 1,800 employees by the end of 2023.
This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.
Tosin Eniolorunda, Group CEO of Moniepoint Inc., said, “We are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement, maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team and the trust of millions of customers across Africa in the company.
“2023 was a pivotal year for Moniepoint. We entered the personal banking market for the first time and made progress in our goal to enter new African markets. 2024 is set to be even more exciting with continued growth and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”
Moniepoint Inc. currently processes the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries, processing over $182 billion in annualised total payment volume (TPV), which represents the total monetary value of all transactions processed by a payment platform over a given period.
It is Africa’s largest fintech by transaction volume, profitable and in 2022, became QED Investors’ first investment into Africa.
Moniepoint Inc is a global technology company with a focus on financial services in Africa and other emerging markets.
Since 2019, Moniepoint Inc.’s technology has powered over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed.
It aims to power the dreams of businesses, their employees and customers by providing them with the financial technology tools they need to grow, no matter their digital literacy level.
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