Africa: Moniepoint Recognized as One of Africa’s Fastest-Growing Companies in 2024

Moniepoint Inc., a prominent Nigerian fintech company, has earned distinction as one of Africa’s Fastest-Growing Financial Institutions in 2024, according to the Financial Times.

This marks the second consecutive year that Moniepoint has received recognition from the Financial Times as Africa’s fastest-growing financial institution. The Financial Times, known for its authoritative business news coverage, collaborated with Statista, a leading research firm, to compile the rankings.

The report highlights Moniepoint’s impressive growth metrics, boasting an absolute growth rate of 7,979% and a compound annual growth rate (CAGR) of 332% based on data spanning from 2019 to 2022. This places Moniepoint ahead of numerous companies across diverse sectors, including technology, telecommunications, financial services, and healthcare.

As one of Africa’s largest business payments platforms, Moniepoint facilitated over $182 billion in transactions for customers in 2023. The company further expanded its reach in August 2023 by venturing into the personal banking sector, offering reliable banking services to millions of individuals across Nigeria through Moniepoint MFB.

Exhibiting an upward trajectory, Moniepoint doubled its global workforce, surpassing 1,800 employees by the conclusion of 2023. This recognition underscores Moniepoint’s steadfast commitment to driving financial inclusion in Africa, empowering underserved businesses and individuals to access the formal financial system, in alignment with a key goal of the Nigerian government.

In response to the Financial Times’ ranking, Tosin Eniolorunda, Group CEO of Moniepoint Inc., expressed excitement and gratitude for the recognition. Eniolorunda emphasized that Moniepoint’s achievement of rapid growth and scale is a remarkable feat, driven by the company’s continuous pursuit of excellence. He attributed the ranking to the dedication and hard work of the entire Moniepoint team, as well as the trust bestowed upon the company by millions of customers across Africa.