Fintech Moniepoint eyes Africa expansion
Nigerian fintech Moniepoint is expanding across Africa, pivoting on its experience, having processed $43 billion worth of transactions in the first quarter of 2023.
Tosin Eniolorunda, the founder and CEO of Moniepoint, tells ITWeb Africa the company is pursuing opportunities on the continent, extending operations into foreign exchange and cross-border transaction solutions.
To back its plan, Moniepoint recently appointed Ross Strike to head the investment, mergers and acquisition department.
Strike joined the company from British International Investment (BII), where he led their investment in Moniepoint.
Ross - a founding member of the BII venture the capital investment team - helped scale the firm’s early-stage activities and deployed over $350m across over 40+ investments.
He started his career in Citibank investment banking team and is a Kauffman Fellow.
This appointment, Eniolorunda says, signals the intention to expand, targeting countries with good banking and payment infrastructure.
“Yes, there are plans to expand into Africa. We are currently exploring markets with relatively sizeable good banking/payments infrastructure that can serve as a base we can build on", says Eniolorunda.
He says the company has identified business management tools and foreign currency-related products as the next expansion frontiers.
To this end, Eniolorunda says: "We have seen rapid adoption of our products and services with merchants, as it solves challenges they face.
"Businesses of different scales depend on Moniepoint to be that solution that they can depend on, for accepting digital payments, and, even more, assessing credit and banking services."