Startups > Moniepoint

Moniepoint

Moniepoint helps African SMBs accept payments, manage operations, and access credit.

Series C $257.5M total Founded 2015 London, England 4555 employees

Moniepoint is an all-in-one financial platform providing payment processing, digital banking, credit facilities, and business management tools for small and medium-sized businesses across Nigeria and expanding internationally. The company operates a network of payment terminals integrated with mobile banking apps, allowing merchants to accept payments, manage inventory, and access working capital loans underwritten by transaction data. With 1 billion+ monthly transactions and $22 billion in annual payment volume, Moniepoint has become Nigeria's largest agent banking player, serving 10 million businesses and individuals.

Problem solved

African SMBs lack reliable payment infrastructure, access to formal credit, and integrated business management tools that work offline and online.

Target customer

Small and medium-sized businesses in Nigeria and Africa; merchants in informal retail, open markets, restaurants, fuel stations, and supermarkets; businesses seeking point-of-sale solutions with integrated banking and lending.

Website LinkedIn Crunchbase Twitter / X

Founders

Tosin Eniolorunda

Chief Executive Officer

Co-founder and CEO; limited public background on previous roles before founding in 2015.

Felix Ike

Chief Technology Officer

Co-founder and CTO; limited public background on previous experience before founding in 2015.

Funding history

Series A $5.5M March 2019 Led by Quantum Capital Partners

Series B Undisclosed July 2021 Led by Novastar Ventures · Lightrock, QED Investors, British International Investment, Global Ventures, Endeavor

Pre-Series C $50M 2022 Led by QED Investors

Series C $110M October 2024 Led by Development Partners International / Google's Africa Investment Fund · Lightrock

Series C - II $90M October 21, 2025 Led by Lightrock

Total raised: $257.5M

Industries

Financial Services Finance Credit Banking FinTech Payments

Pricing

Not publicly available. Revenue model based on point-of-sale terminal fees, online payment gateway fees, and interest income from working capital loans.

Notable customers

Not publicly disclosed. Serves 2.3 million businesses using payment machines as of January 2024; 10 million total businesses and individuals across Nigeria.

Integrations

Grocel (inventory management, acquired December 2023); Google Cloud; various payment gateways and banking APIs

Tech stack

React (JavaScript frameworks) Next.js (Web servers) dc.js (JavaScripty graphics) Zendesk (Documentation) Webpack Google Analytics (Analytics) Facebook Pixel (Analytics) Cloudflare Browser Insights (RUM) Cloudflare Bot Management (Security) Apple iCloud Mail (Webmail) Google Workspace (Email) Google Cloud CDN (CDN) Cloudflare (CDN) Customer.io (Marketing automation) DoubleClick Floodlight (Advertising) Google Tag Manager (Tag managers) Zoho (CRM) Google Cloud (IaaS) Mailgun (Email)

Website

moniepoint.com/

Competitors

Paystack

Focuses primarily on online payments and digital transaction processing; less integrated offline terminal and lending capabilities.

Flutterwave

Broader pan-African payment gateway with less focus on offline agent banking and SMB lending.

OPay

Operates in ride-hailing and payment space with different primary use case focus.

Interswitch

Established payment processor with less integrated banking and lending offerings for SMBs.

Branch

Focuses on salary-linked lending rather than transaction-based working capital for merchants.

Why this matters: Moniepoint has achieved unicorn status ($1B valuation in October 2024) by solving a critical gap in African fintech: reliable offline payments and credit access for informal economy merchants. With 1 billion+ monthly transactions and $257.5M raised, the company represents the largest agent banking player in Nigeria and a blueprint for FinTech expansion in emerging markets beyond traditional digital channels.

Best for: Small merchants and SMBs in Nigeria and Africa seeking an integrated solution for payment acceptance, business management, and access to credit without traditional collateral requirements.

Use cases

Offline Payment Acceptance for Market Vendors

A supermarket or open market vendor uses Moniepoint's payment terminal to accept card and mobile money payments from customers. Payments settle instantly to their mobile banking app, eliminating cash handling risks and providing transaction history for future lending decisions.

Working Capital for Inventory Expansion

A restaurant owner receives a working capital loan from Moniepoint's microfinance bank based on their transaction history rather than collateral. They use the loan to expand inventory, repay it from daily card transactions processed through the same terminal.

Integrated Business Operations

A small retail shop uses Moniepoint's all-in-one POS terminal to accept payments, track inventory in real-time via the integrated Grocel system, and reconcile transactions automatically. The business gains visibility into operations and payment data for growth planning.

Alternatives

Square US-focused POS platform with integrated payments and inventory; not designed for emerging markets without reliable connectivity or offline-first requirements.

Stripe Developer-first payment platform optimized for online businesses and APIs; limited offline terminal and lending capabilities for SMBs.

FairMoney Primarily a micro-lending platform with less integrated payment terminal and full business management capabilities.

FAQ

What does Moniepoint do? +

Moniepoint is a financial platform that enables African SMBs to accept payments via terminals, manage banking, access working capital loans, and run business operations. It combines point-of-sale hardware with digital banking, lending, and inventory management in a single integrated solution designed for merchants in informal and formal retail settings.

How much does Moniepoint cost? +

Moniepoint does not publicly disclose pricing. The business model centers on fees from point-of-sale transactions, online payment gateway fees, and interest income from working capital loans. Customers should contact Moniepoint directly for pricing details.

Who uses Moniepoint? +

Moniepoint serves 10 million businesses and individuals across Nigeria, including merchants in supermarkets, restaurants, fuel stations, open markets, and informal retail. As of January 2024, 2.3 million businesses actively use Moniepoint payment machines. The company also serves individual consumers through its mobile banking app.

How does Moniepoint compare to Paystack? +

Moniepoint operates as a more integrated ecosystem with offline payment terminals, integrated banking, and lending, while Paystack focuses primarily on online payment processing and digital transactions. Moniepoint targets offline merchants and SMBs needing hardware and credit; Paystack focuses on digital-first businesses and developers.

What makes Moniepoint different? +

Moniepoint is the market leader in Nigeria's agent banking space, known for reliable offline payment processing in areas with inconsistent connectivity. Its competitive moat includes transaction-based underwriting for working capital loans, integration with inventory management post-Grocel acquisition, and the largest terminal network in Nigeria.