Financial ServicesFintech

Moniepoint Secures Top Spot as Africa’s Fastest-growing Fintech According to Financial Times

What’s this about?

  1. Moniepoint has been recognized by the Financial Times as Africa’s fastest-growing fintech for the second consecutive year, achieving remarkable growth and ranking among Africa’s top four fastest-growing companies overall.
  2. With growth rates of 7,979% (absolute) and 332% (CAGR), Moniepoint surpassed leading companies across various sectors, solidifying its position as Africa’s premier fintech in the Financial Times survey.
  3. Moniepoint’s expansion into personal banking through its subsidiary Moniepoint Microfinance Bank, alongside significant global headcount growth and its pivotal role in driving financial inclusion, underscores its status as a key player in Africa’s financial services landscape.

Zoom in…

Moniepoint, a global technology company with a focus on financial services in Africa and other emerging markets has been ranked by the Financial Times as Africa’s fastest-growing fintech.

According to Africa’s Fastest Growing Companies survey, this 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.

What they’re saying…

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “We are thrilled to be recognized 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.

By the Numbers

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 this survey, companies are ranked based on 2019-2022 data by (i) their absolute growth rate of revenues and (ii) their compound annual growth rate (CAGR). 

Moniepoint’s growth rates of 7,979% (absolute) and 332% (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.

Bottomline

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.

Source: techmoran.com

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