Moniepoint Named One of Africa’s Fastest Growing Companies in 2024
Nigerian Fintech company Moniepoint Inc. has been named one of Africa’s Fastest-Growing Financial Institutions in 2024 by Financial Times.
This is the second consecutive year, that Moniepoint has been recognized by the Financial Times as Africa’s fastest-growing financial institution. The Financial Times, renowned for its authority and accuracy in business news, compiled the rankings in collaboration with Statista, a leading research company.
In the report, Moniepoint achieved remarkable growth rates, with an absolute growth rate of 7,979% and a compound annual growth rate (CAGR) of 332% based on data from 2019 to 2022. This placed Moniepoint ahead of numerous companies spanning various sectors, including technology, telecommunications, financial services, and healthcare.
As one of Africa’s largest business payments platforms, Moniepoint processed over $182 billion for customers in 2023. The company expanded its services in August 2023 by entering the personal banking market, offering reliable banking services to millions of individuals across Nigeria through Moniepoint MFB.
In an upward trajectory, Moniepoint doubled its global headcount, reaching over 1,800 employees by the end of 2023. This recognition underscores Moniepoint’s commitment to driving financial inclusion in Africa by empowering underserved businesses and individuals to access the formal financial system, aligning with a key goal of the Nigerian government.
Commenting on the FT’s ranking, Tosin Eniolorunda, Group CEO of Moniepoint Inc., expressed excitement with the recognition stating Moniepoint achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year the company keeps pushing to be better. According to him, 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.
