Moniepoint Microfinance Bank
About Company
Moniepoint Microfinance Bank (MFB) is a Central Bank of Nigeria (CBN)-regulated digital microfinance bank headquartered in Lagos, Nigeria, specializing in accessible banking services for small and medium-sized enterprises (SMEs), as well as individuals. It operates as a subsidiary of Moniepoint Inc. (formerly TeamApt), a leading African fintech company founded in 2015.
The bank focuses on financial inclusion, providing tools for payments, loans, savings, and business management to bridge gaps in traditional banking for underserved communities. As of 2025, it serves over 10 million users across Nigeria and has been recognized as Africa’s fastest-growing fintech for two consecutive years by the Financial Times.
History and Founding
Moniepoint Inc. was established in June 2015 by Tosin Eniolorunda (CEO) and Felix Ike as TeamApt, initially focusing on payment infrastructure and solutions for banks and financial institutions. It evolved into a full-fledged business banking provider and rebranded to Moniepoint. The microfinance bank arm received its CBN license in February 2022, marking its transition into a licensed financial institution. Key milestones include:
- 2019: Secured a $5.5 million Series A funding from Quantum Capital Partners and obtained a switching license from the CBN.
- 2023: Launched personal banking services in August, expanding beyond business-focused offerings, and led a $3 million seed investment in Nigerian neobank Payday.
- 2024: Raised $110 million in equity financing to scale digital payments and banking across Africa; appointed Bayo Olujobi as CFO in November.
- 2025: Valued at over $1 billion, with 2,000% growth in personal finance customers over the prior year.
The bank’s growth has been driven by its agency banking model, which started as a mobile payments platform and now powers most POS transactions in Nigeria as the country’s largest merchant acquirer.
Services
Moniepoint MFB offers a suite of digital-first services via its mobile apps (available on Google Play and Apple App Store), emphasizing ease of use for non-traditional banking users. Key offerings include:
| Category | Services |
|---|---|
| Banking Accounts | – Business bank accounts (open via app in business name).
– Personal bank accounts with debit cards (issued via Mastercard/Verve). – Savings plans with up to 17.5% annual interest. |
| Payments & Transfers | – Instant money transfers (send/receive to any account, no hidden fees).
– POS terminals (request and delivery in 48 hours).- Accept online/offline payments, including card and bank transfers. |
| Loans & Credit | – Working capital loans for businesses.
– Salary advances (rolling out for personal users). |
| Additional Tools | – Bill payments and utility management.
– Airtime/data purchases with 2% cashback. – Business expense cards (₦1,000 each, with spending limits and real-time tracking). – Card dispute resolution for failed transactions. |
The platform supports over 2 million business customers and 33 million monthly POS users, enabling seamless integration for merchants and consumers.
Achievements and Impact
- Scale: Powers 1.5 million+ businesses and processes the majority of Nigeria’s in-person payments.
- Funding and Valuation: Total funding exceeds $115 million; unicorn status achieved with $1B+ valuation.
- Recognition: Ranked Africa’s fastest-growing fintech (Financial Times, 2024–2025); trusted by millions for reliable, low-cost services.
- Expansion: Primarily Nigeria-focused but plans pan-African growth in payments, FX, credit, and business tools.
Contact and Availability
- Address: Plot 7A, Block 4, Admiralty Road, Lekki Phase 1, Lagos State, Nigeria.
- Helpline: 01 888 9990.
- Support: WhatsApp (+234 908 843 0803); social media (@moniepointng on X/Twitter, Instagram, Facebook, YouTube; LinkedIn: Moniepoint Nigeria).
- Website: [moniepoint.com](https://moniepoint.com/) for business; personal banking via app.
- Apps: Free download for Android/iOS; no age restrictions (e.g., accessible to 16–17-year-olds with phone number as account number).
User reviews highlight its speed, reliability, and growth support, though some note delays in features like payment links. Overall, Moniepoint MFB stands out for democratizing finance in emerging markets.