Moniepoint, the Nigerian fastest-growing fintech company, is not just a payment platform it’s an ecosystem builder. Founded in 2015 as TeamApt and later rebranded, Moniepoint provides digital financial services that help small and medium-sized businesses (SMEs) across Africa receive payments, access working capital, and manage their operations more efficiently.

Founded by Tosin Eniolorunda, a visionary founder who’s built Moniepoint into a trusted name in Nigeria’s financial space. The company has grown to process over $22 billion monthly transactions, supporting more than 300,000 merchants with tools like POS terminals, business loans, and payment solutions.

But Moniepoint isn’t stopping at Nigeria. Its latest move proves it’s thinking bigger and continental.

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In June 2025, Moniepoint acquired 78% of Kenya’s Sumac Microfinance Bank, a deal approved by the Kenyan Competition Authority. It’s not just a financial transaction or just another fintech trying to go global. This is a Nigerian company making bold, intentional moves to own Africa’s $2 trillion informal economy.

Acquiring Sumac gives Moniepoint a wide customer base of 16,000 depositors, a license to operate in Kenya and $23 million in assets. For Moniepoint, this is an instant gateway into East Africa without starting from zero.

Before this, Moniepoint had attempted to acquire KopoKopo, a Kenyan payment firm, but the deal didn’t pull through. Instead of slowing down, they pivoted to Sumac a smarter play that gives them both physical infrastructure and regulatory access.

Now, with their technology plus capital meeting Sumac’s local presence, Moniepoint is ready to deliver its full suite of services to Kenya’s underserved business owners.

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Moniepoint is backed by investors and partners such as Development Partners International (DPI), Google’s Africa Investment Fund,Visa. These aren’t just investors they’re long-term partners in building a pan-African financial network. Visa, in particular, is helping bridge the gap between Africa’s cash-driven markets and global digital infrastructure.

Regulators are beginning to favor innovation over tradition. Kenya’s approval of this deal is proof that forward-thinking companies like Moniepoint have room to expand fast especially when their solutions meet real, everyday needs.

There are over 400 million unbanked Africans, and Moniepoint is proving that with the right partnerships and products, fintech can succeed where traditional banking has failed.

Yes, the informal economy is volatile. But it’s also where the next big wins lie. Moniepoint’s backers have already seen major returns. With this move into Kenya, and potential acquisitions in other East African markets, Moniepoint is poised for even greater valuation jumps in the near future.