In a revealing conversation on The Builders Podcast hosted by former Nigeria’s Minister of Finance, Kemi Adeoshun, Moniepoint Founder and Chief Executive Officer, Tosin Eniolorunda, reflected on the remarkable journey that transformed a modest Nigerian startup into one of Africa’s most valuable fintech companies, achieving a valuation of over $1 billion.
Speaking candidly about the challenges, sacrifices, and strategic decisions that shaped the company’s growth, Eniolorunda traced his story back to his childhood in Ibadan, where he was raised in a lower-middle-class family. His mother was a primary school teacher, while his father worked as an engineering contractor. Growing up, he developed a fascination with engineering books and a passion for understanding how systems worked, interests that would later influence his entrepreneurial path.
He revealed that his first experience earning money came as a teenager when he apprenticed as an electronics technician, repairing electronic devices for customers. Those early experiences taught him the value of hard work and financial responsibility, particularly during periods when his family faced economic difficulties.
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While studying Mechanical Engineering at Obafemi Awolowo University, Eniolorunda generated income by building software and hardware projects for fellow students. The earnings helped support him throughout university and strengthened his confidence in using technology to solve problems.
Before launching his own company, he deliberately chose to work at Interswitch, which he described as the foundation of Nigeria’s fintech industry. According to him, the experience provided critical exposure to payments infrastructure and gave him the industry knowledge required to eventually build his own business.
After spending five years at Interswitch, he founded TeamApt in 2015, initially developing software solutions for banks. Although the business gained traction, he explained that scaling proved challenging because banks controlled customer relationships and captured much of the value generated by the solutions his company built.
The turning point arrived in 2019 when TeamApt decided to build products directly for customers.
At the time, most fintech companies focused heavily on online payments, while offline payments received little attention from investors and technology founders. However, Eniolorunda said the company’s data revealed a different reality.
While many considered offline payments unattractive due to the operational complexity involved, transaction volumes continued to grow rapidly. Research conducted by his team suggested the market was already crowded, yet customer adoption rates told a different story.
He explained that Nigerians were searching for more convenient payment methods, and Moniepoint’s offline payment infrastructure was positioned to meet that demand.
The opportunity expanded significantly during the COVID-19 pandemic. As movement restrictions limited access to banks and ATMs, agency banking gained widespread acceptance across the country. Thousands of agents emerged in communities nationwide, creating a distribution network that accelerated financial inclusion and digital payments.
Subsequent cashless policy initiatives further strengthened adoption, helping Moniepoint establish itself as a major player in Nigeria’s payments ecosystem.
Despite the company’s eventual success, Eniolorunda acknowledged that the journey was far from smooth.
He recalled periods when cash flow challenges threatened the business, including one particularly difficult moment when he borrowed money from his wife to pay employee salaries. Those experiences, he said, reinforced the importance of resilience and disciplined execution.
Unlike many startups that pursued rapid growth without profitability, Moniepoint focused on building a sustainable business model. That strategy eventually attracted investors and positioned the company for long-term success.
One of the company’s earliest major investors was renowned banker and entrepreneur Jim Ovia, founder of Zenith Bank. Eniolorunda explained that Ovia recognised the company’s potential early and provided funding that enabled the business to fully commit to its growth strategy.
Over time, Moniepoint attracted additional investment from international venture capital firms, ultimately raising more than $200 million and securing its place among Africa’s unicorn companies.
Yet Eniolorunda noted that the company’s valuation was never the primary motivation behind the business.
Instead, he pointed to Moniepoint’s growing role in supporting small and medium-sized enterprises across Nigeria as one of its most significant achievements.
He highlighted the company’s expanding lending operations, which use transaction data to provide credit to small businesses that have traditionally struggled to access financing from conventional banks. According to him, true financial inclusion begins when entrepreneurs can obtain relatively small loans that help them grow and sustain their businesses.
Throughout the discussion, Eniolorunda repeatedly emphasised the importance of Nigeria’s SME sector, describing small businesses as the backbone of the country’s economy. He expressed particular satisfaction in supporting market traders, retailers, pharmacies, restaurants, and other entrepreneurs who collectively generate employment for millions of Nigerians.
He also discussed Moniepoint’s broader ambitions, including acquisitions and international expansion efforts. The company’s purchase of restaurant management platform Oya and a microfinance bank in Kenya reflected its strategy of building a comprehensive ecosystem that extends beyond payments into lending, business management, and financial services.
Beyond business, Eniolorunda expressed concern about Nigeria’s talent development challenges. He argued that the country must invest more heavily in education, skills development, and entrepreneurial role models to inspire young Nigerians to pursue productive careers and value creation.
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He also highlighted the growing impact of emigration and social media culture, noting that many young people increasingly viewed success through the lens of relocation rather than enterprise building.
Despite these concerns, he remained optimistic about Nigeria’s future, stressing that Nigerians possess the creativity, resilience, and determination needed to build globally competitive companies.
His own story served as evidence.
From a young electronics apprentice in Ibadan to the leader of a billion-dollar fintech company, Eniolorunda’s journey illustrated how vision, perseverance, and a commitment to solving real-world problems could create transformative businesses.
More importantly, his experience demonstrated that world-class technology companies could be built in Nigeria by Nigerians, creating jobs, driving financial inclusion, and delivering solutions capable of competing on a global scale.
