Entrepreneurship News
Tosin Eniolorunda: The Visionary Behind Moniepoint Nigeria
11th March, 2025 at 11:42
By Our Reporter
In the rapidly evolving landscape of African fintech, few names stand out as prominently as Tosin Eniolorunda, the co-founder and Group CEO of Moniepoint Inc., a Nigerian financial technology company
In the rapidly evolving landscape of African fintech, few names stand out as prominently as Tosin Eniolorunda, the co-founder and Group CEO of Moniepoint Inc., a Nigerian financial technology company that has transformed the way businesses and individuals manage money. From humble beginnings to leading one of Africa’s most impactful fintech unicorns, Eniolorunda’s journey is a testament to resilience, innovation, and a deep-seated desire to solve real-world problems. As of March 11, 2025, Moniepoint stands as a powerhouse in Nigeria’s digital payments ecosystem, processing billions of dollars in transactions monthly and empowering millions of businesses and individuals. But what drove Tosin Eniolorunda to start this fintech revolution?Early Life and Foundations
Born in September 1985 in Lagos, Nigeria, Tosin Eniolorunda grew up in Ibadan, Oyo State, as the eldest of three children in a family rooted in education and engineering. His father, Rotimi, was an engineering contractor, while his mother, Ajoke, was a teacher. This blend of technical expertise and a nurturing environment likely shaped Tosin’s early curiosity and problem-solving mindset. His formative years were spent at the University of Ibadan Staff School and Command Day School, Odogbo Ibadan, where he was an active member of the Junior Engineers, Technicians, and Scientists (JETS) Club. This early exposure to engineering and technology set the stage for his academic pursuit of a B.Sc. in Mechanical Engineering at Obafemi Awolowo University (OAU), where he graduated in 2007.
Eniolorunda’s career began with an internship at Schlumberger Limited in 2005, followed by a pivotal role at Interswitch, Nigeria’s pioneering payments company. From 2009 to 2015, he rose through the ranks at Interswitch, serving as a Senior Software Engineer, Unit Head of Application Development, and Product Manager. It was here that he programmed the first point-of-sale (POS) software for Interswitch, a foundational technology that powers the majority of POS terminals in Nigeria today. This experience gave him an insider’s view of the financial services sector and exposed him to the gaps that traditional systems failed to address, particularly for underserved businesses and individuals.
The Motivation Behind Moniepoint
In 2015, armed with ?15 million in personal savings and a vision to bridge Nigeria’s financial inclusion gap, Tosin Eniolorunda left Interswitch to co-found TeamApt (later rebranded as Moniepoint Inc.) with Felix Ike, a former colleague. But what motivated him to take this leap into entrepreneurship? At its core, Eniolorunda’s drive stemmed from a profound belief in the power of technology to create “financial happiness” and empower people economically.
Speaking on Wharton’s fintech podcast, Eniolorunda articulated his motivation: “I think for most people, we are pursuing positive feelings in life. We all know that money is an important element for happiness, so I considered it important to be able to help people find happiness with money. Technology typically drives everything in our world, so building solutions that can help people find happiness with money is a universal and big mission to focus on.” This philosophy reflects his understanding that financial access is not just about transactions—it’s about enabling dreams, fostering stability, and unlocking potential.
Nigeria’s economic landscape provided the perfect backdrop for his mission. With a large informal economy, low trust in digital solutions, and limited banking penetration, millions of small businesses and individuals struggled to access reliable financial tools. Eniolorunda saw an opportunity to address these pain points by leveraging technology to create a seamless, trustworthy, and inclusive financial ecosystem. His experience at Interswitch had shown him the potential of digital payments, but he also recognized that traditional banks were ill-equipped to serve the informal sector effectively. This realization fueled his decision to bootstrap TeamApt, initially focusing on building software for financial institutions before pivoting to serve businesses directly.
Building Moniepoint: From Vision to Unicorn
Launched in 2015 as TeamApt, the company started as a provider of banking infrastructure solutions, helping financial institutions digitize their operations. However, Eniolorunda’s vision evolved over time. By 2019, TeamApt secured $5.5 million in Series A funding, a milestone that allowed it to expand its offerings. In April 2022, the company transitioned into Moniepoint, an all-in-one digital payments and banking platform tailored to the needs of Nigeria’s informal economy. This shift proved prescient during Nigeria’s cash crunch in early 2023, when reduced access to physical cash made alternative payment methods critical. Moniepoint’s business bank accounts and POS terminals kept countless businesses afloat, cementing its reputation as a lifeline for SMEs.
Under Eniolorunda’s leadership, Moniepoint has achieved staggering growth. By 2023, it was processing over $14 billion monthly, making it Nigeria’s largest business payments platform. In October 2024, the company attained unicorn status with a $110 million equity financing round, valuing it at over $1 billion and placing it among Africa’s elite tech firms. Today, Moniepoint serves over 1 million businesses, processes more than 800 million transactions monthly, and boasts a network of over 30,000 agents across Nigeria’s 36 states. Its hybrid model—combining digital reach with a physical agency network—has addressed the low-trust barrier in African markets, a strategy Eniolorunda credits for its success.
A Legacy of Impact and Innovation
Tosin Eniolorunda’s contributions extend beyond Moniepoint’s financial metrics. His commitment to education and innovation is evident in initiatives like the commissioning of the Tosin Eniolorunda Design Lab at OAU in 2024, a state-of-the-art facility aimed at fostering the next generation of engineers and technologists. Recognized by institutions like the Central Bank of Nigeria, Financial Times, and Endeavor, he has become a leading voice in Africa’s fintech space, advocating for financial inclusion and technological advancement.
What continues to motivate Eniolorunda is his unwavering focus on impact. “We are fulfilling some of these [goals] so far,” he once noted, reflecting on Moniepoint’s progress. His vision—to build a platform that supports the dreams of millions while generating over $1 billion in annual revenue—remains a guiding light. For Eniolorunda, Moniepoint is more than a business; it’s a mission to harness technology for economic empowerment, one transaction at a time.
As Nigeria and Africa navigate the digital age, Tosin Eniolorunda stands as a beacon of what’s possible when innovation meets purpose. His journey from a software engineer with a dream to the architect of a fintech empire underscores the transformative power of a single, motivating idea: to create financial happiness for all.
The African Development Bank: Driving Progress Across the Continent
27th February, 2025 at 23:02
By Our Reporter
The African Development Bank: Driving Progress Across the ContinentThe African Development Bank (AfDB) stands as a cornerstone of economic and social advancement in Africa, tirelessly working to
The African Development Bank: Driving Progress Across the ContinentThe African Development Bank (AfDB) stands as a cornerstone of economic and social advancement in Africa, tirelessly working to uplift the continent’s 54 regional member countries. Established in 1964, the AfDB has evolved into a powerhouse of development finance, mobilizing resources, funding transformative projects, and providing technical expertise to address Africa’s most pressing challenges. With its headquarters in Abidjan, Côte d'Ivoire, and a network of field offices spanning the continent, the AfDB’s mission is clear: to reduce poverty, improve living conditions, and foster sustainable economic growth. As of February 27, 2025, its recent activities underscore its pivotal role in shaping Africa’s future.
A Multifaceted Approach to Development
The AfDB operates through three key entities: the African Development Bank itself, the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). Together, they form a robust framework that delivers both concessional and non-concessional financing to governments, private enterprises, and public-private partnerships. The bank’s activities are guided by its “High 5” priorities—Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—ensuring a holistic approach to development.
In 2024 alone, the AfDB’s efforts have touched millions of lives. From building roads and power grids to supporting agricultural innovation and combating financial crime, the bank’s initiatives are as diverse as the continent it serves. Its ability to adapt to emerging challenges, such as climate change and global health crises, while maintaining a focus on long-term growth, highlights its dynamic role.
Infrastructure: The Backbone of Progress
One of the AfDB’s flagship areas of intervention is infrastructure development. Recognizing that reliable transport, energy, and water systems are critical to economic growth, the bank has invested heavily in these sectors. A standout project is the Lagos-Abidjan Highway, a 745-mile corridor connecting Nigeria and Côte d'Ivoire. With $15.6 billion secured in funding, this ambitious initiative promises to boost trade and connectivity across West Africa, linking major cities and fostering regional integration.
Beyond roads, the AfDB is electrifying the continent through its “Light Up and Power Africa” agenda. The Mission 300 initiative, launched in collaboration with the World Bank and global partners, aims to connect 300 million Africans to electricity by 2030. At the Africa Energy Summit in Dar es Salaam in January 2025, over $50 billion in backing was pledged, with the AfDB playing a central role. The bank is also championing renewable energy, with 100% of its 2023 energy generation project approvals focused on sustainable sources, a testament to its commitment to green growth.
Empowering Agriculture and Food Security
Agriculture remains a lifeline for millions of Africans, and the AfDB’s “Feed Africa” priority seeks to transform the sector into a driver of economic prosperity. In 2024, the bank approved a $42.86 million grant for Ethiopia’s Agri-MSMEs Development for Jobs Program, aimed at boosting small and medium-sized agricultural enterprises. This initiative not only enhances food security but also creates employment opportunities, particularly for youth and women.
The Africa Fertilizer Financing Mechanism, fully operationalized in 2024 with support from African heads of state, is another game-changer. By investing in yield-boosting technologies and improving fertilizer access, the AfDB is tackling the continent’s food deficit head-on. Collaborative efforts, such as the 2021 Memorandum of Understanding with China to establish agro-industrial clusters, further amplify these efforts, ensuring market access for African farmers.
Fostering Private Sector Growth and Innovation
The AfDB recognizes the private sector as a vital engine of growth. In January 2025, it partnered with AXIAN Telecom to accelerate Africa’s digital transformation, dedicating over $10 million to empower 22,000 women entrepreneurs in Madagascar through the Mvola platform. Similarly, its $8 million investment in a pioneering mini-grid program, funded through the Sustainable Energy Fund for Africa (SEFA), showcases its focus on innovative energy solutions with continent-wide potential.
Youth entrepreneurship is another key focus. In partnership with Germany, the AfDB is expanding financing for youth-led businesses, a move that aligns with its broader goal of addressing Africa’s high youth unemployment rates. These efforts build on earlier successes, such as the $1.44 billion invested in Nigeria’s energy, transport, and sanitation infrastructure in 2024.
Tackling Emerging Challenges
The AfDB is not just reactive—it’s proactive. In February 2025, it joined the Pandemic Fund as an implementing agency, gaining access to $500 million to bolster Africa’s health security. This move strengthens the continent’s capacity to prevent and respond to health crises, a critical need in a region vulnerable to pandemics.
Financial crime and corruption also remain in the AfDB’s crosshairs. In a landmark collaboration with INTERPOL, formalized through a Letter of Intent in February 2025, the bank is enhancing investigative capabilities and sharing expertise to combat illicit financial flows. This follows the launch of a three-year Action Plan for Anti-Money Laundering, reinforcing its commitment to transparency and accountability.
Climate Resilience and Regional Integration
With Africa bearing the brunt of climate change, the AfDB has prioritized resilience. Its $429 million allocation from the 2022 African Development Fund replenishment targets climate-related initiatives, while projects like the Desert to Power G5 Sahel Facility promote renewable energy in vulnerable regions. Simultaneously, the bank is advancing the African Continental Free Trade Area (AfCFTA) by investing in trade infrastructure and facilitation tools, unlocking a $3.4 trillion market for 1.5 billion consumers.
A Vision for the Future
As the AfDB celebrates its 60th anniversary in 2024, its impact is undeniable. From powering homes to feeding families, from building bridges to breaking barriers, the bank’s activities reflect a deep commitment to Africa’s people. Under the leadership of President Akinwumi Adesina, re-elected in 2020, the AfDB continues to innovate, collaborate, and deliver results. With a new Ten-Year Strategy on the horizon, the bank is poised to scale up its efforts, ensuring that Africa not only recovers from past shocks but thrives in the decades ahead.
In a continent of immense potential and persistent challenges, the African Development Bank remains a beacon of hope, proving that strategic investment and unwavering dedication can transform lives and landscapes alike.
Entrepreneurship: A Catalyst for Africa’s Economic Transformation
27th February, 2025 at 21:56
By Our Reporter
Africa stands at a pivotal moment in its economic journey, with entrepreneurship emerging as a powerful engine for growth, innovation, and resilience. Across the continent, a youthful population, rap
Africa stands at a pivotal moment in its economic journey, with entrepreneurship emerging as a powerful engine for growth, innovation, and resilience. Across the continent, a youthful population, rapid technological adoption, and a shift from traditional income sources are fueling an entrepreneurial boom. This surge is not just a trend—it’s a transformative force with profound implications for Africa’s economy, promising to address longstanding challenges like unemployment, poverty, and inequality while unlocking new opportunities for sustainable development.The Entrepreneurial Surge in Africa
Africa boasts the world’s highest entrepreneurship rates, with over one in five working-age adults starting a business, according to recent reports. Countries like Uganda, Nigeria, Kenya, and South Africa are at the forefront, driven by necessity and opportunity alike. Small and medium-sized enterprises (SMEs), often less than five years old and employing fewer than 20 people, now account for 80-90% of jobs in many African nations. This isn’t just survivalist hustling; it’s a vibrant ecosystem where fintech, agribusiness, and renewable energy startups are rewriting economic narratives.
Take Kenya’s M-Pesa, a mobile money platform that revolutionized financial inclusion, or Nigeria’s Paystack, a fintech unicorn acquired for over $200 million. These success stories highlight how African entrepreneurs are leveraging technology to solve local problems—bridging gaps left by inadequate infrastructure and creating value where traditional systems faltered. The continent now hosts several “unicorns”—startups valued at over $1 billion—up from zero a decade ago, signaling a maturing entrepreneurial landscape.
Economic Implications: Jobs, Growth, and Inclusion
The economic impact of this entrepreneurial wave is staggering. SMEs contribute roughly 50% of Africa’s GDP, a figure poised to grow as digital tools democratize access to markets. Job creation is perhaps the most urgent outcome—with 29 million youths entering the labor force annually and only 3 million formal jobs available, entrepreneurship fills a critical gap. In Ghana, for instance, youth-led ventures have boosted household incomes and food security, while in Cameroon, initiatives like Mumita Holdings empower rural women farmers with affordable farming tech, driving both economic and social inclusion.
Beyond jobs, entrepreneurship spurs GDP growth by fostering innovation and competition. The African Development Bank estimates that supporting high-potential entrepreneurs could add billions to the continent’s economy by 2035. Intra-African trade, turbocharged by the African Continental Free Trade Area (AfCFTA), amplifies this potential—entrepreneurs are forging regional value chains, scaling businesses beyond borders, and reducing reliance on raw commodity exports. From Egypt’s tech hubs to South Africa’s manufacturing clusters, this shift toward value-added industries signals a move away from the colonial economic model toward self-sustaining growth.
Financial inclusion is another ripple effect. With 66% of Sub-Saharan Africa’s adults unbanked, fintech startups are stepping in where traditional banks haven’t ventured. Digital platforms like Flutterwave and Chipper Cash are enabling small businesses to access capital, pay suppliers, and reach customers, injecting liquidity into local economies. This not only boosts commerce but also narrows income inequality by empowering marginalized groups—women, rural dwellers, and youth—to participate in the economic mainstream.
Challenges: Barriers to Scale
Yet, the entrepreneurial promise isn’t without hurdles. Access to funding remains a chokehold—while venture capital hit $2.15 billion in 2021, it’s a drop in the bucket compared to the need. Many startups rely on bootstrapping or crowdfunding due to limited formal credit options. Infrastructure deficits, like unreliable electricity and poor roads, inflate operating costs, especially outside urban centers. In Nigeria, for example, businesses spend up to 20% of revenue on power generation, a burden that stifles growth.
Policy and institutional weaknesses compound these issues. Bureaucratic red tape, inconsistent regulations, and weak contract enforcement deter investment and scalability. Political instability in some regions adds risk, while a lack of robust mentorship and skills training leaves many entrepreneurs ill-equipped to navigate competitive markets. The informal economy, where 94% of youth work, also struggles to transition into formal systems, limiting tax revenue and growth potential.
Opportunities: A Roadmap Forward
Despite these challenges, the opportunities are vast. Digitalization is a golden thread—smartphones and 5G networks are turning Africa into a sandbox for innovation. Agribusiness, with the continent’s vast arable land, beckons entrepreneurs to modernize farming and curb food insecurity. Renewable energy, from solar microgrids in Rwanda to wind farms in Morocco, offers sustainable solutions to power deficits while creating green jobs. Health tech and e-commerce are also ripe for disruption, addressing Africa’s unique needs with scalable models.
Governments and partners can amplify this momentum. Streamlining regulations, as seen in Rwanda’s business-friendly reforms, can ease startup burdens. Investing in tech hubs—Africa now has over 650—nurtures talent and innovation. Programs like the Tony Elumelu Foundation’s $100 million initiative or the African Development Bank’s “Boost Africa” show how targeted support can scale ventures. Tax incentives for SMEs, affordable credit via youth entrepreneurship banks, and education that fosters entrepreneurial mindsets are critical next steps.
A New Economic Dawn
Entrepreneurship isn’t just reshaping Africa’s economy—it’s redefining its future. It’s a shift from dependency on aid (over $50 billion in 2023) to self-reliance, where value creation trumps handouts. The continent’s median age of 18.8 years fuels this dynamism—a generation of problem-solvers building legacies, not just livelihoods. If nurtured, this entrepreneurial spirit could position Africa as a global economic player, not a perennial recipient.
The stakes are high. Success hinges on overcoming systemic barriers and channeling resources to “SME Eagles”—resilient firms with proven models. Failure risks entrenching unemployment and inequality. But the signs are promising: Africa’s entrepreneurs are proving that necessity breeds invention, and from that invention, a prosperous, inclusive economy can rise. The question isn’t whether entrepreneurship can transform Africa—it’s how fast it will.