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Tosin Eniolorunda, the founder of Moniepoint, is looking to expand his services to Europe where 13 million adults still don’t have bank accounts.
Moniepoint, which recently reached a value of $1 billion after raising $110 million and expanding into Kenya, is now supported by Visa.
This partnership aims to enhance digital payments for small and medium-sized businesses by combining Moniepoint’s innovative services with Visa’s global network.
Eniolorunda, who started as a software engineer at Interswitch in Nigeria, explained in an interview how African fintech companies like his can address the lack of banking services in Europe.
He noted that many adults in countries such as Romania, Hungary, and Bulgaria are without bank accounts. He believes that African fintechs could solve this by either starting new branches in these countries or collaborating with existing financial institutions there.
He also mentioned that the knowledge African fintechs have gained from working in challenging environments can help them succeed in Europe. They understand how to deal with customers who are unsure about using banking services and can help small businesses grow in a cashless economy.
This experience is valuable and can help established financial companies in Europe serve more customers quickly and with lower costs.
Moniepoint has become a key player in Nigeria’s financial sector, supporting over 600,000 businesses and becoming the largest business payments network in the country.
It has started to grow internationally by buying a fintech company in Kenya and investing in Payday, a startup that offers global accounts.
The partnership with Visa aims to solve financial issues faced by many small businesses in Africa. Moniepoint processes more than 1 billion transactions every month, and its total payment volume has surpassed $22 billion. This shows how important Moniepoint is in the financial sector.
With support from big investors like Google and its value now over $1 billion, Moniepoint is strengthening its position not just in Africa, but as a major player in the global financial market.
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