In the month of October 2024, this piece of news was unmissable – Nigerian payment processing firm Moniepoint had successfully raised $110 million in equity financing, therefore achieving Unicorn status.
This meant the privately-held company was now valued at over $1 billion that is not publicly traded.
But Tosin Eniolorunda (Co-Founder & Group CEO, Moniepoint) asks succinctly: “Do you know what [our becoming a Unicorn] means for the future of financial services in Africa?
His thoughts:
This milestone is more than just about growth; it’s about deepening our commitment to empowering every African with tools to manage their finances and build successful businesses. We’ve already made a real impact, supporting individuals and businesses across the continent, but we’re taking it a step further.
We are on a mission to ensure that every African, everywhere, can access the financial resources they need to thrive. The journey has just begun, and we’re only getting started. 🚀
Tosin adds:
Our mission since Day One has been simple: to ensure every African has access to reliable, empowering financial services. We’ve grown from supporting Nigeria’s banking infrastructure to becoming the nation’s largest merchant acquirer, positively impacting 2 in 3 Nigerian adults.
With this funding, we’ll expand our presence across Africa, enhance our products, strengthen our technology, and grow our team to serve entrepreneurs and business owners of every scale.