Moniepoint, the leading business banking platform in Nigeria and Africa’s largest Fintech by transaction value, has announced that it has been ranked by the Financial Times as Africa’s second-fastest growing company.
The world’s leading financial publication confirmed Moniepoint’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released on Tuesday, May 2, 2023.
The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked by their revenue’s absolute growth rate and compound annual growth rate (CAGR), between 2018 and 2021.
Moniepoint’s rates of 7,373% (absolute) and 321% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services and healthcare. Moniepoint is already one of Africa’s largest business payments platforms, processing $43 billion for business using its platform in Q1 of 2023 alone. It has also grown its global headcount from 64 to over 1000 between 2018 and 2023 and has generated revenue in Q1 2023 greater than its entire revenue in FY22.
This recognition speaks to Moniepoint’s success as a business banking solution for emerging markets. Its focus on demographics that are typically excluded from formal systems has contributed to its rapid adoption in its target markets, evidenced by its second-place ranking on the Financial Times’ list.
Our focus is to create a banking experience that is optimised for businesses in emerging markets
Tosin Eniolorunda, Chief Executive Officer of Moniepoint, said: “It has been quite the journey for us since inception, and it’s a delight to have our efforts and progress recognised by the Financial Times. The award is a testament to the hard work and dedication of our team, as well as the trust and loyalty of the businesses that use our products.
“Our focus is to create a banking experience that is optimised for businesses in emerging markets, and meets their specific needs to help them grow. Being recognised as the second-fastest-growing company in Africa speaks to how much progress we’ve made in this regard, and going forward, we have our sights set on doing even more.”
