Tech

Nigeria’s fintech Moniepoint achieves ‘Unicorn’ status after raising $110m from Google, others

Published

4 weeks ago

October 29, 2024

Nigerian fintech, Moniepoint, has achieved a “Unicorn” status after securing $110m in funding from investors, including Google and London-based private equity firm, Development Partners International.

The term ‘unicorn’ refers to a privately held startup company with a value of over $1 billion.

The startup achieved the feat after raising the funds in a Series C equity funding to accelerate its growth across Africa.

The $110 million Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa.

Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated.

Co-founder and CEO of Moniepoint, Tosin Eniolorunda, who made the announcement on Tuesday, said the new capital follows a successful period for the fintech which is building on its profitable business model with major operational and financial milestones, and will be used to accelerate its growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes.

“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure,” he said.

“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.

“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here,” the CEO stated in a statement.

Founded as TeamApt in 2015 by Eniolorunda and Felix Ike, Moniepoint is an all-in-one financial ecosystem, helping over 10 million businesses in Nigeria and individuals access seamless payments, banking, credit, and business management tools.

As Nigeria’s largest merchant acquirer, it powers most of the country’s point of sale (POS) transactions and through its subsidiaries, processes $17 billion monthly for its customers while operating profitably.

Related Topics:Featured fintech Funding Moniepoint Tech Unicorn

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Tech

Ghana partners with The Gambia to provide free roaming services

Published

2 days ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

3 days ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.