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Economy

Financial Times Names Moniepoint Africa’s Fastest-Growing Financial Institution

By Modupe Gbadeyanka

The rapid revenue growth of Moniepoint, a leading Nigerian financial institution, has been confirmed by a global media platform, Financial Times.

The world’s leading financial publication recently ranked the Nigerian lender as the fastest-growing financial institution in Africa.

It was the second straight year Moniepoint, the parent firm of Moniepoint Microfinance Bank, and TeamApt Limited, was getting this accolade.

In its annual Africa’s Fastest Growing Companies survey, the Financial Times ranked Moniepoint ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

In the research compiled by Statista, it was revealed that the local organisation recorded an absolute growth rate of 7,979 per cent and a compound annual growth rate (CAGR) of 332 per cent.

“The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the COVID-19 pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…

“This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12,” the FT Africa Editor, David Pilling, said.

“We are thrilled to be recognised by the Financial Times as Africa’s fastest-growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better.

“The ranking is a testament to the dedication and hard work of the entire Moniepoint team and the trust of millions of customers across Africa in the Company.

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

“With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation.

“2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa,” the chief executive of Moniepoint, Tosin Eniolorunda, said.

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