• Tosin Eniolorunda, CEO and Founder at Moniepoint


• 13.06.2023 09:30 am
#fintech

We can all see the revolutionary impact of technology. It is especially clear in the world of finance, changing for good how billions of people live across the world. We see this every day, be it consumers making their next big purchases at the push of a button, or entrepreneurs easily accessing their funds which are required to realise their ambitions.

This global phenomenon has found fertile ground in Africa, which is not just the youngest continent in the world but also the fastest growing. Communities are connected like never before with internet access and smartphones. People are working hard to ensure their generation has a better quality of life than the last.

All this means Africa is at the centre of the fintech boom, which will continue to revolutionise how we live for many years to come. I have seen this for myself having built up Moniepoint from humble beginnings into what is now Africa’s largest fintech by transaction volume - a profitable company proudly servicing more than 600,000 businesses, with annual revenues of over $1 billion.

At Moniepoint, we have got ahead by staying focused on applying advanced technology where it is needed most in local markets. We have been at the forefront of the ongoing shift from cash to digital payments through our Point of Sale transfer system. It delivers safe and seamless transactions for businesses and customers alike. It is trusted and works at scale, which is why most POS payments in Nigeria now go through our system.

The momentum behind cashless transactions and the robust need for fintech solutions in Africa will continue to drive the industry forward. Fintech companies have proven their ability to address customer pain points and bridge market gaps, making them attractive to regulators and investors alike. We can expect venture capital activity to increase in the coming months as more investors recognize the potential of this sector, although they will rightly remain scrupulous in their focus on sustainable growth.

Nothing makes me happier than to hear from customers about what our financial services have enabled them to do, from allowing a factory owner to invest in new machinery and hire new people or the market trader to transfer money to their loved ones.

Every story inspires me to work harder with our team to help others benefit. We are helping those who previously were cut off from the financial system to invest in their future. We are empowering people with the ability to support their family, grow their businesses and ultimately power their dreams.

We are proud to lead the way in this vital mission. Some people like to talk about goals like financial inclusion, but this goes deeper than any jargon. This is about harnessing technology to help unleash people’s potential.

Of course, the fintech industry still faces further challenges, such as securing the talent it needs to thrive. Reversing the brain drain seen across African economies would go some of the way – and I know the new Nigerian government is seized on the importance of this. But we must also welcome the best and brightest from across the globe, as we have done at Moniepoint with senior hires from as far afield as Ireland and Poland.

As the world changes, technology remains a major driver of this rapid transformation. That is why I believe the future of fintech remains bright, and our way forward lies in harnessing its full potential.

Together with my team at Moniepoint, we are determined to ensure as many people as possible can secure their financial happiness across Africa and the wider world.