If you have lived in Nigeria for any stretch of time since 2020, chances are you have encountered Moniepoint — whether through the ubiquitous POS terminals at neighbourhood shops, the bright-green branding on agent kiosks, or the personal banking app that has quietly amassed over 10 million users. What started as a modest fintech infrastructure company called TeamApt has evolved into one of Africa's most consequential financial technology platforms, achieving unicorn status with a valuation north of one billion dollars.
In this deep-dive review, we break down everything you need to know about Moniepoint in 2026: what it does, who built it, how it makes money, what real users think, and whether it deserves a spot on your phone. If you are weighing your options between Moniepoint, OPay, PalmPay, or Kuda, this guide will help you decide.
Company Background: From TeamApt to Moniepoint
Moniepoint Inc. was founded in 2015 by Tosin Eniolorunda (CEO) and Felix Ike in Lagos, Nigeria. Originally operating under the name TeamApt, the company started by building backend software for Nigerian commercial banks. The founders quickly noticed a massive gap: millions of Nigerians — particularly small business owners and informal traders — were completely locked out of the formal banking system.
Rather than waiting for traditional banks to catch up, TeamApt pivoted. They built a network of local agents who could deliver digital financial services to people in underserved communities. This agent-banking model became the backbone of what we now know as Moniepoint.
Key milestones in the company's journey include:
2015: Founded as TeamApt, providing banking software solutions
2019: Raised $5.5 million Series A from Quantum Capital Partners; received a switching license from the Central Bank of Nigeria
2022: Licensed by the CBN as a Microfinance Bank; rebranded from TeamApt to Moniepoint
2023: Secured $110 million in Series C funding, achieving unicorn status at a $1 billion valuation
2025: Completed an expanded Series C round, raising over $200 million in total equity financing
2025: Named among CNBC's top fintech companies globally and ranked by the Financial Times as one of Africa's fastest-growing companies for the third consecutive year
Today, Moniepoint processes over $170 billion in annualized total payments volume and serves more than 600,000 businesses across Nigeria. It is regulated by the Central Bank of Nigeria and deposits are insured by the NDIC (Nigeria Deposit Insurance Corporation).
What Does Moniepoint Actually Do?
Moniepoint operates across two primary verticals: Personal Banking and Business Banking. Each has its own dedicated mobile app.
Moniepoint Personal Banking
The personal banking app is designed for everyday Nigerians who want a simple, reliable, and fee-friendly way to manage their money. Key features include:
Instant Account Opening: Create a bank account in minutes with just your BVN and basic details — no branch visits required
Free Transfers: Send money to any Nigerian bank account with zero or minimal transfer fees
Bill Payments: Pay for airtime, data, electricity (PHCN), cable TV (DStv, GOtv, StarTimes), and more directly from the app
Savings with Up to 18% Interest: Choose from flexible savings, fixed deposits, or locked savings plans that offer competitive interest rates
Cashback Rewards: Earn up to 2% cashback on airtime and data purchases
Physical Debit Card: Request a Moniepoint Visa debit card delivered to your doorstep
Offline Banking via USSD: Dial *5573# to send money, check your balance, or block your card without internet access
Spending Insights: Track your expenses with automatic categorization and monthly summaries
Moniepoint Business Banking
This is where Moniepoint truly differentiates itself. The business banking platform is built specifically for Nigerian SMEs, merchants, and agents:
Business Account Setup in Minutes: Open a business bank account with your CAC documents
POS Terminal Services: Request a Moniepoint POS terminal delivered in under 48 hours — one of the fastest POS deployment times in Nigeria
Working Capital Loans: Access short-term business loans based on your transaction history
Expense Cards: Issue expense cards to team members for better financial control
Payroll and Bulk Payments: Pay staff and suppliers in bulk with a few clicks
Agent Banking Network: Become a Moniepoint agent and earn commissions processing transactions in your community
How Moniepoint Makes Money
Moniepoint generates revenue through multiple streams: transaction fees on POS and transfer services, interest income from its lending products, interchange fees from card transactions, and commissions from bill payment partnerships. What sets Moniepoint apart from many African fintechs is that it is profitable at scale — one of the few unicorn-stage fintech companies globally to achieve profitability while actively driving financial inclusion.
