[NIGERIA] Meet Tosin Eniolorunda: Visionary leader breaking boundaries in Nigeria’s fintech industry

 

In a world that is constantly changing, it takes a visionary leader to not just keep up but break new boundaries. That is exactly what Tosin Eniolorunda, founder, and CEO of Moniepoint Inc., has been doing in the Nigerian financial technology industry.

Eniolorunda began his professional career at Interswitch, a leading integrated payment and transaction company in Nigeria, as a Senior Software Engineer in 2009.

Three years later, he was promoted to unit head at Interswitch in charge of Industry Verticals and Solutions, and later to the position of product manager.

He spent several years at Interswitch, honing his leadership and managerial skills and broadening his knowledge of the African financial technology industry.

In 2015, Eniolorunda founded Moniepoint Inc (formerly Apt Inc.) with a vision to create a society where everyone experiences financial happiness.

The company began operations by building solutions and tools for businesses and individuals to happily manage money.

Today, Moniepoint has grown to become a global business payment and banking platform and recently became QED Investors’ first investment in Africa.

Under Eniolorunda’s leadership, Moniepoint has emerged as one of the top fintech companies in Nigeria, powering the dreams of entrepreneurs and providing them with equal access to the tools they need to grow and scale.

It is also a partner of choice for more than 600,000 businesses of all sizes, and it operates Nigeria’s largest business payments platform.

The company processes $170 billion in annual run-rate transaction value, and in the first quarter of 2023 alone, it processed $43 billion in transaction value.

The remarkable expansion of its operations, evidenced by the transaction value it processed during the first quarter of 2023, is all the more noteworthy considering the significant upswing in mobile money service usage spurred by Nigeria’s cashless policy, as well as the growing dependence of Nigerians on online payment and banking platforms. 

Eniolorunda’s leadership has been instrumental in Moniepoint’s success, With more than 1 billion transactions processed in the first quarter of 2023, Moniepoint this year is on track to surpass its annual run-rate transaction value of $170 billion.

During the quarter the Nigerian tech entrepreneur also led the company in reducing processing failures to just 10 percent daily and cutting downtime by 60 percent.

Also in the first three months of the year, Moniepoint’s POS requests also skyrocketed by 1,000 percent, driven by the cash crunch in the country during the period under review.

Eniolorunda’s success at Moniepoint has also extended to his involvement in the broader African fintech industry.

Moniepoint led a series of funding rounds in promising African startups, including a $3-million investment in Payday, a fintech startup providing global accounts to Africans.

As Nigeria’s largest business payments platform, Moniepoint has cemented its place as a leader in the African fintech industry.

Eniolorunda’s vision and leadership have been the driving force behind Moniepoint’s success, and he continues to break boundaries in the industry.