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Tosin Eniolorunda is the Founder & CEO of Nigerian business & personal banking platform Moniepoint (formerly TeamApt).
Launched in 2015, the company is arguably Nigeria's largest business payments platform and has raised over $80 million from global investors like the US's QED Investors and the UK's Lightrock, as well as Africa-focused investors like Novastar Ventures and Oui Capital.
Moniepoint started its journey as TeamApt, a service provider for banks and financial institutions, before entering the agency banking space. The company then evolved to become a full-fledged business banking platform — processing over $14 billion monthly — and it entered Nigeria's consumer banking space just last month.
This conversation was originally recorded on August 19th 2022, just over a week after the company announced a fundraise (rumored to be a ~$50M pre-Series C) led by QED Investors — and before the company rebranded to Moniepoint.
Tosin and I discuss:
• How TeamApt came from nowhere to become a dominant agent banking player in Nigeria
• Why customer obsession is key
• How Tosin thinks about identifying opportunities & how that shaped TeamApt’s journey over time
• The opportunities and challenges in digitizing Africa's economy and what it means for the future of fintech in Africa
• Advice for folks building companies in or for Africa
• The four M's of making people really want to work for you
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Transcript:
[00:00:00] Emeka: Hello everyone. Today's discussion is with Tosin Eniolorunda, the founder and CEO of Nigerian fintech TeamApt. Hi, Tosin. Thanks for being here.
[00:00:12] Tosin: Hi, Emeka. Thanks for having me.
[00:00:15] Emeka: Fantastic. So we brought you on because TeamApt just raised a significant round of funding from QED. And one of the things you say in the press release is that TeamApt is Nigeria's largest business payments and banking platform. So I think a lot of people would be actually surprised to hear that. TeamApt has kind of been under the radar, more so than a lot of companies, but you have the numbers to back it up, right?
You shared that you serve 400,000 small and medium-sized businesses. You shared that you process basically on a monthly basis right now, $8 billion worth of transactions. So when you annualize that, that's over $100 billion processed per year, right? So obviously pretty significant numbers. So I just want to get it from you: To what do you attribute that success? How have you been able to achieve such traction? The company was just founded in 2015.
