Afridigest Insider: Inside Tech & Business in Africa
How Tosin Eniolorunda built Nigeria's largest business payments platform

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How Tosin Eniolorunda built Nigeria's largest business payments platform

Brought to you by Africreate — Africa’s leading innovation-focused advisory firm.

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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[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.

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Afridigest Insider: Inside Tech & Business in Africa
Afridigest is your intelligent guide to Africa's tech ecosystem. The Afridigest Insider podcast features ideas, analysis, and insights from founders, investors, and other insiders to help you get smarter about tech in Africa.