Whooping sum of $182 billion transaction volume from its client base on a spectacular trajectory is anticipated in 2023, according to business payments platform Moniepoint Inc.
The microfinance bank was named “Africa’s Fastest Growing Financial Institution” by the Financial Times for the second consecutive year. Tosin Eniolorunda, the group chief executive officer of Moniepoint Inc., revealed this information on Thursday at a speech.
In a statement signed by the financial institution and made available to Punch Online Thursday, Eniolorunda said Moniepoint MFB entered the personal banking market by offering banking services to millions of individuals across Nigeria.
He said, “Moniepoint Inc. has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.
“We are thrilled to be recognised by the Financial Times as Africa’s fastest-growing fintech for the second consecutive year. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.
“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions.”
The Africa Editor, Financial Times, David Pilling, said the third year of FT-Statista has expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic.
“The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before.
“The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”
The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process.
“In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.”
