Over the years, Moniepoint and LAPO Microfinance Bank have played pivotal roles in Nigeria’s economic development by driving financial inclusion, empowering small businesses, and fostering entrepreneurship. Their unwavering commitment to supporting underserved communities has positioned them as key contributors to the nation’s financial ecosystem.
LAPO Microfinance Bank: A Legacy of Economic Empowerment
Dr. Godwin Ehigiamusoe, the visionary founder of LAPO Microfinance Bank, has been instrumental in transforming Nigeria’s microfinance landscape. In recognition of his pioneering efforts, the Nigerian Economic Society honored him with the “Distinguished Service Award” at its 65th Annual Conference in Abuja.
With a legacy spanning over three decades, LAPO Microfinance Bank has provided crucial financial services to millions of low-income households and micro, small, and medium enterprises (MSMEs). The bank has disbursed over N1.4 trillion in micro-credits, enabling petty traders, smallholder farmers, and small businesses to thrive. Through capacity-building programs and community initiatives, LAPO has strengthened Nigeria’s economic fabric, contributing to poverty alleviation and financial stability.
Expressing his gratitude, Dr. Ehigiamusoe stated, “This award is a testament to the collective efforts of the LAPO team and our unwavering commitment to making a difference in the lives of Nigerians. I dedicate this recognition to the millions of hardworking individuals who inspire us to continue our mission of poverty alleviation and financial empowerment.”
The award reaffirms LAPO’s impact in creating sustainable opportunities for economic growth, reinforcing its role as a cornerstone of Nigeria’s financial inclusion drive.
Moniepoint: A Digital Banking Revolution
Tosin Eniolorunda, the dynamic founder of Moniepoint, has reshaped Nigeria’s fintech space, making digital banking more accessible and efficient. At just 40 years old, he has built Moniepoint into a billion-dollar fintech powerhouse, proving that homegrown innovation can thrive on the global stage.
His journey, however, was not without setbacks. Before 2017, Tosin ran a software consulting firm, TeamApt, which developed banking applications for major financial institutions. A significant challenge arose when Sterling Bank terminated its contract, putting the company’s future at risk. Instead of folding, Tosin pivoted, leading to the birth of Moniepoint—a platform designed to simplify payments and banking for businesses across Nigeria.
The startup gained investor confidence, with Olu Oyinsan of Oui Capital injecting $150,000 for a 1.2% stake in 2019. This decision would prove groundbreaking as Moniepoint soared to a valuation exceeding $1 billion within five years. Recently, Oyinsan and his team partially exited, cashing out $8 million while retaining equity for future gains—a remarkable feat in Nigeria’s tech ecosystem.
Today, Moniepoint dominates Nigeria’s financial services sector, powering payments for millions of businesses nationwide. Tosin’s resilience and strategic vision have turned adversity into opportunity, proving that with innovation, perseverance, and strategic investment, Nigerian entrepreneurs can compete globally.
A Shared Vision for Nigeria’s Economic Future
Both LAPO Microfinance Bank and Moniepoint embody the spirit of financial empowerment, resilience, and inclusive growth. Their contributions to Nigeria’s economy extend beyond banking; they have created jobs, fostered entrepreneurship, and improved livelihoods.
As Nigeria strives toward a robust, digitally driven financial ecosystem, the legacies of Dr. Godwin Ehigiamusoe and Tosin Eniolorunda serve as blueprints for future leaders and innovators. Their impact resonates beyond numbers—it is woven into the success stories of millions of Nigerians who now have the financial tools to build better futures.
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