Founder Tosin Michael Eniolorunda set to join the league of Nigerian bank owners as fintech giant expands into traditional banking.
Moniepoint Founder, Tosin Michael Eniolorunda
Moniepoint Inc., one of Nigeria’s leading fintech companies, has secured regulatory approval to acquire a commercial bank, marking a significant milestone in its growth journey. The development comes shortly after the company crossed a $1 billion valuation, positioning it firmly among Africa’s elite unicorn startups.
With this approval, Moniepoint is set to transition from a dominant financial technology platform into a licensed financial institution capable of offering full-scale banking services. This strategic move is expected to further deepen its impact on financial inclusion and broaden access to formal financial services across Nigeria.
At the heart of this evolution is Tosin Michael Eniolorunda, the company’s founder and CEO, who is now poised to become one of Nigeria’s few tech entrepreneurs to own a licensed bank. Industry stakeholders are celebrating Eniolorunda’s achievement as a landmark moment for indigenous innovation and entrepreneurship.
Founded with a mission to serve underserved and financially excluded communities, Moniepoint has grown to become a household name in agency banking. The company powers millions of transactions daily, with a wide reach among small and medium-sized enterprises (SMEs) and informal sector operators. Its suite of digital solutions — from point-of-sale (POS) terminals to mobile payments and business banking tools — has helped bridge the financial access gap in many parts of Nigeria.
By acquiring a bank, Moniepoint will gain the regulatory latitude to offer deposit-taking, lending, and other core banking services directly to its customers, complementing its already extensive fintech infrastructure. Analysts say the move could significantly alter Nigeria’s banking landscape by blending technological efficiency with licensed banking operations.
The approval by the Central Bank of Nigeria (CBN) is seen as an endorsement of Moniepoint’s operational model, corporate governance, and compliance framework. It also reflects the growing confidence in Nigeria’s fintech sector as a catalyst for innovation within the broader financial system.
Eniolorunda’s journey from startup founder to bank owner is being hailed as a symbol of possibility for the Nigerian tech ecosystem. His leadership has drawn widespread recognition for steering Moniepoint from a startup to a billion-dollar enterprise with real-world impact.
As Moniepoint prepares to integrate the bank into its operations, expectations are high that it will bring increased competition, innovation, and customer-centric solutions to the banking sector.
Industry watchers will be closely monitoring the rollout, with many calling it a defining moment in the convergence of fintech and traditional banking in Africa’s largest economy.
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