Nigerian fintech Moniepoint Inc. has officially joined the country’s elite unicorn club after raising $90 million in Series C funding, bringing its total Series C funding to over $200 million and valuing the company at more than $1 billion. This milestone reinforces Nigeria’s position as a leading hub for fintech innovation in Africa.
Tosin Eniolorunda, founder and CEO of Moniepoint, recognized as Africa’s second-fastest-growing company in 2023, spoke to Rest of World about the company’s journey. He highlighted how Nigeria’s recent cash crisis impacted operations and underscored the resilience of the fintech sector. “The cash shortages reminded us that digital financial solutions are not optional—they are essential. Moniepoint is committed to creating systems that ensure Nigerians and businesses can access money anytime, anywhere,” Eniolorunda said.
Founded to simplify payments and banking services for businesses and individuals, Moniepoint has steadily expanded across Nigeria, empowering millions of users and SMEs with secure, efficient, and accessible digital financial tools. Analysts see the company’s unicorn status as a signal of growing investor confidence in Nigeria’s fintech ecosystem and the broader African digital economy.
Innovation in Nigeria is not limited to fintech. The Federal Road Safety Corps (FRSC) recently unveiled a contactless biometric system that allows citizens to capture their data digitally and receive driver’s licences instantly, eliminating long queues and paperwork.
FRSC Corps Marshal, Shehu Mohammed, explained the significance of the system: “We are committed to leveraging technology to provide faster, safer, and more efficient services to Nigerians. This digital licensing system reflects our mission to modernize the Corps and bring convenience to the public.”
Experts note that these developments—Moniepoint’s unicorn milestone and FRSC’s digital transformation—reflect a wider trend of technology-driven solutions shaping Nigeria’s future, enhancing financial inclusion, public service delivery, and overall efficiency.
Ngozi Okoro, a Lagos-based fintech analyst, said, “The convergence of private innovation and public service modernization shows Nigeria is serious about leveraging technology to solve everyday challenges. When leaders like Tosin Eniolorunda and Shehu Mohammed drive these initiatives, the impact is tangible for citizens.”
With Moniepoint’s rising global profile and FRSC’s pioneering digital licensing system, Nigeria is demonstrating that technology is no longer just a tool—it’s a catalyst for societal progress and economic growth.
Moniepoint secures $200M+ Series C, earning unicorn status under CEO Tosin Eniolorunda, as FRSC under Corps Marshal Shehu Mohammed launches instant digital driver’s licences, driving financial and public service innovation in Nigeria.
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