Moniepoint’s entry into the personal banking market in August 2023 marks a significant milestone in its growth journey, showcasing its rapid expansion and impact in the financial sector. Over the past year, the company has experienced a staggering 2,000% growth in personal finance customers, demonstrating its ability to attract and retain a large user base. Additionally, Moniepoint has achieved a compound annual growth rate (CAGR) of over 150% in revenue over recent years, highlighting its financial robustness and scalability.
The company processes over 800 million transactions with a monthly transaction value exceeding US$17 billion, underscoring its critical role in facilitating digital payments and financial transactions across Africa. This level of transaction volume not only points to Moniepoint’s operational capability but also its importance in the broader financial ecosystem.
Adefolarin Ogunsanya, a Partner at Development Partners International (DPI), outlined several reasons for DPI’s investment in Moniepoint:
1. Positioning and Growth Potential.
Moniepoint is recognized as one of Africa’s most exciting and rapidly growing companies, with a strong position to continue its growth trajectory. The company’s success and potential for further expansion make it an attractive investment opportunity.
2. Financial Inclusion.
Moniepoint is actively driving financial inclusion by providing services to underserved businesses and individuals across Africa. This mission aligns with broader development goals and enhances the company’s impact in the region.
3. Support for Scaling
DPI has a proven track record of supporting companies through their next stages of growth. By leveraging DPI’s resources and expertise, Moniepoint can scale more effectively and expand its reach.
4. Innovative Technology and Impact.
The combination of Moniepoint’s innovative technology, rapid growth, and positive impact on the continent forms the foundation of DPI’s confidence in the company’s future success. Moniepoint’s technology-driven approach allows it to address financial challenges in unique and efficient ways.
