Moniepoint, a Nigerian-based fintech startup, has attained unicorn status after raising $110 million at over $1 billion valuation, according to the Financial Times.

The company now joined a small club of unicorns with members like MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, and Wave.

The funding round also included a secondary sale with a discounted valuation, which was ideal for many investors.

The funding round led by the London-based private equity firm, Development Partners International, was supported by Google’s Africa Investment Fund.

According to Moniepoint, which had previously raised $55 million from investors, the new fund will be used to further its expansion.

Moniepoint and other peer-to-peer payment platforms experienced rapid growth in recent years following the decision of the Central Bank of Nigeria (CBN) to enforce its cashless policy in order to reduce cash transactions and encourage digital transactions.

This development saw many businesses and individuals open accounts with fintech companies, especially in regions without banks, and an increase in Point of Sales (PoS) agents.

Chief executive of Moniepoint, Mr. Tosin Eniolorunda said the company planned to use the funds to expand into other countries in Africa including Kenya.

He also noted that the company will continue to invest in Nigeria, where it is headquartered.

“The opportunities that exist in Nigeria also exist in multiple countries,” Mr Eniolorunda told the Financial Times.

“They are at different scales and levels of development; some countries are 10 to 15 years behind Nigeria and very few are ahead. We are looking at options in our toolkit and finding which ones would be the best to launch into a country and that’s the work we’re doing right now.”

In 2023 alone, Moniepoint reportedly processed $150 billion in transaction value across 5 billion transactions as its transaction value rose by 205 percent.

The founder and Group Managing Director of SystemSpecs Holdings Limited, Dr John Tanimola Obaro has called on the graduating students of Kings University, Odeomu, Osun State to explore new opportunities in technology and come up with new innovation and creativity that would make them self sustaining and provide solutions to the challenges battling the country.

He gave this charge at the 5th and 6th Combined Convocation Ceremony of the faith-based university at the campus on Friday.

Delivering a lecture titled: “Navigating the Digital Era: Embracing Creativity and Unlocking the Boundaries of Technology,” Obaro emphasised the importance of creativity in the ever-evolving digital world, encouraging the audience to explore new possibilities within technology.

“As we navigate this digital age, creativity becomes the key to unlocking boundaries and pushing the frontiers of technology. Innovation is not confined to traditional tech sectors; rather, it can benefit several fields seamlessly. The integration of technology in areas like law, medicine, and engineering opens unprecedented pathways for growth and success. Our capacity to innovate and embrace the opportunities before us will define not just our future, but that of generations to come,” the technology expert said.

Meanwhile, in recognition of his outstanding contributions to technology and exemplary leadership, Dr Obaro, has been conferred with an honorary Doctor of Science (D.Sc.) by Kings University during the convocation ceremony.

The Vice-Chancellor of the university, Professor Adenike Kuku, presented Dr Obaro with the distinguished honour, celebrating his groundbreaking work in technology, particularly in the areas of digital payment solutions, and his significant leadership in driving innovation across the African continent.

Dr. Obaro’s transformative leadership at SystemSpecs, one of Africa’s foremost software technology powerhouses, has profoundly impacted the digital landscape in Nigeria and beyond. SystemSpecs is renowned for its revolutionary Remita e-payment platform and the HumanManager software, both of which have empowered governments, businesses, and individuals to embrace technology as a catalyst for growth.

Dr Obaro is a distinguished alumnus of Ahmadu Bello University, where he earned a Bachelor’s degree in Computer Science and Mathematics in 1979. He obtained an MBA from the University of Lagos in 1981 and later completed the Chief Executive Program at Lagos Business School in 1998. In addition to his academic accomplishments, he was awarded an honorary Doctorate in Computing and Information Technology by Trinity University in 2024, recognising his pioneering contributions to Nigeria’s software industry.

The SystemSpecs Group Managing Director expressed his profound gratitude to Kings University for the honour, while also acknowledging the invaluable support of his family and the talented team at SystemSpecs, stating: “I am deeply honoured to receive this recognition, and I dedicate this award to the many innovators who continue to shape Africa’s digital ecosystem. This recognition is as much a testament to the passion and dedication of the incredible minds I have had the privilege of working with.”

The ceremony also attracted prominent figures and other distinguished awardees such as Mr Paul Alaje, Senior Economist and Partner at SPM Professionals, Abuja, and Ms Yemi Adeyinka, Team Lead at Eaglecrest Legal Consult, Lagos, both of whom received Awards of Excellence in their respective fields.

Starlink, the satellite internet service owned by Elon Musk’s SpaceX, has suspended its earlier announced price increase for Nigerian users.

A message from the Starlink Team on Thursday noted that the suspension of the price hike is temporary, adding that the latest decision is to navigate regulatory challenges.

Investors King had on October 2 reported that the internet service inflated its prices owing to rising inflation in Nigeria.

The monthly subscription fee had risen by 97 percent, from N38,000 to N75,000, as customers expressed displeasure over the significant increment.

Starlink had also said that new users would also face a higher cost for the Starlink kit (hardware for installation), which was to be priced at N590,000, a 34 percent increase from the previous price of N440,000.

Meanwhile, about 22 days after, the internet company rescinded its decision to increase the price, citing some regulatory challenges.

Even though the company stated that the increment would have enabled it to deliver reliable service for its users, it pointed out that it could no longer proceed with it in the meantime.

According to the company, it needed regulatory support to make the improvements necessary for a better customer experience.

While assuring customers who had already subscribed to packages carrying the hiked prices that their account would be credited, the company declared that users could still cancel their services.

The message by Starlink to its customers read, “Last month, we increased the monthly service price for Starlink in Nigeria to account for inflation, helping us maintain operations and continue delivering reliable service.

“Today, we are temporarily suspending this price increase as we navigate regulatory challenges.

“If you’ve already been charged at the higher rate, a one-time credit will be applied to your account to cover the difference. You also have the flexibility to cancel your service at any time.

“We remain committed to providing high-speed Internet in Nigeria, but we need regulatory support to make the improvements necessary for a better customer experience. Without these approvals, our ability to continue delivering service is at risk.

“Thank you for choosing Starlink and supporting our mission to bring affordable, high-speed internet to more people as many people around the world as possible.”