Moniepoint Inc, parent company of Nigeria’s leading financial institutions, Moniepoint MFB and TeamApt Ltd has been ranked by the Financial Times, one of the world’s leading business news organizations, recognized internationally for its authority, integrity, and accuracy as Africa’s fastest-growing financial institution.

The world’s leading financial publication confirmed Moniepoint Inc’s accolade in its annual “Africa’s Fastest Growing Companies” survey, released today. It is the second consecutive year Moniepoint has achieved both the fastest-growing fintech milestone, and, ranked in Africa’s top four fastest-growing companies overall.

The survey was compiled by Statista, a leading research company renowned for its insight into African companies’ actual performance, in a rigorous screening process. In this survey, companies are ranked based on 2019-2022 data by their absolute growth rate of revenues and their compound annual growth rate (CAGR). Moniepoint’s growth rates of 7,979% (absolute) and 332% (CAGR) ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare.

Moniepoint Inc has long been one of Africa’s largest business payments platforms, processing over $182 billion for customers in 2023. It will be recalled that in August 2023, Moniepoint MFB entered the personal banking market offering reliable banking services to millions of individuals across Nigeria.  The holding group also doubled its global headcount, growing to over 1,800 employees by the end of 2023.

This recognition highlights Moniepoint’s success as Africa’s leading fintech, driving financial inclusion by empowering underserved businesses and individuals to access the formal financial system, contributing to a key goal of the Nigerian government.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “We are thrilled to be recognised by the Financial Times as Africa’s fastest growing fintech for the second consecutive year. Achieving rapid growth and scale is a fantastic achievement; maintaining that year-on-year is even better. The ranking is a testament to the dedication and hard work of the entire Moniepoint team, and the trust of millions of customers across Africa in the Company.

“2023 was a pivotal year for Moniepoint. Moniepoint has moved from being an agency-dominated institution to becoming merchant-dominated as we have seen a lot more people embrace more digital payment solutions. It is humbling to see that we have become a household name that people have come to know and trust, the bellwether for reliable transactions every time.

With our foray into the personal banking market, we have been able to deliver seamless and reliable payment solutions for Nigerians especially those in underserved communities as we continue to supercharge access to financial services and contribute to economic growth and wealth creation.  2024 is set to be even more exciting with continued growth, driving compliance and innovation, as we maintain our leading role within the African fintech sector, driving financial inclusion across Africa.”

According to David Pilling, FT Africa Editor, “The third year of our now expanded ranking of Africa’s Fastest Growing Companies comes against a background in which many economies are struggling to recover from the Covid pandemic. The FT-Statista list reveals the type of companies that, even in hard times, have managed to grow, often by disrupting markets…This year, our ranking has a wider geographical spread of companies than before. The big newcomer is Morocco, with 12 companies in the top 125 against just three last time. Mauritian-domiciled companies also did well with nine winners, against four in 2022. South Africa had 42 companies in the list, followed by Nigeria’s 25, while Kenya tied third at 12.”

Moniepoint Inc.’s technology powers over five million businesses and their customers, offering all the payment, banking, credit and business management tools they need to succeed.  Establishing itself as a market leader in Nigeria across various segments from commerce to health and hospitality amongst many others, Moniepoint’s transformational and positive strides has earned it local and international plaudits.

In 2023, for the second year running, Moniepoint Inc was named amongst the 100 most promising private fintech companies by CB Insights. Moniepoint MFB received the Rising Star Family Business Award at the Pwc/Businessday Family Business Summit; while bagging the Fintech Company of the Year award at the 16th edition of Leadership Newspapers Conference and Awards.

Industry analysts have averred that as a strongly embedded and systemic institution in the digital payment services segment, with an eye on the future, Moniepoint Inc is poised to continue to deliver innovative solutions that promote inclusivity, drive sustainability and create new vistas in the markets where they operate.

Jumia Technologies AG, the Nasdaq-listed e-commerce giant, has unveiled plans to consolidate its warehouses in Nigeria.

This decision is part of the company’s broader strategy to prioritize Nigeria, Africa’s most populous nation as it endeavors to turn profitable amidst challenging market conditions.

The consolidation initiative will see Jumia merging its three existing warehouses in Nigeria into a single expansive depot spanning 30,000 square meters, strategically located in Lagos.

Francis Dufay, CEO of Jumia, emphasized the cost-cutting benefits associated with this move, highlighting the company’s commitment to optimizing its operational efficiency.

Speaking about the rationale behind the consolidation, Dufay expressed confidence in Nigeria’s potential to provide Jumia with the scale needed to achieve profitability.

Despite facing headwinds such as currency fluctuations and a challenging economic environment, Jumia views Nigeria as a key market for growth, anticipating positive developments in the medium term.

Jumia’s decision to streamline its operations in Nigeria comes against the backdrop of its ongoing efforts to navigate the complexities of the e-commerce landscape.

Despite reporting an operating loss of $8.33 million in the first quarter of the year, the company remains optimistic about its prospects in Nigeria, where it continues to witness steady revenue growth.

The e-commerce giant’s commitment to Nigeria underscores its long-term vision and determination to succeed in the region.

With plans to expand its footprint to additional cities across the country, Jumia aims to capitalize on Nigeria’s vast market potential and consumer demand.

However, Jumia’s journey to profitability in Nigeria is not without its challenges. The country’s economic landscape has been marred by currency devaluations, infrastructural deficiencies, and logistical hurdles.

Yet, amidst these obstacles, Jumia remains resilient, banking on Nigeria’s economic revival efforts and policy reforms to fuel its growth trajectory.

As part of its strategy to adapt to evolving market dynamics, Jumia has introduced innovative initiatives such as buy-now-pay-later financing options to cater to customers grappling with rising prices.

Also, the company remains vigilant in monitoring pricing dynamics, ensuring competitive pricing to meet the needs of price-conscious consumers.

In a bid to bridge the digital divide and enhance internet accessibility across Nigeria, the Federal Government has approved an initiative to expand the country’s internet infrastructure by laying an additional 90,000 kilometers of fiber optic cable.

The announcement was made by the Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, who said the project will bolster national connectivity and optimize the utilization of existing submarine cables landed in Nigeria.

Tijani explained that the project will increase Nigeria’s fiber optic cable capacity from the current 35,000 kilometers to 125,000 kilometers.

This expansion positions Nigeria to become the third-largest terrestrial fiber optic backbone in Africa, trailing behind South Africa and Egypt.

The project will be overseen by a special purpose vehicle (SPV), a separate legal entity established to manage the implementation, finances, and operations of the fiber optics initiative.

Drawing inspiration from successful public-private partnership models like the Nigeria Inter-Bank Settlement System Plc (NIBSS) and Nigeria LNG Limited (NLNG), the SPV will ensure efficient governance and operations.

According to Tijani, the extensive fiber optic coverage will enable Nigeria to leverage the benefits of its eight submarine cables more effectively, thereby driving increased utilization of data capacity beyond the current 10 percent usage rate.

Moreover, the enhanced connectivity will facilitate the connection of over 200,000 educational, healthcare, and social institutions across the country, promoting inclusivity and broadening access to internet services.

The minister said the project aims to address the digital exclusion of approximately 50 percent of the 33 million Nigerians currently without internet access.

By expanding internet connectivity, the initiative is poised to contribute significantly to the country’s economic growth, with projected GDP growth of up to 1.5 percent per capita over the next four years.

Last week, a report by the Groupe Special Mobile Association revealed that 71 percent of Nigerians lack regular access to mobile internet.