How Nigerian Startup Moniepoint Became an Fintech Unicorn

Summary

Felix Ike, co-founder and CTO of Moniepoint, discusses the company's journey from a bank backend solutions provider to a profitable fintech unicorn processing $22 billion monthly in transactions. He explains the pivot to agency banking, the impact of COVID-19 and cash scarcity, and expansion plans into Kenya and the UK. Ike emphasizes customer value as the key metric and remains optimistic about more unicorns emerging in Africa, while keeping IPO and other exit options open.

• Moniepoint started in 2015 as TeamApt building solutions for Nigerian banks.
• In 2018, it pivoted to agency banking to serve the underbanked population.
• The company now processes over 80% of POS transactions in Nigeria and has disbursed ~1 trillion naira in loans.
• Moniepoint is profitable and has been since before its last $200 million raise.
• Expansion plans include Kenya (via acquisition of a microfinance bank) and the UK (MonieWorld remittance product).
• Ike believes African fintech will produce more unicorns due to value creation.
• Moniepoint has not yet decided on an exit route; IPO, acquisition, and other options are on the table.
• The company's long-term goal is to become one of the largest financial institutions in Africa.