Latest news with #Moniepoint
Business Insider
7 days ago
- Business
- Business Insider
From disruptors to dominators: Moniepoint moves to buy Kenyan bank
After gaining regulatory clearance to purchase a controlling position in Sumac Microfinance Bank, Nigerian fintech behemoth Moniepoint Inc. is poised to make a significant entry into the Kenyan financial services industry. Moniepoint Inc., a Nigerian fintech company, has gained regulatory clearance to acquire a 78% stake in Kenya's Sumac Microfinance Bank. The acquisition has been approved by the Competition Authority of Kenya, ensuring no negative impact on public interest or employee terms. This move signals Moniepoint's strategic entry into Kenya's financial services sector following a previous unsuccessful acquisition attempt. While Moniepoint's acquisition of 78% of the Nairobi-based financial institution has been approved by the Competition Authority of Kenya (CAK), the deal is yet to be finalized. In a statement shared with Techpoint Africa, Moniepoint noted that 'regulatory approval has been received from the Competition Authority of Kenya for a potential transaction with Sumac Microfinance Bank. Further updates will be given as appropriate.' 'According to the parties' submissions, the transaction will not result in negative public interest issues. Specifically, there will be no employment loss and all current employees will be retained under current terms,' the CAK statement said. Thisnew development comes five months after Moniepoint's bid to acquire KopoKopo, a local payments company, failed despite obtaining regulatory approval as well. Although the reasons for the deal's fall off is still unknown, it was a surprising setback for one of Africa's most ambitious fintech companies, which is well-known for its rapid growth throughout the continent. However, Moniepoint seems to have adjusted its strategy now. The company is choosing a strategic entry point that is consistent with its primary goal of enabling small companies through digital financial services by focusing on Sumac Microfinance Bank, a very minor player in Kenya's microfinance market. Sumac, which was established in 2001 as a savings and credit cooperative association and changed its name to a deposit-taking organization in 2012, now accounts for 4.3% of Kenya's microfinance banking industry. It has about 16,000 deposit accounts and KES 3.013 billion ($23 million) in assets as of December 2023. Moniepoint's projected expansion into Kenya reflects a larger trend of acquisitions in Africa's banking industry. Established banks and fintech companies are increasingly purchasing smaller institutions to speed up their entry into new markets or broaden their product offerings.
Malay Mail
22-05-2025
- Business
- Malay Mail
Money20/20 Unveils Global Powerhouse Jury for Inaugural Money Awards
Distinguished Global Leaders to Judge Transformative Innovation in Fintech Banking Award Diamond Award Payments Award Partnerships & Strategic Alliance Award Startup Award BANGKOK, THAILAND - Media OutReach Newswire - 22 May 2025 - Money20/20 , the world's leading fintech show, and the place where money does business, today announced its inaugural jury for The Money Awards, featuring an unprecedented assembly of distinguished leaders from across the global financial technology ecosystem from traditional banks, fintechs, neobanks, venture capitalists, and the world's most influential brands. The jury represents in-depth knowledge and expertise from around the world spanning North America, Europe, Latin America, Asia, Middle-East and Africa, reinforcing the awards' position as the definitive global benchmark for fintech jury lineup for The Money Awards are:Joanne Hannaford, Chief Information Officer & Chief Product Officer Corporate Bank, Deutsche BankAnnerie Vreugdenhil, Chief Commercial Officer Personal & Business Banking, ABN AMRO Jimenez, Senior Vice President, Strategic Risk, CitiGlauber Mota, CEO, RevolutJohn Piazza, Head of Product, Newline by Fifth ThirdJuliana Binatti Motta, Founder & Chief Product Officer, PismoLukasz Strozek, Chief Technology Officer, LendingClubNobutake Suzuki, President & CEO, MUFG Innovation Partners Co., Eniolorunda, Founder & Group CEO, Moniepoint Martin, President, NYSE GroupManolo Sánchez, CEO, Adelante Ventures LLCNico Kersten, CEO & Managing Director, Mercedes pay GmbHSuzan Kereere, President, Global Markets, PayPalTim Shen, CEO, LianLian GlobalHoward R. Fields, Chief Ethics & Compliance Officer, MastercardBrigette Korney, Global Head of Risk, AdyenCamilla Bullock, CEO, Emerging Payments Association AsiaMeron Colbeci, Chief Product Officer, Neetika Bansal, Head of Money Management & Crypto, StripeOlugbenga Agboola, Founder & CEO, Flutterwave Sy, Chief Technology & Operations Officer, GCashPrajit Nanu, CEO, NiumTheresa Gongora, Executive Vice President, Merchant Solutions, Global Payments, Thomas, Managing Director, FinTech, Delivery HeroJose Antonio Murillo, CEO, RappiCardJoyce Lim, Director of Global Payments, Expedia GroupMariette Ferreira, Chief Marketing Officer, PPROMohammed Alzubi, Founder & Managing Partner, Nama VenturesRanjit Sarai, VP Digital & Ecosystem, Canada, Western UnionSarah Kocianski, CEO, FinTech WalesSuvo Sarkar, Host, Money Majlis podcast, Founder & CEO, 3D AdvisoryChetan Puttagunta, General Partner, BenchmarkAnnie Guo, CEO, SilkpayMareme Dieng, Partner, 500 GlobalMariel Vasquez, Head of Innovation & Growth, HSBC MexicoMark Fiorentino, Partner, Bain Capital VenturesNoam Inbar, Partner, Viola FintechSteph Choo, General Partner, PortageVicky Bindra, CEO, TruliooVishnu Acharya, Head of Strategy, M&A, Investments, Razorpay"The Money Awards Jury plays a vital role in setting the global benchmark for recognizing transformative innovation across the fintech caliber and diversity of our jury panel reflects the truly global nature of financial innovation," said Grania Chesterton, Vice President of Awards at Money20/20. "By bringing together voices from established financial capitals and emerging fintech hubs, we're ensuring that The Money Awards recognize excellence that transcends geographical boundaries and represents the future of finance on a truly global scale."Jurors will evaluate submissions through a transparent and impartial process that includes online reviews followed by in-person deliberations at Money20/20 USA. The winners will be announced live at Money20/20 USA in Las Vegas in October, ensuring global will receive a bespoke trophy and benefit from year-round visibility through Money20/20's platforms, including exclusive speaking opportunities, media exposure, investor visibility, and networking at Money20/20 shows worldwide. Entries are open now and are live until the 29th of more information about The Money Awards, visit Hashtag: #Money2020 The issuer is solely responsible for the content of this announcement. About Money20/20 Launched by industry insiders in 2012, Money20/20 has rapidly become the heartbeat of the global fintech ecosystem. Over the last decade, the most innovative, fast-moving ideas and companies have driven their growth on our platform. Mastercard, Wise, J.P. Morgan, SHIELD, Convera, Stripe, Google, VISA, Adyen, and more make transformational deals and raise their global profile with us. Money20/20 attracts leaders from the world's greatest banks, payments companies, VC firms, regulators and media platforms: convening to cut industry-shaping deals, build world-changing partnerships and unlock future-defining opportunities in Bangkok (22-24 April 2025)in Amsterdam (3-5 June 2025), in Riyadh ( 15-17 September 2025), and in Las Vegas (26-29 October 2025). Money20/20 is where the world's fintech leaders convene to grow their businesses. Money20/20 is part of Informa Festivals. Follow Money20/20 on X and LinkedIn for show developments and updates. We're Where Money Does Business. Follow Money20/20 on X for show developments and updates. You can also find us on LinkedIn at Money20/20.
AFP
15-05-2025
- Business
- AFP
Africa's Leading Fintech - Moniepoint - Ranked by the Financial Times as One of Africa's Fastest Growing Companies, for the Third Consecutive Year
Moniepoint Inc. ('the Company' or 'Moniepoint'), announces it has been ranked by the Financial Times as one of Africa's fastest-growing companies for the third consecutive year, reinforcing its rapid growth as one of the continent's leading financial institutions for Africans, everywhere. This press release features multimedia. View the full release here: Moniepoint's POS terminals are ubiquitous across Nigeria The recognition highlights Moniepoint's continued ability to achieve strong, scalable growth. In a market where few companies successfully balance size with agility, Moniepoint distinguishes itself by maintaining operational efficiency while accelerating its expansion across the continent. The world's leading financial publication confirmed Moniepoint's accolade in its annual 'Africa's Fastest Growing Companies' survey, released on 14 May, 2025. The survey was compiled by Statista, a leading research company renowned for its insight into African companies' actual performance, in a rigorous screening process. Companies were ranked on 2020-2023 data for their (i) absolute growth rate of revenues and (ii) compound annual growth rate (CAGR). Moniepoint's growth rates ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare. This achievement is amplified by Moniepoint's considerable revenue for 2023 (US$264.51 million), unmatched by peers in the ranking's top 25. Moniepoint is one of Africa's leading business payments and personal banking servicing platforms, processing 1 billion+ transactions monthly, with total monthly payments volume of over US$22 billion, serving ten million businesses and individuals across Nigeria. The accolade for actual performance highlights Moniepoint's continued success as Africa's leading fintech. It follows investor endorsement in October's US$110 million Series C fundraise - and subsequent investment from global digital payments leader, Visa. Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: 'We are delighted to achieve the very highest of rankings, for the third consecutive year, in the world's leading financial publication – the Financial Times. We like to let statistics speak for themselves and accolades do not come much higher. Maintaining such rapid growth is only possible due to the hard work of the entire Moniepoint team – and I thank them all for their continued dedication. 'We are very excited about 2025. We continue to innovate and develop new products to support financial inclusion and drive financial happiness - both in Africa and for consumers in the global diaspora.' The ranking follows last month's launch by Moniepoint of its first product (MonieWorld) that serves clients outside Africa. Designed to meet the underserved needs of the UK's African diaspora, MonieWorld is a remittance and digital financial services solution allowing UK customers to send money to Nigeria seamlessly. Notes to Editors About Moniepoint Moniepoint Inc. is Africa's all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools since 2019. As Nigeria's largest merchant acquirer, it powers most of the country's Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes $22 billion monthly for its customers while operating profitably. For more information, please visit MonieWorld is a trading name of Moniepoint GB, which is a distributor of PayrNet Limited, a company registered in England and Wales with company number 09883437. PayrNet Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FCA reference 900594) for the issuing of electronic money and payment services. Moniepoint GB Limited, Reg No. 5500471, Registered Office: 22 Upper Ground, Floor 8, London SE1 9PD. View source version on Further information Ben Rothschild moniepoint@ +44 7564 584 439 © Business Wire, Inc. Disclaimer : This press release is not a document produced by AFP. AFP shall not bear responsibility for its content. In case you have any questions about this press release, please refer to the contact person/entity mentioned in the text of the press release.
Mid East Info
15-05-2025
- Business
- Mid East Info
Africa's Leading Fintech – Moniepoint – Ranked by the Financial Times as One of Africa's Fastest Growing Companies, for the Third Consecutive Year
World's leading financial publication reiterates Moniepoint's rapid growth and impact LONDON: Moniepoint Inc. ('the Company' or 'Moniepoint'), announces it has been ranked by the Financial Times as one of Africa's fastest-growing companies for the third consecutive year, reinforcing its rapid growth as one of the continent's leading financial institutions for Africans, everywhere. The recognition highlights Moniepoint's continued ability to achieve strong, scalable growth. In a market where few companies successfully balance size with agility, Moniepoint distinguishes itself by maintaining operational efficiency while accelerating its expansion across the continent. The world's leading financial publication confirmed Moniepoint's accolade in its annual 'Africa's Fastest Growing Companies' survey, released on 14 May, 2025. The survey was compiled by Statista, a leading research company renowned for its insight into African companies' actual performance, in a rigorous screening process. Companies were ranked on 2020-2023 data for their (i) absolute growth rate of revenues and (ii) compound annual growth rate (CAGR). Moniepoint's growth rates ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare. This achievement is amplified by Moniepoint's considerable revenue for 2023 (US$264.51 million), unmatched by peers in the ranking's top 25. Moniepoint is one of Africa's leading business payments and personal banking servicing platforms, processing 1 billion+ transactions monthly, with total monthly payments volume of over US$22 billion, serving ten million businesses and individuals across Nigeria. The accolade for actual performance highlights Moniepoint's continued success as Africa's leading fintech. It follows investor endorsement in October's US$110 million Series C fundraise – and subsequent investment from global digital payments leader, Visa. Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: 'We are delighted to achieve the very highest of rankings, for the third consecutive year, in the world's leading financial publication – the Financial Times. We like to let statistics speak for themselves and accolades do not come much higher. Maintaining such rapid growth is only possible due to the hard work of the entire Moniepoint team – and I thank them all for their continued dedication. 'We are very excited about 2025. We continue to innovate and develop new products to support financial inclusion and drive financial happiness – both in Africa and for consumers in the global diaspora.' The ranking follows last month's launch by Moniepoint of its first product ( MonieWorld) that serves clients outside Africa. Designed to meet the underserved needs of the UK's African diaspora, MonieWorld is a remittance and digital financial services solution allowing UK customers to send money to Nigeria seamlessly.
Business Wire
15-05-2025
- Business
- Business Wire
Africa's Leading Fintech - Moniepoint - Ranked by the Financial Times as One of Africa's Fastest Growing Companies, for the Third Consecutive Year
LONDON--(BUSINESS WIRE)--Moniepoint Inc. ('the Company' or 'Moniepoint'), announces it has been ranked by the Financial Times as one of Africa's fastest-growing companies for the third consecutive year, reinforcing its rapid growth as one of the continent's leading financial institutions for Africans, everywhere. "We are delighted to achieve the very highest of rankings, for the third consecutive year, in the world's leading financial publication – the Financial Times" - Tosin Eniolorunda Share The recognition highlights Moniepoint's continued ability to achieve strong, scalable growth. In a market where few companies successfully balance size with agility, Moniepoint distinguishes itself by maintaining operational efficiency while accelerating its expansion across the continent. The world's leading financial publication confirmed Moniepoint's accolade in its annual 'Africa's Fastest Growing Companies' survey, released on 14 May, 2025. The survey was compiled by Statista, a leading research company renowned for its insight into African companies' actual performance, in a rigorous screening process. Companies were ranked on 2020-2023 data for their (i) absolute growth rate of revenues and (ii) compound annual growth rate (CAGR). Moniepoint's growth rates ranked it ahead of hundreds of leading companies from diverse industries such as technology, telecoms, financial services, and healthcare. This achievement is amplified by Moniepoint's considerable revenue for 2023 (US$264.51 million), unmatched by peers in the ranking's top 25. Moniepoint is one of Africa's leading business payments and personal banking servicing platforms, processing 1 billion+ transactions monthly, with total monthly payments volume of over US$22 billion, serving ten million businesses and individuals across Nigeria. The accolade for actual performance highlights Moniepoint's continued success as Africa's leading fintech. It follows investor endorsement in October's US$110 million Series C fundraise - and subsequent investment from global digital payments leader, Visa. Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: 'We are delighted to achieve the very highest of rankings, for the third consecutive year, in the world's leading financial publication – the Financial Times. We like to let statistics speak for themselves and accolades do not come much higher. Maintaining such rapid growth is only possible due to the hard work of the entire Moniepoint team – and I thank them all for their continued dedication. 'We are very excited about 2025. We continue to innovate and develop new products to support financial inclusion and drive financial happiness - both in Africa and for consumers in the global diaspora.' The ranking follows last month's launch by Moniepoint of its first product (MonieWorld) that serves clients outside Africa. Designed to meet the underserved needs of the UK's African diaspora, MonieWorld is a remittance and digital financial services solution allowing UK customers to send money to Nigeria seamlessly. Notes to Editors About Moniepoint Moniepoint Inc. is Africa's all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools since 2019. As Nigeria's largest merchant acquirer, it powers most of the country's Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes $22 billion monthly for its customers while operating profitably. For more information, please visit MonieWorld is a trading name of Moniepoint GB, which is a distributor of PayrNet Limited, a company registered in England and Wales with company number 09883437. PayrNet Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FCA reference 900594) for the issuing of electronic money and payment services. Moniepoint GB Limited, Reg No. 5500471, Registered Office: 22 Upper Ground, Floor 8, London SE1 9PD.
