The CEO Of Nigeria’s Latest Unicorn On How The Future Of Fintech Will Be Defined By AI

Words and Curation: Oluwatomisin Amokeoja
Additional Reporting: Chanel Retief and Nicole Pillay
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“The future of fintech will be defined by how well we can use AI to turn raw data into real insight…” 

The Competition Authority of Kenya (CAK) recently approved Moniepoint’s (formerly TeamApt) proposal to acquire 78% in the country’s Sumac Microfinance Bank. The move, along with its recent expansion of digital banking tools and remittance services for the African diaspora, helped push the Nigerian fintech past the $1 billion valuation mark, making it the country’s latest unicorn. 

But for CEO, Tosin Eniolorunda, the milestone is merely a checkpoint. 

“At the heart of the financial inclusion conversation is accessibility,” he tells FORBES AFRICA.  

“We aim to provide financial products and services that meet the young people where they are. Clearly because we are speaking to a mobile-first generation, we’ll increasingly continue to deliver value in a manner that is seamless, secure and prioritizes great user experience.” 

Moniepoint, founded in 2015, began by solving a deeply local problem: the lack of access to reliable financial services for Nigeria’s vast informal sector. In crowded markets and at roadside stalls, where cash is king and formal banking seems out of reach, Moniepoint deployed point-of-sale terminals and, later, mobile apps to bring merchants into the formal economy—one transaction at a time. 

Today, it serves 10 million businesses and individuals, processing $17 billion monthly. But its vision has outgrown its origin story. 

“We see that a lot of the challenges, which Moniepoint continues to solve for in Nigeria–financial exclusion, fragmented payment systems, and informal sector inefficiencies–are prevalent across other emerging markets,” Eniolorunda says.  

“We want to build a financial ecosystem online and offline that helps Africa’s youth achieve their goals, dreams and aspirations as individuals, small businesses and entrepreneurs.” 

It’s a message that resonates on a continent where financial exclusion remains stubbornly high and where more than 400 million of over 1.5 billion people remain unbanked, according to AfricaNenda Foundation–a pre-project planning and support provider for inclusive payments. 

With the launch of MonieWorld, a digital platform for Africans in the diaspora, Moniepoint is betting big on cross-border connection. The platform allows users to remit money, access foreign exchange, and manage banking needs from wherever they are—bridging continents and communities with just a few clicks. 

“Our expansion is never random; it’s deliberate and phased,” Eniolorunda explains. “We’re building an all-in-one financial platform that delivers payments, banking, credit, and business tools, especially for communities that have long been underserved.” 

That seamlessness, he insists, must be underpinned by technology that understands both the nuance and urgency of local realities. In that regard, AI plays a starring role. 

“The real potential of AI lies in its ability to make sense of massive amounts of unstructured data, like customer feedback and transaction patterns,” Eniolorunda says.  

“We’re using it to solve real problems like automated credit underwriting, making it easier and faster for small businesses to access the capital they need.” 

He envisions an even more intelligent future, stating: “Credit products tailored to a farmer in Kano might look very different from those designed for a merchant in Nairobi, and AI makes that possible.” 

“The future of fintech will be defined by how well we can use AI to turn raw data into real insight, and deliver tools that help every individual and business not just access financial services, but thrive because of them.”