Moniepoint Inc., led by prominent Nigerian tech entrepreneur Tosin Eniolorunda, has received regulatory approval to acquire Kopo Kopo, a Kenya-based company specializing in payment services and credit provision to businesses, in a significant move poised to reshape the African financial technology sector.
The authorisation by Kenya’s Competition Authority (CA) represents a significant step forward in Moniepoint’s strategic growth across the African continent.
The acquisition follows Moniepoint’s $3 million investment in Payday, a fintech business that allows Africans to open global (USD, EUR, and GBP) accounts.
Moniepoint’s acquisition of Kopo Kopo underscores its commitment to stimulating financial inclusion and growth across the region, with its sights set on expanding into new markets with established banking and payments infrastructure.
Despite not releasing the financial details of the purchase, Eniolorunda, CEO and founder of Moniepoint Inc., expressed pleasure for the milestone achievement.
“We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa and are delighted to have reached the milestone of securing regulatory approval for our plans,” Eniolorunda remarked.
Moniepoint Inc., originally launched as Apt Inc. by Eniolorunda in 2015, has quickly expanded into a fintech powerhouse. The company initially focused on providing solutions for seamless money management by both organizations and individuals, with the ambitious objective of fostering broad financial happiness.
Moniepoint has established a top status in Nigeria’s fintech sector under Eniolorunda’s leadership, empowering entrepreneurs by providing equal access to growth-enabling instruments. It has over 600,000 businesses of various sizes in its portfolio, and it administers Nigeria’s most extensive commercial payments platform.
The company’s yearly transaction value is an astonishing $170 billion, with a stunning $43 billion in transaction value completed in the first quarter of 2023 alone.
Moniepoint’s exponential growth is especially impressive given the spike in mobile money service acceptance fueled by Nigeria’s paperless policy and the country’s growing reliance on online payment and banking services.
It has established itself as a preferred partner, facilitating financial dreams for countless African enterprises and individuals while paving the way for a more inclusive and vibrant financial landscape across the continent.
