Established in 2015, Moniepoint was founded by him with a focus on delivering financial solutions to businesses. CB Insights recognized Moniepoint as one of the most promising fintech startups in 2022.
Furthermore, Moniepoint was awarded the Financial Inclusion Award at the International Financial Inclusion Conference 2022 edition by the Central Bank of Nigeria.
In 2005, he completed an internship at Schlumberger Limited and later joined Interswitch as a Software Engineer in 2009. During his time at Interswitch, he had a successful career and held various positions, including Senior Software Manager, Unit Head of Application Development, and Product Manager.
Education
The first of three children, Tosin Eniolorunda grew up in the city of Ibadan. From his secondary school days, he had always been the fix-it person and became the president of the engineering club in his secondary school.
Admission into the Obafemi Awolowo University did not change this much, as he recounts that he created a number of software and hardware solutions for people while he was studying mechanical engineering.
However, when it was time to take the leap into entrepreneurship, he opted for software solutions. “Hardware solutions were kind of harder to handle, and I realized that software was the better way to go, “ he said on the Wharton fintech podcast.
His first experience in the workplace was his internship with Schlumberger Limited, Port Harcourt in 2005. After bagging a Bachelor’s Degree in Mechanical Engineering and graduating from the university in 2007, he started his engineering career at Interswitch, a leading African-integrated payments and digital commerce platform company.
He built a solid foundation for his later entrepreneurial career as he worked for over 5 years at Interswitch, rising from the position of software developer in 2009, through the ranks.
He was Senior Software Manager, Unit Head of Application Development, and Product Manager at different points.
He also worked in the capacity of Unit Head, Industry Verticals and Solutions, Application Development.
The desire for a certain level of flexibility in his work life soon led Tosin to begin to consider entrepreneurship.
Founding TeamApt
In 2015, Tosin teamed up with his ex-colleague Felix Ike and started a fintech company – TeamApt – in Nigeria. The vision was to provide financial solutions for businesses in a way that would totally transform payments and banking for businesses, and they started by building such solutions for banks.
The vision is crafted as “creating financial happiness by creating financial services for underserved populations”
Over the years, TeamApt worked at ensuring that their solutions remain relevant to businesses.
When they recognized that even though direct transfers were a staple payment choice for many consumers, they were typically hard to track, they introduced the POS transfer solution which made it easier for businesses to receive payments they could easily monitor.
In April 2022 as well, Moniepoint evolved from enabling card transactions for agents to an all-in-one business bank, positioning the brand to fit the needs of businesses in the informal economy. This would later work wonders in their favour when the introduction of the cashless policy threw the Nigerian economy into a cash crunch.
Earlier in 2023, the company rebranded from TeamApt Inc to Moniepoint Inc and relocated its headquarters to London. The rebrand is meant to take the vision to the global stage and beyond Africa.
Moniepoint is now also opening local mini-banks where people can begin to get access to financial services and get banked without having to travel long distances or wait in long queues.
The company has now launched two digital products, Moniepoint (the business-banking platform) and Monnify (the web payment gateway), and has now become an all-in-one tool for businesses, offering a comprehensive solution that includes payments, business banking, credit and business management.
Under Tosin’s leadership, the business, grew by more than 300% each year between 2018-21, becoming and is the partner of choice for 1.3 million businesses. In 2022, Moniepoint became QED’s first investment in Africa and has also won the National Inclusive Payment Initiative Award.
Tosin Eniolorunda is a speaker and has spoken at a number of industry events including the World Government Summit in Abu Dhabi, and Money20/20 Las Vegas.
He was also selected as an Endeavor Entrepreneur by Endeavor.
