Moniepoint Inc., formerly TeamApt, recently closed a $90 million Series C funding round, valuing the company at $200 million and attracting major global investors such as Development Partners International, LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the IFC. While this influx of capital signals strong confidence in the fintech’s growth, it has led to significant founder dilution, with CEO Tosin Eniolorunda reportedly losing controlling equity. This shift suggests that decision-making power now largely resides with foreign institutional investors rather than the original Nigerian founders, challenging the narrative of Moniepoint as a locally owned and driven success story.
Despite Moniepoint’s public commitment to financial inclusion through its “Made for Your Progress” campaign, critics argue that the company primarily serves the interests of its foreign shareholders, prioritizing return on investment over Nigerian economic empowerment. Compounding concerns are Moniepoint’s financial struggles abroad, including a $1.2 million loss in its UK expansion, and internal disputes such as a lawsuit from a former executive over denied stock options. These issues raise questions about whether Moniepoint’s recent funding milestone represents a genuine victory for African fintech or a strategic acquisition by global private equity firms controlling Nigeria’s key payment infrastructure.
