FinTech is Africa’s gateway to financial freedom: Interview with Tosin Eniolorunda, Co-Founder and Group CEO, Moniepoint

By Puja Sharma

Africa’s FinTech landscape is undergoing a transformative evolution, with innovative companies tackling financial exclusion, empowering underserved communities, and bridging the gap between informal and formal economies. As the sector grows rapidly, addressing regulatory challenges, infrastructure gaps, and advanced technologies is critical for sustained progress. Moniepoint, an African FinTech, is at the forefront, driving financial inclusion and supporting entrepreneurial ambitions across the continent.

Tosin Eniolorunda, Co-Founder and Group CEO, Moniepoint spoke with Puja Sharma of IBS Intelligence about Africa’s FinTech challenges and opportunities, the role of partnerships and technology, and Moniepoint’s vision for empowering businesses and communities.

What are the key challenges Africa’s FinTech industry faces compared to mature markets like the US and Europe, and how is the region addressing them?

Africa’s FinTech industry has made significant progress in recent years, and we are proud of the role Moniepoint has played in its evolution. The sector’s growth has been rapid and transformative; Africa is now overcoming many of the growth hurdles previously experienced by developed markets in Europe and the US.

Of course, while the industry is scaling at pace, there is a long road ahead. The trade-off in any emerging market is tapping vast potential and requires navigating evolving macroeconomic and regulatory challenges.

In the face of these challenges, building robust compliance and corporate governance systems is necessary to safeguard the industry’s continued growth. Cooperation with regulators is also vital – a key priority for us at Moniepoint – as well as hiring experienced and knowledgeable operators to manage internal governance and compliance.

The main opportunity for African FinTechs is the ability to widen financial inclusion and build trust among businesses and consumers. FinTech holds the key to meeting this goal (of widening financial inclusion), and that is why we are confident the industry will overcome these challenges and continue to thrive.

How do you see the role of financial technology evolving in empowering underserved communities and driving financial inclusion across Africa?

FinTechs are by nature nimble, adaptable, and innovative – in contrast to the continent’s traditional banking players – and they will continue to be pioneers in meeting the needs of communities underserved by the modern financial system.

Notably, FinTechs offer reduced transaction costs and efficient payment tools, which widen financial accessibility and bring many previously unbanked merchants and consumers into the formal financial system. Many communities across Nigeria lack a local central bank branch, but tech-driven solutions can put banking straight into people’s hands, whether via their smartphones, physical cards, or PoS terminals.

Widening financial inclusion in turn, creates a snowball effect – fuelling local economies and boosting national GDP, with significant benefits for all. We are already witnessing the positive effects of this transformation, which will only become more pronounced as FinTech continues to evolve.

What are the biggest opportunities for FinTech growth in emerging markets, and how do they compare to developed economies?

Opportunities in emerging markets are distinct from those in developed economies due to the relative deficits in infrastructure, technological adoption, and financial literacy. In emerging markets like Africa, primary opportunities revolve around building and expanding financial systems to match and eventually overtake those in more developed economies.

Currently, less than 10% of transactions across Africa are made electronically, but FinTech is powering a significant paradigm shift. In Nigeria alone, digital transactions are expected to quadruple by 2028.

Other opportunities centre on specific unmet needs, including access to banking and payments for consumers, and credit and financing for SMEs. Much of the African population remains either underbanked or completely unbanked – but the FinTech sector is responding to meet this need via  digital wallets, PoS terminals, microloans, savings mechanisms, and more, widening access to the formal financial system.

In contrast, players in developed markets are generally focusing on enhancing convenience, personalisation, and efficiency by leveraging AI. Over time, emerging market FinTechs will also integrate these advanced technologies and leverage their transformative effects – matching and potentially overtaking counterparts in developed economies.

How is the convergence of AI, blockchain, and open banking shaping the future of financial technology globally, and what lessons can African FinTechs take from this trend?

These advanced technologies have the potential to drive powerful and unprecedented changes in the industry. Take AI as an example; increased personalisation, security, and efficiency are notable benefits which are transforming the user experience. Its ability to turn vast amounts of data into actionable insights almost instantly also helps to deliver relevant and timely services that customers need and deserve.

The same is true of open banking. Millions of African businesses are creditworthy but lack access to the capital required to scale. The data generated via electronic payments – made accessible by open banking – helps FinTechs like Moniepoint serve markets left behind by traditional financial institutions, starting with fair access to credit. The resultant boost in lending and spending will also stimulate the wider economy, creating a virtuous cycle of growth.

There are benefits to the considered rollout of these technologies across Africa after development in other markets. Solutions are already tried and tested; their flaws and risks have been uncovered, and solutions to overcome these are abundant and constantly evolving. This means adoption across the continent should be quick, painless, and extremely beneficial for all who make use of digital financial services.

What role do partnerships with global players and investors, like Google and DPI, play in shaping the strategic direction of African FinTechs?

Partnerships with Google, DPI, and other globally recognised institutions are immensely valuable – both for the wider industry and for Moniepoint specifically. Such collaborations unlock access to funding, valuable expertise, and opportunities to access new regions – all of which help FinTechs scale their operations and develop innovative technologies.

For instance, cloud computing infrastructure, AI tools, and machine learning mechanisms can be difficult for start-ups to access on their own – but partnerships with international, market-leading companies can remove this hurdle and enable growth companies to realise their full potential.

With a global presence, these international partners can support market entries, offering insight drawn from various markets and providing informed strategic input – immensely valuable for growing companies scaling at pace, as Moniepoint has done over the last few years.

With Africa’s rapid FinTech expansion, what regulatory measures are critical to maintaining a balance between innovation and consumer protection?

By their very nature, ambitious companies want to innovate: to scale their operations, to outpace competitors, to achieve profitability, and to provide the best possible services to customers. Challenges arise when innovation is pursued with excessive haste and without proper care.

This is why regulators play such a vital role in maintaining the delicate balance of ensuring consumer protection without stifling growth potential and innovation. Across Africa, many regulators are focusing on meeting the needs of the financially excluded – especially in payments and credit – which bodes well for consumers and FinTechs across the continent.

From our experience at Moniepoint, it is clear the most efficient, dynamic, and safe regulatory systems are those which host transparent and open channels for dialogue between innovative companies and the regulators themselves. This collaboration is key to achieving and maintaining that balance between innovation and consumer protection.

What is next for Moniepoint in 2025?

2024 has been a hugely successful year for Moniepoint – the highlight being the close of our $110 million Series C fundraiser in October – and we look forward to continuing our growth next year.

Across 2025, we will continue our efforts to widen financial inclusion and support Africa’s entrepreneurial potential. This has always been a consistent focus for the Company; expanding access to formal financial systems for businesses operating in the informal economy.

The informal economy accounts for over 83% of employment across Africa – representing a vast number of underserved, underbanked citizens. Helping them access finance and reach their potential is key for driving economic growth and prosperity across the continent.