Eniolorunda tasks FinTech firms on Financial Inclusion
By Joseph Ekeng
Tosin Eniolorunda, the founder and CEO of Moniepoint, Africa’s second-fastest-growing company in 2023, has called on fintech companies to accelerate their efforts in promoting financial inclusion throughout Africa. Despite the rapid growth of the fintech industry, a significant portion of the population still remains excluded from the financial system. Eniolorunda emphasizes the need for innovative financial solutions to address this issue while highlighting the dominance of cash transactions on the continent.
Shedding light on Moniepoint’s response to the recent naira scarcity in Nigeria, he explained how his company successfully adapted to the challenges. According to him, “In April 2022, Moniepoint underwent a significant transformation, evolving from facilitating card transactions for agents to becoming an all-in-one business bank. This strategic shift enabled the company to cater to the specific needs of businesses operating in the informal economy during the cash crunch.
“By offering business bank accounts and point-of-sale terminals, Moniepoint provided alternative payment methods, ensuring the continuity of businesses. The CEO emphasizes that this transformation reduced processor failure disputes to about 10% daily and minimized downtime by 60%, leveraging the team’s previous experience in building banking infrastructure,” he said.
Eniolorunda highlighted the crucial role of continuous innovation in ensuring that fintech companies continues to remain relevant in the financial ecosystem. He cites an example from late 2022 when Moniepoint recognized the need for improved tracking of direct transfers, a popular payment choice among consumers. To address this, the company introduced a point-of-sale transfer solution, simplifying payment receipts for businesses while enabling efficient monitoring. Additionally, Moniepoint adopted a hybrid distribution model that combines both offline and digital channels, acknowledging the efficacy of such an approach in the African context. He stressed that these innovations have made Moniepoint resilient in a challenging business environment.
The FinTech expert insisted that by harnessing technology and fostering innovation, companies like Moniepoint can play a pivotal role in expanding access to financial services and contribute to economic growth in Africa.
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