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Moniepoint (formerly TeamApt) is a Nigerian fintech company based in Lagos that provides banking services and loans via an online banking app. The company was founded by Tosin Eniolorunda and Felix Ike in 2015. In November 2024, Bayo Olujobi was appointed its Chief Financial Officer (CFO) to aid the bank’s vision to improve financial inclusion in Africa.
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Moniepoint was founded in 2015 by business executives Tosin Eniolorunda and Felix Ike. It was initially founded under the name, TeamApt.
In March 2019, Moniepoint announced funding of $5.5 million in a Series A fundraising from Quantum Capital Partners. In November 2019, Moniepoint received a switching license from the Central Bank of Nigeria.
In 2021, the company announced an undisclosed capital in a Series B Funding round led by Novastar Ventures. It also fundraised the $50 million in pre-series C funding led by QED investors.
In March 2023, Moniepoint led the $3 million seed investment round for Nigerian neobank Payday.
In July 2023, the company launched a personal banking service.
In October 2024, Moniepoint became the eighth unicorn out of Africa after the announcement of a US$110 million in Series C fund raise led by Development Partners International’s African Development Partners (ADP) III fund, Google’s Africa Investment Fund[10] and Verod Capital while existing investor, Lightrock also participated in the round.
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Banking Services We Provide For You
Moniepoint provides over 10 million people and businesses across Nigeria with access to banking, payments processing, loans and business management tools. We’re headquartered in Lagos, with support offices in 33 states and thousands of business relationship managers directly assigned to each business owner.
Machine Learning (ML)
Definition: A subset of AI where machines learn from data and improve their performance over time without being explicitly programmed.
Types:Supervised Learning: The algorithm is trained on labeled data and learns to map inputs to correct outputs.
Unsupervised Learning: The algorithm finds patterns or structures in data without predefined labels.
Reinforcement Learning: The system learns by interacting with an environment and receiving feedback (rewards or penalties) to maximize performance.
Natural Language Processing (NLP):
Applications: Chatbots, translation services, sentiment analysis, and voice assistants (e.g., Siri, Alexa).
Definition: A branch of AI focused on enabling machines to understand, interpret, and generate human language.
Computer Vision
- Definition: AI that enables machines to interpret and understand the visual world, including images and videos.
- Applications: Facial recognition, self-driving cars, medical image analysis, and object detection.
Artificial intelligence (AI) refers to the field of computer science focused on creating machines or software that can perform tasks that would typically require human intelligence. These tasks include reasoning, learning, problem-solving, understanding language, and even perception. AI systems can range from simple programs designed for specific tasks to highly complex systems capable of reasoning and decision-making.