Meet The 2 BIG Guys Behind Moniepoint

Tosin Eniolorunda and Felix Ike are the two men behind one of Nigeria’s biggest financial technology success stories, Moniepoint.

Today, the name Moniepoint is familiar to millions of Nigerians. From the POS terminals found in neighbourhood shops and business centres to its banking, lending and payment services, the company has become an important part of everyday business in the country. But behind the now familiar name are two technology professionals who started out with an idea, a small team and the willingness to take a risk.

Tosin Eniolorunda is the Founder and Group Chief Executive Officer of Moniepoint, while Felix Ike is the company’s Co-Founder and Chief Technology Officer. The two men started the company in 2015 under the name TeamApt. Over the years, the business changed direction, expanded its services and eventually became Moniepoint, growing into a financial platform serving businesses and individuals.

Tosin Eniolorunda is the founder and Group Chief Executive Officer of Moniepoint. Interestingly, his first degree was not in Computer Science. He studied Mechanical Engineering at Obafemi Awolowo University, Ile-Ife, where he graduated in 2007. His professional journey, however, took him into the technology industry. Before starting TeamApt, Eniolorunda spent about 6 years working at Interswitch, where he held different technical and product roles. He worked as a software engineer and architect before moving into product management. Those years were followed by a decision that would change the direction of his career. Instead of continuing to build his career within an established technology company, Eniolorunda decided to become an entrepreneur.

IN 2015, HE AND FELIX IKE FOUNDED TEAMAPT.

For Eniolorunda, building a company has always been about more than making money. He has spoken about his enjoyment of taking on difficult challenges, building teams and creating solutions that can make a difference in people’s lives. He has also maintained an interest in writing and technology outside his day-to-day work. Today, he leads a company that has grown far beyond the small technology business it was when it started.

Felix Ike is the other half of the founding team. A technology professional, Ike studied Computer Science at the University of Lagos and graduated with First Class honours in 2013. His career also began in software engineering. Before TeamApt, he worked as a software engineer at Interswitch, where he developed his career in technology and software development. When he and Eniolorunda decided to start their own company in 2015, Ike took responsibility for the technology side of the new business. He eventually became the Chief Technology Officer, a position he continues to hold at Moniepoint. While Eniolorunda has become the more visible face of the company, Ike’s work has been closely tied to the technology that supports the business. For a company operating in payments and financial services, technology is at the heart of everything. Millions of transactions have to be processed, accounts have to function properly and customers need to be able to use the platform when they need it. That makes the role of the CTO particularly important. Ike has remained involved in building and developing the technology behind Moniepoint as the company has grown from a small start-up into a major financial technology business.

In 2015, Eniolorunda and Ike founded TeamApt. At the time, the company was focused mainly on providing technology solutions for financial institutions. The founders were building a technology business, but they were also paying close attention to the wider financial services market. They could see that many Nigerian businesses, particularly small and growing businesses, needed better ways to receive payments, manage money and access financial services. That observation eventually became important to the company’s future. TeamApt began moving beyond simply providing technology to financial institutions and started building products that could serve businesses directly. One of the biggest changes came with the company’s move into merchant payments and agency banking. The move into serving merchants was a major decision for TeamApt. Rather than focusing only on the financial institutions that already had established systems, the company began looking at the businesses that operated every day across Nigeria. Small shops. Supermarkets. Restaurants. Pharmacies. Fashion businesses. Market traders. Service providers.

For many of these businesses, receiving payment and managing cash flow are major parts of running the business. The company saw an opportunity to make financial services easier for them. This gradually changed the direction of TeamApt. Its merchant business began to grow, and the company became increasingly known for its POS terminals and payment services. Eventually, the TeamApt name would give way to Moniepoint as the company expanded its financial services.

One of the important moments in the company’s journey came when Nigerian banker and businessman Jim Ovia invested in the business.

According to Eniolorunda, Ovia reviewed the company’s pitch and saw similarities between what the founders were building and the opportunity that had existed around companies such as Interswitch.

Ovia eventually invested about $5.5 million for a reported 20 per cent stake in the company.

The investment came at an important stage in the company’s development.

It gave the founders additional resources to grow the business and pursue their plans at a time when TeamApt was making a major transition.

It was also a vote of confidence in what the two young founders were building.

Today, it can be easy to look at Moniepoint and see only the success.

But the early years were not always comfortable.

There was a time when the company struggled with cash flow and meeting its obligations.

In a 2026 conversation, Eniolorunda recalled a period when he had to borrow money from his wife to pay salaries.

It is one of the more personal details of the Moniepoint story because it shows how different the company looked in its early days.

There was simply a founder trying to keep the business running and a team depending on him.

And gradually, the business began to find its place in the market.

As the merchant business grew, TeamApt became increasingly associated with Moniepoint.

The company expanded its services beyond payments and began providing a wider range of financial products to businesses.

Moniepoint eventually received a banking licence, allowing it to provide more financial services.

The company also expanded into lending, allowing eligible businesses to access credit based on their business activity and transaction history.

It later introduced personal banking services as well.

The idea was simple: rather than offering a business only one financial service, Moniepoint could provide several of the services it needed to run and grow.

And business transactions could provide information that helped the company understand the needs of its customers.

The COVID-19 pandemic brought another major change to the financial technology industry.

As people’s daily lives changed and businesses looked for ways to continue operating, digital payments became even more important.

For Moniepoint, the merchant network it had spent years building became increasingly valuable.

Businesses needed reliable ways to receive payments.

And agents needed systems that could support everyday transactions.

The company’s network continued to expand.

What had started as a technology business was becoming a major part of Nigeria’s growing digital payments ecosystem.

The growth eventually attracted major international investors.

In October 2024, Moniepoint announced a $110 million Series C funding round led by Development Partners International, with participation from Google’s Africa Investment Fund, Verod Capital and existing investor Lightrock.

The investment valued the company at more than $1 billion.

With that milestone, Moniepoint officially joined the group of privately held companies known as unicorns.

For Eniolorunda and Ike, it was a remarkable moment.

The company they started in 2015 had moved from a small technology business to a billion-dollar financial technology company in less than a decade.

In 2025, Moniepoint announced another $90 million investment, bringing the total size of its Series C round to about $200 million.

The funding attracted major international investors, including Visa, LeapFrog Investments, the International Finance Corporation and Google’s Africa Investment Fund.

The company said the new capital would support its next phase of growth, including expansion beyond Nigeria.

By this point, Moniepoint was no longer looking only at the Nigerian market.

The company had begun looking at opportunities across Africa and in other international markets.

For many Nigerians, the first thing that comes to mind when they hear Moniepoint is a POS machine. But the company has grown far beyond that. Moniepoint now provides payment and banking services, business accounts, lending and other financial tools. Its services are aimed at helping businesses manage different aspects of their finances from one platform. The company has also expanded into personal banking. This has changed the way people see the business. Moniepoint is no longer simply a company that provides POS terminals. It has become a broader financial services platform.

The scale of the business today is very different from what it was when Eniolorunda and Ike started TeamApt. Moniepoint says it serves millions of businesses and individuals across Nigeria. The company reported processing more than 14 billion transactions worth about ¦ 412 trillion in 2025. It has also continued to grow its lending business, with more than ¦ 1 trillion in credit reportedly disbursed to small businesses during the year. These figures show just how much the company has grown since 2015.

Although Tosin Eniolorunda and Felix Ike started the business together, their roles have developed in different directions. Eniolorunda is the public face and business leader of Moniepoint. As Group CEO, he oversees the company’s wider direction, growth and expansion. Ike, meanwhile, continues to lead the technology side of the company as CTO. His responsibility is closely tied to the systems that support Moniepoint’s growing customer base and transaction volumes. The combination has remained important to the company’s story. One founder leads the business and its vision. The other leads the technology that makes much of that vision possible. More than 10 years after the company was founded, the story of Moniepoint is still closely connected to the two men who started it. Tosin Eniolorunda and Felix Ike did not begin with the massive company that exists today. They began with an idea and a small team. They built TeamApt. They changed direction when they saw a bigger opportunity. They entered the merchant payments market. They survived difficult periods. They attracted investors. They expanded into banking and lending. And eventually, they built a company valued at more than $1 billion. Today, Moniepoint is part of the everyday financial lives of millions of Nigerians, while its founders continue to look beyond the country’s borders. For Eniolorunda and Ike, the journey that started in 2015 has become much bigger than the company they initially set out to build.