Tosin Eniolorunda is the founder and CEO of MoniepointiMoniepointFamous for its light-blue payment machines in Nigeria, Moniepoint is a fintech company involved in business and personal banking.READ MORE, Africa’s second-fastest-growing company in 2023. He spoke to Rest of World about the impact of Nigeria’s recent cash crisis on the company, and the future of Africa’s fintech ecosystem.

This interview has been edited for clarity and brevity.

Recently, there was a cash crunch that threatened the informal economy in Nigeria. How did this impact Moniepoint?

In April 2022, Moniepoint evolved from enabling card transactions for agents to an all-in-one business bank. With this transition, we found ourselves in a position that fit the needs of businesses in the informal economy during the cash crunch.

With reduced access to cash, alternative payment methods became important for businesses. Our business bank accounts and point-of-sale terminals could keep businesses going during this period. Our team’s previous experience building banking infrastructure also helped reduce processor failure disputes to about 10% daily and reduced downtime by 60%.

Africa is home to several fintech companies that are solving similar problems. What makes Moniepoint different?

We’re continuously innovating to ensure that our solutions stay relevant to businesses. Late last year, we recognized that although direct transfers are a staple payment choice for many consumers, they’re typically hard to track. Our POS transfer solution made it easier for businesses to receive payments they could easily monitor. Furthermore, we recognized very early on the efficacy of a hybrid distribution model in Africa, which is offline plus digital instead of purely digital distribution. Most African markets are low-trust and typically require a human interface before adopting digital solutions. This meant we could get directly in touch with the businesses needing our products.

What’s your view of Africa’s fintech ecosystem, and how does this view influence your company’s plans?

Fintech in Africa is growing at a rapid pace, but a lot of people are still left out of this system. Cash is still used in most transactions on the continent, so there is still much work to be done. Business needs are unique from one market to another, but at the heart of it is the desire to grow, and this growth can support the economy.