How Jim Ovia’s $5.5 Million Cheque Helped Turn Moniepoint Into a $1 Billion Fintech Giant

Moniepoint founder and CEO, Tosin Eniolorunda, has revealed that the company’s first major institutional backing came from Nigerian banking titan Jim Ovia, who invested $5.5 million for a 20% stake after spotting what he believed was “another Interswitch in the making.”

Speaking on Nidacity, the entrepreneurship podcast hosted by former Minister of Finance Kemi Adeosun, Eniolorunda recounted the pivotal moments that shaped Moniepoint’s rise from a struggling startup into a fintech unicorn valued at over $1 billion.

The journey, however, was far from glamorous.

“There were hard times, certainly,” Eniolorunda said. “There was a time I borrowed money from my wife to pay salaries.”

The Bet Everyone Else Ignored

In 2019, while much of Nigeria’s fintech ecosystem was focused on online payments, digital wallets, and consumer apps, Moniepoint chose a different path.

The company doubled down on agency banking and point-of-sale (POS) infrastructure—segments many investors and entrepreneurs considered unattractive due to their dependence on physical distribution networks.

Eniolorunda saw an opportunity others overlooked.

“When the numbers started coming in, you were seeing 100% month-on-month growth,” he recalled.

Rather than competing for attention in crowded digital payment categories, Moniepoint quietly built the infrastructure powering everyday transactions for millions of Nigerians.

Then COVID-19 changed everything.

“COVID made people realise they could not go to banks to withdraw cash,” Eniolorunda said.

As agent banking networks expanded rapidly and Nigeria accelerated its transition toward a cashless economy, demand for Moniepoint’s services surged.

What once appeared to be a niche business became a critical component of Nigeria’s financial ecosystem.

Today, Moniepoint processes transaction volumes that rank it among Nigeria’s largest financial institutions by transaction activity.

Why Jim Ovia Wrote the Cheque

The story of Moniepoint’s breakthrough funding begins during its TeamApt era.

At the time, the company was preparing to pivot from building software solutions for banks to creating financial services for businesses and consumers directly. The transition required significant capital.

Their fundraising efforts eventually attracted the attention of Jim Ovia, founder of Zenith Bank and one of the earliest investors in Interswitch.

“He was already interested in fintech because he was one of the first investors in Interswitch,” Eniolorunda explained. “So he understood the story.”

Before investing, Ovia conducted due diligence and sought feedback from executives at Zenith Bank, where TeamApt had previously delivered successful projects.

The reviews were positive.

Within weeks, Ovia’s investment firm, Quantum Capital, committed $5.5 million in exchange for a 20% stake in the company.

“He was like, ‘Stop raising. Take this one, take 20% of your company, and we’ll build,'” Eniolorunda recalled.

According to the Moniepoint CEO, Ovia’s conviction stemmed from a familiar pattern.

“I think what he found was that this is another Interswitch in the making.”

The Investment That Changed Everything

That early investment became a defining moment in Moniepoint’s history.

The funding provided the runway needed to execute its strategy, scale its operations, and focus on serving Nigeria’s vast network of small and medium-sized businesses.

Years later, the results speak for themselves.

Moniepoint has raised more than $200 million in funding, achieved unicorn status, expanded into Kenya through the acquisition of a microfinance bank, and strengthened its position in business technology through the acquisition of restaurant management platform Orda.

The company has also built a fast-growing lending business that uses transaction data instead of traditional collateral requirements to provide financing to underserved entrepreneurs.

“One of the things that gives me joy today is the fact that we are lending to more and more smaller businesses,” Eniolorunda said.

“Businesses that are just looking for ₦500,000 or ₦1 million. Because I think that is where true financial inclusion is coming from.”

Lessons From a Unicorn Journey

Despite Moniepoint’s success, Eniolorunda insists the company’s rise was not simply the result of good timing.

He points instead to years of preparation, calculated risk-taking, and the willingness to pursue opportunities that others ignored.

Before founding Moniepoint, he spent five years at Interswitch, gaining firsthand experience in Nigeria’s payments infrastructure. He embraced a business model many dismissed and maintained a focus on sustainable growth even during the venture capital boom when investors rewarded expansion at any cost.

His advice to entrepreneurs remains rooted in persistence.

“To anybody that is listening, you certainly have it in you. Keep on doing it. Success is around the corner.”

Coming from a founder who once borrowed money from his wife to make payroll, the message resonates.

Moniepoint’s rise from a bootstrapped startup to a billion-dollar fintech powerhouse is not just a story about funding. It is a story about conviction, timing, and the willingness to bet on opportunities others fail to see.

And it all started with a pitch deck, a bold vision, and a $5.5 million cheque from an investor who recognised the potential before the rest of the market did.