Moniepoint Reaches $1 Billion Valuation

Also, Startup Graveyard is hiring!

Keren Happuch

Nov 04, 2024

Happy New Month! Welcome to the first Monday of November.

Here’s what’s in the lineup today:

Moniepoint Reaches $1 Billion Valuation
Ex-MTN CEO Ahmad Farroukh Joins Globacom
Zenith Bank Joins Nigeria’s Trillion-Naira Club with Record Profits

Moniepoint Reaches $1 Billion Valuation in Latest Funding Round

Moniepoint, one of Nigeria's fastest-growing fintech firms, has officially joined Africa’s exclusive unicorn club, thanks to a fresh $110 million Series C funding round.

Founded in 2015, Moniepoint started as a Nigerian fintech with a vision to drive financial inclusion across Africa. Initially focused on providing accessible financial solutions for underserved populations, it quickly became a critical player in Nigeria’s payment landscape. Over the years, Moniepoint’s growth has been remarkable. Expanding beyond POS systems, it introduced more comprehensive banking services for small and medium enterprises in Nigeria.

Moniepoint achieved impressive transaction volumes, processing 5.2 billion transactions valued at over $150 billion in 2023 alone.

CIO Africa reported that the new $110 million Series C funding round was led by Development Partners International (DPI) and participation from Google’s Africa Investment Fund and Verod Capital. This round has pushed Moniepoint’s valuation to $1 billion, officially marking it as Africa’s newest unicorn and setting it alongside regional giants like Interswitch, Flutterwave, and OPay.

Ex-MTN CEO Ahmad Farroukh Joins Globacom

Globacom has appointed Ahmad Farroukh as its new CEO. Farroukh previously served as MTN Nigeria's CEO, bringing deep industry experience that could be critical for Globacom's path forward.

The telco has recently experienced serious challenges, including a 69% drop in its subscriber base within six months. After a regulatory audit by the Nigerian Communications Commission (NCC) uncovered discrepancies in subscriber records, Globacom’s customer base plummeted from 62.19 million in March to just 19.15 million in September. In addition, a major cyberattack temporarily blocked employees from essential communication tools.

Farroukh is a seasoned telecom executive whose career began in 1995. He held senior roles across Africa and the Middle East, including CEO positions at MTN Nigeria, MTN South Africa, and Saudi Arabia’s Mobily.

With a difficult journey ahead, Globacom will need all the expertise Farroukh can bring to regain stability, restore customer confidence, and compete effectively.

Zenith Bank Joins Nigeria’s Trillion-Naira Club with Record Profits

Zenith Bank has crossed a monumental threshold, joining the exclusive "trillion-naira club" in market capitalization a league shared by names like Airtel Africa, MTN Nigeria, and Dangote Cement.

Zenith reported a record-breaking ₦1 trillion pre-tax profit in the first nine months of 2024, almost doubling its earnings from last year. The bank’s net interest income surged by 208% to ₦1.2 trillion with income from equity gains more than doubling to ₦153.1 billion.

This year, they also migrated to Oracle’s Flexcube system to meet growing tech demands.

Zenith now stands with GTBank as one of only two Nigerian banks to report a pre-tax profit exceeding ₦1 trillion in 2024.

Did you know?
According to Business Insider Africa, the top 5 richest banks in Kenya by asset base are:
KCB Bank
Equity Bank Kenya Ltd
NCBA Bank Kenya PLC
Co-operative Bank of Kenya Ltd
Absa Bank Kenya PLC