Tosin Eniolorunda, Moniepoint Founder, Eyes Europe's 13 Million Unbanked Adults

More than three months after his financial software company, Moniepoint Inc., hit a 1 billion valuation following a 110 million Series C raise, Nigerian fintech founder, Tosin Eniolorunda sees an opportunity beyond Africa. With 13 million adults in Europe still unbanked, he believes African fintechs can help bridge the gap.

In a recent interview , Eniolorunda, who started his career as a software engineer at Interswitchone of Nigerias leading payment companies founded by Mitchell Elegbespoke about the role African fintechs can play in tackling financial exclusion globally.

A surprising statistic is that over 13 million European adults still do not have a bank account, Eniolorunda said. This includes 30 percent of Romanians. In Hungary and Bulgaria, the figures range across 12 percent-16 percent. Financial exclusion is not limited to Africa it is a problem in the developed world too. Servicing these potential customers is an opportunity for African fintechs. By creating new international divisions or partnering with existing overseas institutions they can provide expertise and products to underbanked populations.

He added that African fintechs, having already helped millions gain financial access across the continent, are in a strong position to do the same in developed markets. In developed markets, African fintechs could leverage their knowledge to pitch to unbanked customers. They know how to overcome customer resistance or scepticism and appreciate the value in helping sole traders grow into small businesses especially as economies move cashless. These and other insights are valuable and could assist established Western market players reach underserved customers faster, with less risk and expense. For governments, the regulatory experiences of African fintechs could help shape practical what works regimes that dont stifle growth or deny effective services to customers.

Tosin Eniolorundas remarks come just weeks after Moniepoint secured a strategic investment from Visa Inc., kicking off a partnership that could reshape Africas digital payments landscape. Their goal is to address the financial challenges faced by millions of small and medium-sized enterprises SMEs across the continent.