…as AMAC leads in transaction volumes
Moniepoint founder and CEO Tosin Eniolorunda has emphasized that the strategic integration of data-driven insights and character assessment is the core driver behind the rapid expansion of the fintech’s small and medium enterprise (SME) lending division.
Speaking in an interview with The Builders podcast by Nidacity, the head of the Nigerian unicorn detailed how the company bypassed traditional banking barriers to scale its lending operations.
He revealed that despite targeting the historically underserved micro-business sector, Moniepoint has maintained remarkably low non-performing loan (NPL) ratios.
According to Eniolorunda, the company utilizes an engineering first-principles and systems-thinking framework to manage the lending business without demanding the traditional collaterals that often stall small business growth.
By evaluating transactional data directly from its massive merchant network, Moniepoint can calculate precise lending caps rather than relying on self-reported turnovers, he revealed.
“Data allows me to know the maximum I can lend; it’s not what the person is telling me. Based on this transaction that you’re doing with me… based on this business type that you’re also doing, which is very important because it’s not just turnover, it’s also the business type we know the typical margins in that industry,” Eniolorunda explained.
He added that evaluating cross-indebtedness through credit bureaus helps the system safely judge an entrepreneur’s credit character and historical financial behaviors.
The Moniepoint CEO further expressed that extending credit lines ranging from ₦500,000 to ₦1 million provides him with the greatest professional fulfillment, highlighting that true financial inclusion operates from the bottom up.
He observed that while traditional commercial institutions prioritize multinational syndicated loans, the foundational engine of the Nigerian economy rests upon the estimated 40 million SMEs that generate roughly 80 percent of domestic employment.
“One of the things that gives me joy today is the fact that we are lending to more and more smaller businesses. The banks will continue to bank the big enterprises but let’s not forget the small boys,” Eniolorunda said.
Through data mapping across Nigeria’s 774 local governments, Eniolorunda noted that the highest transaction volume does not stem from Lagos, but rather from the Abuja Municipal Area Council (AMAC) in the Federal Capital Territory, followed closely by the Alimosho local government area in Lagos.
Moniepoint’s statistical tracking also highlights notable performance gaps across various commercial sectors.
He revealed that data available to the fintech indicates that grocery or provision stores rank among the highest non-performing segments, whereas pharmacies consistently stand out as one of the best-performing and lowest-risk lending segments.
Looking ahead, Moniepoint plans to aggressively scale its credit product reach.
The financial institution is also layering structural ecosystems around its lending anchor, which includes the purchase of the restaurant management platform Order to streamline inventory metrics, alongside an international expansion via the acquisition of a microfinance bank in Kenya.