If you have used a POS terminal at a local shop or pharmacy recently, you’ve likely seen the name Moniepoint. Behind this success is Tosin Eniolorunda, an engineer who saw a gap in the banking system and decided to fix it.
From Childhood Curiosity to Tech Leader
Tosin’s journey began in Ibadan, where he was known as the “fix-it” person among his friends. Even as a secondary school student, he was an active member of the Junior Engineers Technicians and Scientists (JETS) club, always eager to repair gadgets or solve technical puzzles.
He took that curiosity to Obafemi Awolowo University, where he studied Mechanical Engineering. His passion quickly shifted to software. By the time he graduated, he knew that software was the best way to solve big, complex problems.
Career Roots at Interswitch
Before becoming an entrepreneur, Tosin built a solid foundation in the corporate world. He joined Interswitch, a leading Nigerian payment company, in 2009. There, he rose through the ranks as a software engineer, eventually becoming a Product Manager and Unit Head of Application Development.
Notably, Tosin programmed the very first POS software used at Interswitch—the same technology that powered a majority of Nigeria’s early POS terminals. This experience gave him a “360-degree view” of how the financial ecosystem worked and, more importantly, where it was failing the average Nigerian.
The Problem: A Banking System That Didn’t Fit
During his time at Interswitch, Tosin noticed a major problem: small business owners were being ignored. Traditional banks were often too expensive, had too much paperwork, and were located too far away. These business owners needed a way to accept payments and manage their cash, but the system wasn’t built for them.
Tosin realized that if he could build a tool specifically for them, he could change how the entire country does business.
The Solution: Bringing the Bank to You
In 2015, Tosin took a bold leap and co-founded TeamApt (which later rebranded to Moniepoint) with his former colleague, Felix Ike. He initially bootstrapped the company with his own funds.
His goal was simple: Bring the bank to where people are. Instead of waiting for people to travel to a bank branch, he turned small shop owners into “mini-banks” for their communities. This is called “agency banking.” It allowed people to withdraw cash, pay bills, and send money right in their own neighborhoods.
Why Tosin’s Approach Worked
Tosin’s success isn’t just about good technology; it’s about how he approaches business:
• He Listens to Users: He spends a lot of time talking to the shop owners and traders who use his terminals. He builds features based on the real problems they face every day.
• He Prioritizes Reliability: He knows that if a POS terminal fails, a shop owner loses money. He made sure Moniepoint’s system stays fast and dependable, even when the internet is shaky.
• He Keeps It Simple: He removed the confusing banking jargon and endless paperwork, making financial services easy for anyone to understand and use.
Building Nigeria’s Economic Engine
Today, Moniepoint is much more than just a POS company. It is a platform that helps thousands of Nigerian businesses track their sales, manage their money, and even get the small loans they need to grow.
Tosin’s journey shows us that the biggest opportunities aren’t always in fancy offices—they are often found in the daily struggles of local businesses. By focusing on them, Tosin has helped turn millions of small transactions into a powerful engine for Nigeria’s economy.
Have you used a Moniepoint terminal recently? How has it made things easier for you? Let me know in the comments below!
