Moniepoint Acquires Orda to Boost Small Business Finance

Tosin Eniolorunda, associated with Moniepoint, has drawn attention following the company's acquisition of Orda, a technology firm focused on improving financial management for small food businesses in Nigeria. The acquisition aims to address daily challenges faced by small restaurant operators, such as tracking income and accessing loans.

Orda has developed tools to help restaurants manage orders, monitor inventory, and streamline kitchen operations. The integration with Moniepoint's financial services is expected to facilitate easier access to credit for businesses that maintain clear financial records.

This move is significant as Nigeria's food business sector is rapidly expanding due to urban growth and changing lifestyles, yet many small businesses struggle with financial access. Moniepoint, established in 2015, has grown to serve 20 million users and processes a large volume of transactions annually.

The effectiveness of this strategy in scaling small business financing in Nigeria remains to be seen.