Moniepoint Restructures Engineering, Product Teams

Moniepoint, the Nigerian financial services company, is restructuring its engineering and product teams, making some roles redundant. These changes were internally announced on Monday, October 19, aiming for completion by December. Affected employees were offered a voluntary exit package, with applications closing on Friday, October 23. Staff will learn if their roles are impacted between November 2 and November 11.

The restructuring introduces smaller, focused product-area teams, each responsible for building and operating products end-to-end. New platform architect roles will oversee shared technology systems. Moniepoint, a financial services group spanning payments, banking, credit, and business management, seeks to reduce reliance on multiple coordination layers. This model aims to foster greater autonomy, clearer accountability, and faster product development for its customer base.

Moniepoint did not disclose the total number of employees affected. Employees applying for the voluntary exit package were offered five months' salary, though the company can reject applications for essential skills. The changes impact staff in backend, frontend, mobile, quality-assurance engineering, and product management across its operating countries. Staff will be assessed against written criteria covering delivery, adaptability, work quality, track record, and service length.

This strategic review is Moniepoint’s response to challenges from rapid growth, which led to increased layers of review and sign-off that can slow down large tech companies. Moniepoint heavily hired engineers and product managers as it grew to a unicorn valuation, building numerous financial products. The new structure requires fewer roles in some areas, creating others, and resulting in some existing roles becoming redundant. Moniepoint stated it would consider affected employees for open positions elsewhere before initiating redundancy consultations.

Founded in 2015 as TeamApt, Moniepoint achieved unicorn valuation in October 2024 after a $110 million Series C funding round. Its subsidiaries process over $400 billion in digital payments annually. The company acquired a 78% stake in Kenya’s Sumac Microfinance Bank in March and phased out its UK remittance product, MonieWorld, in August.