Moniepoint Turns Staff Into Millionaires as Unicorn Deal Pays Off Big
When Moniepoint secured a $110 million funding round in October 2024 and officially joined the unicorn club, it wasn’t just early investors who smiled to the bank. At least two long-serving employees cashed out big—one taking home a jaw-dropping ₦1.3 billion ($850,000) by selling part of their shares, while another made $20,000, according to internal documents seen by TechCabal. These share sales were part of a rare but growing trend in Nigeria’s tech space: employee secondary liquidity, where workers sell their vested equity to incoming investors. Moniepoint reportedly allowed only employees with at least three years of tenure to participate, capping how much equity could be sold. The deals were facilitated through Carta, a startup equity marketplace. While the shares were sold at a discount to the unicorn valuation—a common practice—the impact was life-changing. “I had personal financial plans, and this gave me the push I needed,” said one of the employees, who had spent nearly a decade at the company. The move has boosted staff morale and deepened loyalty, especially as local tech firms rarely offer such liquidity events. As exits like IPOs remain elusive in Africa’s startup scene, Moniepoint’s bold move signals a shift in how equity is viewed—not just as compensation, but as real wealth. It also adds pressure on other startups to follow suit, making employee ownership a powerful tool for hiring, retention, and motivation in the ecosystem.
