Nigerian fintech Moniepoint has secured investment from digital payments giant Visa, enabling it to continue its mission to ensure financial inclusion for people across Africa.
Through this investment, Visa plans to support the Moniepoint mission to empower African businesses, further accelerating its growth and expansion across the continent. With around 83 per cent of African employment in the informal economy, Moniepoint aims to widen access and participation in the formal financial system and drive economic growth across Africa.
Founded in 2015, Moniepoint has established itself as a leading business payments and banking services platform, offering an integrated suite of services, including digital payments, bank accounts, credit, and management tools to SMEs. The platform processes over one billion transactions monthly, with total payments volume exceeding $22billion, enabling businesses to digitise their operations and thrive in Africa’s rapidly evolving economy.
Visa says this investment marks an important milestone in the entities’ collective pursuit of advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.
“Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale,” explained Tosin Eniolorunda, founder and group CEO of Moniepoint Inc. “Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.
“Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem. We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”
Backing Moniepoint growth
Andrew Torre, regional president, Central and Eastern Europe, Middle East and Africa at Visa
Andrew Torre, regional president, Central and Eastern Europe, Middle East and Africa at Visa, also added: “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations.
“We’re truly excited about this partnership and what it means for payments on the continent. As the fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, we’re excited to usher Africa into a new age of payments.”
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