Moniepoint Inc., Nigeria’s fintech company, has secured an investment from Visa, a global leader in digital payments.
The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.
The platform processes over one billion transactions monthly, with total payment volume exceeding $22 billion, enabling businesses to digitise their operations and thrive in Africa’s rapidly evolving economy.
With the investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent, a statement by the bank said.
Founder and Group CEO of Moniepoint, Tosin Eniolorunda, said: “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.
“Given that about 83 per cent of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.
“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 to join forces with Visa to enhance the digital payment infrastructure, expand financial services, and foster innovation in Africa.”
Regional President of Central and Eastern Europe, Middle East and Africa at Visa, Andrew Torre, noted: “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.”
Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC), said the investment highlights Nigeria’s attractiveness for investors due to its favourable business climate.
The NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem. The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.
