Visa Invests in Nigerian Fintech Company Moniepoint, to Boost SME Growth in Africa
Moniepoint, a leading Nigerian business payments and banking services platform, has secured an investment from global payments giant Visa. This strategic investment underscores Visa’s commitment to advancing financial inclusion and fostering the growth of SMEs across the African continent.
Founded in 2015, Moniepoint has emerged as a dominant force in the Nigerian fintech market, serving a vast network of SMEs with an integrated suite of financial services. These include digital payments, bank accounts, credit facilities, and business management tools. The platform boasts impressive scale, processing over 1 billion transactions monthly and facilitating over $22 billion in total payments volume, empowering businesses to digitize their operations and thrive in Africa’s dynamic economic landscape.
This investment from Visa will provide crucial support for Moniepoint’s ambitious growth plans, enabling the company to accelerate its expansion across the African continent. Moniepoint’s proven track record of profitability and scalability, coupled with its strong operational and financial performance, has solidified its position as a transformative player in the African fintech ecosystem.
As Africa’s fintech landscape continues to evolve at a rapid pace, driven by a vibrant ecosystem and a strong focus on bridging the financial inclusion gap, Visa has been a key player in this transformation. By investing in and supporting innovative fintech startups like Moniepoint, Visa demonstrates its commitment to leveraging its expertise and resources to drive the growth of the African fintech sector.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said:
“We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize 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% 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 in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”
Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, 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.”
Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.
This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.
