Visa Makes Strategic Investment in Moniepoint to Accelerate Financial Inclusion for African SMEs
Investment from global payments leader accelerates Moniepoint's momentum as Nigeria's Largest SME-Focused Fintech
Moniepoint Inc. ("Moniepoint"), one of Nigeria's leading business payments and banking services platform, 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.
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Visa Makes Strategic Investment in Moniepoint to Accelerate Financial Inclusion for African SMEs (Graphic: Business Wire)
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) has established itself as the leading financial platform for Nigeria's vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, and management tools. The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa's rapidly evolving economy.
With this investment, Visa supports Moniepoint's mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint's profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.
As Africa's Fintech landscape continues to evolve rapidly driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups.
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.
Visa joins other notable investors including Development Partners International, Google's Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst in advancing Moniepoint's mission to create a society where everyone experiences financial happiness.
Notes to Editors
About Moniepoint
Moniepoint Inc. is Africa's all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools since 2019. As Nigeria's largest merchant acquirer, it powers most of the country's Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes $22 billion monthly for its customers while operating profitably. For more information, please visit https://moniepoint.com/
About Visa
Visa (NYSE:V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
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Moniepoint
Ben Rothschild
[email protected]
+44 (0) 7564 584 439
Visa
Lesego Charlie
[email protected]