Visa has joined African fintech unicorn Moniepoint as a new investor to accelerate financial inclusion for African businesses.
According to TechCrunch, sources close to the deal said the amount received was over $10 million. The Nigerian company announced a $110 million investment last October and is reportedly in talks with other investors and may attract more funding in the coming months.
The funding, which Moniepoint described as a “strategic investment, will help both companies drive financial inclusion and support the growth of small and medium-sized enterprises (SMEs) across Africa.
Driving the African Evolving Fintech Landscape
“We’re truly excited about this partnership and what it means for payments on the continent,” CEO Tosin Eniolorunda said in a press release. “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.”
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).
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Moniepoint helps companies and individuals with banking accounts, credit, payments, and other financial tools through an app and a network of agents. The Nigerian fintech claims to process over 1 billion transactions monthly, with total payment volumes reaching $22 billion—a growth of over 25% in under three months.
Moniepoint has just a fraction of the total market Nigerian digital market. The market spans multiple channels, including electronic transfers, ATMs, POS devices, mobile agents, and web payments. In 2023, businesses and consumers completed transactions worth approximately $400 billion, according to the country’s interbank payments switch.
The African unicorn’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.
Visa Supports Moniepoint To Empower African Businesses
With this investment, Visa is backing Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent.
“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.”
Globally, Visa admits that contactless card usage surpasses mobile wallets in many markets. Moniepoint is in that sweet spot to lead this transition in Nigeria by offering contactless-enabled payment terminals to businesses and chip cards to individuals, setting the stage for accelerating adoption.
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Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, said, “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.”
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Visa joins other remarkable 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.
