Visa invests in Nigeria’s Moniepoint to help African SMEs become financially secure
Visa, a world leader in digital payments, has invested in Nigeria’s Moniepoint, a platform for business payments and banking services.
Tosin Eniolorunda and Felix Ike founded Moniepoint, formerly known as TeamApt, in 2015. It is a comprehensive financial ecosystem that provides 10 million individuals and businesses with easy access to banking, credit, payments, and business management tools.
It powers the majority of point-of-sale (POS) transactions in Nigeria and is the biggest merchant acquirer in the nation. operates profitably while processing US$17 billion for its clients each month through its subsidiaries.
Moniepoint, the newest “unicorn” in African tech with a valuation of over $1 billion, raised US$110 million in Series C equity funding late last year. Visa has now contributed strategic funding to the company.
Since its launch in 2023, Visa, a global leader in payments, has accelerated 64 startups in three cohorts through its Africa Fintech Accelerator. Visa recently provided strategic funding to four startups that participated in the first program in 2023, and the company has now made a strategic 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,” said Eniolorunda.
“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.”
The needs of Africa’s SMEs, a crucial sector in promoting economic development, are directly met by Moniepoint’s impressive platform, according to Andrew Torre, regional president of Central and Eastern Europe, Middle East, and Africa at Visa.
“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,” he said.
“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.”
