Visa has announced its investment in Nigerian FinTech company Moniepoint, aiming to drive financial inclusion, accelerate digital payments, and foster small- to medium-sized business (SMB) growth across Africa. Although the specific financial details were not disclosed, the collaboration marks a significant step in advancing digital economies on the continent.
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa,” said Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa. “We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMBs to scale and open new revenue opportunities, while streamlining their operations.”
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt) is a Nigerian FinTech committed to expanding access to financial services for SMBs. The company offers a comprehensive suite of services, including digital payments, bank accounts, credit facilities, and management tools.
The partnership with Visa is expected to enable Moniepoint to expand its footprint beyond Nigeria and help SMBs across Africa 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,” Eniolorunda said.
Moniepoint processes over 1 billion transactions monthly, with a total payment volume exceeding $22 billion. The company’s revenues have surged by over 150% in recent years, according to the press release.
This latest investment builds on support from other notable backers, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment, FMO (the Dutch entrepreneurial development bank), Global Ventures, and Endeavor Catalyst.
As part of its growth strategy, Moniepoint rebranded in January 2023 and relocated its headquarters from Lagos to London, signaling its ambitions to broaden its impact and scale globally.
This collaboration is expected to unlock new opportunities for SMBs across Africa, driving economic growth and transforming the continent’s digital payment landscape.
