Driving financial inclusion and economic growth across Africa, Moniepoint was founded in 2015 by Tosin Eniolorunda and Felix Ike. The fintech, formerly known as TeamApt Inc., offers SMEs an integrated suite of services, including digital payments, bank accounts, credit facilities, and business management tools. 

Moniepoint processes over 1 billion transactions monthly, with a total payment volume of over $22 billion.

With this new investment, Visa aims to strengthen Moniepoint’s vision to digitise business operations and drive SME growth in Africa. Speaking on the partnership, Andrew Torre, regional president for Central and Eastern Europe, the 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.”

Moniepoint’s Group CEO, Tosin Eniolorunda, stated:

“We are thrilled to announce Visa’s 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.”

Moniepoint has grown commendably, with revenues increasing by over 150% annually in recent years. Its initiative to bridge the financial inclusion gap aligns with Visa’s mission of enabling businesses to thrive in a digital economy. 

The partnership will leverage Moniepoint’s local expertise and Visa’s global resources to enhance digital payment infrastructure, expand access to financial services, and promote innovation for SMEs across Africa.

Visa joins a group of investors, including Google’s Africa Investment Fund, Development Partners International, and British International Investment, all supporting Moniepoint’s mission of creating a financially inclusive society.

The combination of their strengths will enable Moniepoint and Visa to boost African fintech, ensuring SMEs across the continent can scale without limitations and contribute to long-term economic prosperity.

Are you a Nigerian woman entrepreneur ready to take your business to the next level? Apply now for Growth4Her Cohort 4 and unlock the full potential of your SME

According to the African Development Bank (AfDB) 2021 report, there’s a $42 billion gender financing gap in Africa. As an AFAWA Women Entrepreneurship Enabler, Growth4Her addresses this challenge head-on.

This investor-readiness accelerator program is co-created and implemented by Creative Space Startups, Sociocapital Impact Group, The Learning Gate, and ActivSpaces.

Launched in 2022, the initiative has received over 1,500 applications from Nigeria and Cameroon across its first three cohorts.

To date, more than 300 women entrepreneurs have benefited from the program, seeing tangible results such as increased revenue, expanded market reach, improved mental health through psychosocial support sessions, and enhanced business management practices.

The vibrant, close-knit community of over 500 women fosters strong connections among the alumni, serving as a rich resource for opportunities, collaborations, partnerships, and first-hand funding and visibility opportunities.

Growth4Her is on a mission to support 1,500 women entrepreneurs across West Africa over the next five years. 

Cohort 4 applications are open for Nigerian women entrepreneurs! 

This transformative program will empower selected women entrepreneurs in Nigeria to transform their SMEs into fundable, high-growth ventures through investment readiness skills, connect them directly to funders’ funding opportunities, and cultivate an ecosystem that supports their businesses.

Eligibility Criteria:

• Women-led businesses based in Nigeria
• Minimum 51% or 20% woman-owned with a female CEO/COO
• At least 30% female board representation (if a board exists)
• 5-300 employees
• Annual sales between US$35,000 – US$15 million
• Assets ranging from US$100,000 – US$15 million
• Commitment to a one-week virtual/physical boot camp
• Dedicate 3 hours weekly for mentorship over eight weeks
• Participation of C-level executives is mandatory

What You’ll Gain:

• Expert mentoring from seasoned entrepreneurs and industry leaders who have walked the path.
• Receive tailored training to address your business’s needs and challenges.
• Networking Opportunities: Connect with like-minded women entrepreneurs and potential partners.
• Explore alternative funding options and learn how to pitch your business effectively.
• Receive psychosocial support and guidance to navigate the ups and downs of entrepreneurship.

Don’t miss this opportunity to become INVESTMENT-READY and take your SME to a new level!

Apply today to join women entrepreneurs who have achieved remarkable growth and success, equipped with mentorship, training, funding, and networking opportunities.

Apply Now.