Digital payments giant, Visa, has invested in Moniepoint Inc., one of Nigeria’s leading fintech platforms serving small and medium-sized enterprises (SMEs).
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.
