Visa has made a strategic investment in Moniepoint Inc., Nigeria’s leading business payments and banking services platform, to support the growth of SMEs and promote financial inclusion across Africa.
This partnership strengthens Visa’s commitment to advancing digital payments, expanding access to financial services, and fostering economic prosperity through innovative solutions.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has become a key player in Nigeria’s SME sector.
The platform offers a comprehensive range of services, including digital payments, bank accounts, credit, and business management tools, processing over 1 billion transactions monthly, with a payment volume exceeding $22 billion. Moniepoint is empowering businesses to digitize their operations and succeed in Africa’s rapidly growing economy.
Visa’s investment will fuel Moniepoint’s expansion and help accelerate its mission to support African businesses. With a scalable business model and a solid operational track record, Moniepoint is well-positioned to drive change in the African fintech ecosystem.
Africa’s fintech landscape is rapidly evolving, and Visa remains at the forefront of this transformation, investing resources and expertise to support the growth of innovative fintech startups. Moniepoint’s vision aligns with Visa’s goal to bridge the financial inclusion gap and deepen the digital economy across the continent.
“We are thrilled to announce Visa’s investment in Moniepoint,” said Tosin Eniolorunda, co-founder of Moniepoint. “This endorsement reinforces our mission to support and digitize African businesses on a large scale.
By deepening financial inclusion, we aim to enable SMEs to access the tools they need to succeed in a digital economy. With around 83% of employment in Africa tied to the informal economy, we are committed to helping businesses transition into the formal financial system, which will stimulate economic growth across the continent.”
Visa’s expertise in global payments, combined with Moniepoint’s ability to serve African businesses, makes this partnership an exciting opportunity to shape Africa’s economic future.
Together, they plan to enhance digital payment infrastructure, expand financial services, and foster innovation to build a more inclusive financial ecosystem.
Moniepoint’s platform directly addresses the unique needs of Africa’s SMEs, which are crucial for the region’s economic development.
By providing accessible and efficient financial services, Moniepoint is helping to transform the way businesses operate in Nigeria and beyond. Visa’s investment will fuel the next phase of growth and innovation for Moniepoint.
Visa’s commitment to advancing digital economies in Africa is demonstrated through this investment, which allows even the smallest businesses to thrive with innovative payment and software solutions. These tools help SMEs scale, unlock new revenue opportunities, and streamline their operations.
Since its inception, Moniepoint has experienced remarkable growth, with revenues increasing by more than 150% CAGR in recent years.
The company’s efforts to expand financial services align closely with Visa’s mission to help individuals and businesses thrive globally.
By combining Moniepoint’s local expertise and innovative model with Visa’s global resources, this partnership will accelerate the digital transformation of African SMEs, advancing financial inclusion and driving long-term economic prosperity.
Visa joins a strong group of 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 supporting Moniepoint’s mission to create a financially inclusive society where everyone can experience financial happiness.
