Moniepoint Inc., a leading financial technology company in Nigeria, has received an investment from Visa, a global leader in digital payment solutions.
This latest investment follows closely on the heels of the company’s recent $110 million Series C funding round, led by Development Partners International’s African Development Partners (ADP) III fund. Other notable participants included Google’s Africa Investment Fund and Verod Capital.
While the specific investment amount from Visa is confidential, this strategic partnership further fuels Moniepoint’s growth trajectory and solidifies its status as a unicorn.
In a statement announcing the funding, Visa emphasized that this investment represents a significant step in its mission to expand financial access, drive the evolution of digital payments, and support the growth of small and medium-sized enterprises (SMEs) across the African continent.
“With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent
“Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem,” the statement partly read.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his enthusiasm for Visa’s investment, stating that it serves as a powerful endorsement of the company’s mission to empower African businesses through digital solutions.
He emphasized that the collaboration between Moniepoint and Visa will be instrumental in advancing financial inclusion and equipping SMEs with the necessary tools and resources to succeed in today’s digital landscape.
“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.
“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 to join forces with Visa to enhance the digital payment infrastructure, expand financial services, and foster innovation in Africa,” he expressed.
Showcasing his confidence in the Nigerian fintech, Andrew Torre, Regional President for Central and Eastern Europe, Middle East, and Africa at Visa, stated that Moniepoint has successfully developed a robust platform that effectively addresses the unique needs of African SMEs, a vital sector for driving economic growth.
“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.”
“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,” Torre maintained.
