Visa has made a strategic investment in Moniepoint Inc., a leading Nigerian business payments and banking services platform. This partnership aims to revolutionize digital payments and financial inclusion for small and medium-sized enterprises (SMEs) across the continent.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has emerged as a powerhouse in digital financial services. The company processes an impressive 1 billion transactions monthly, with a total payment volume exceeding $22 billion. Their comprehensive suite of services includes digital payments, banking solutions, credit access, and business management tools.
Tosin Eniolorunda, the company’s Founder and Group CEO, highlighted the significance of the partnership: “Visa’s support validates our mission to digitize and empower African businesses. With approximately 83% of employment in Africa’s informal sector, we’re committed to expanding access to the formal financial system and driving economic growth.”
Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, praised Moniepoint’s innovative approach. “Moniepoint has developed an impressive platform that meets the needs of Africa’s SMEs, a vital sector for driving economic growth,” he said.
The investment comes at a crucial time for Africa’s fintech landscape, which is experiencing rapid transformation. Moniepoint has shown remarkable growth, with revenues increasing by more than 150% annually in recent years. The company joins an impressive roster of investors, including Google’s Africa Investment Fund, Verod Capital, and British International Investment.
This partnership represents more than just a financial investment. It’s a strategic collaboration aimed at:
- Strengthening digital payment infrastructure
- Broadening access to financial services
- Driving innovation across African businesses
For SMEs struggling to access traditional banking services, this partnership promises to be a game-changer. By combining Visa’s global payments expertise with Moniepoint’s local insights, the initiative seeks to create a more inclusive and dynamic financial ecosystem.
As Africa continues to embrace digital transformation, partnerships like this demonstrate the continent’s immense potential for financial innovation and economic growth. Moniepoint and Visa are not just investing in a company – they’re investing in the future of African businesses.
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