Moniepoint Inc., a leading business payments and banking services platform in Nigeria, has recently secured an investment from Visa, a global leader in digital payments. This collaboration signifies Visa’s commitment to promoting financial inclusion, advancing digital payments, and supporting the growth of small and medium-sized enterprises (SMEs) in Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc. (formerly known as TeamApt Inc.) has emerged as Nigeria’s premier financial platform for SMEs. Offering a wide array of services including digital payments, banking solutions, credit access, and management tools, the platform has processed over 1 billion transactions monthly and facilitated a total payment volume exceeding $22 billion. These services empower businesses to embrace digital transformation and thrive in Africa’s rapidly evolving economic landscape.
Visa’s investment underscores its endorsement of Moniepoint’s mission to empower businesses across Africa, fueling their growth and expansion throughout the continent. Moniepoint’s sustainable business model, coupled with its strong operational and financial performance, positions it as a key player in Africa’s fintech sector.
As Africa’s fintech industry undergoes significant transformation, driven by a robust ecosystem and efforts to bridge the financial inclusion gap, Visa has been at the forefront of this evolution. Leveraging its expertise and resources, Visa actively nurtures the growth of fintech startups across the continent.
Tosin Eniolorunda, the Founder and Group CEO of Moniepoint Inc., expressed enthusiasm about Visa’s investment, emphasizing that it validates their mission to digitize and empower African businesses on a large scale. The collaboration aims to enhance financial inclusion by equipping SMEs with the tools and resources needed to thrive in an increasingly digital world. Eniolorunda highlighted that approximately 83% of employment in Africa is rooted in the informal sector, underscoring their commitment to expanding access to the formal financial system and driving economic growth across the continent.
By combining Visa’s global payments expertise with Moniepoint’s track record of supporting African businesses, the partnership aims to shape the continent’s economic future. Together, they strive to build a more inclusive and dynamic financial ecosystem, strengthening digital payment infrastructure, expanding access to financial services, and driving innovation across Africa.
Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, commended Moniepoint for developing a platform that meets the needs of Africa’s SMEs, a crucial sector for economic growth. Torre expressed Visa’s excitement in supporting Moniepoint’s next phase of growth and innovation, highlighting the company’s transformative impact on businesses in Nigeria and beyond.
Visa’s investment in Moniepoint underscores their commitment to advancing digital economies in Africa and empowering businesses of all sizes to succeed. The partnership aims to provide innovative payment and software solutions that enable SMEs to scale, unlock new revenue streams, and optimize their operations.
Since its establishment in 2015, Moniepoint has experienced remarkable growth, with revenues increasing by over 150% CAGR in recent years. The company’s initiatives to broaden access to financial services align seamlessly with Visa’s mission to empower individuals and businesses to thrive in the global economy.
This collaboration brings together Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. By joining forces, Moniepoint and Visa seek to accelerate the digital transformation of African SMEs, foster financial inclusion, and drive long-term economic growth.
Visa joins a prestigious 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 society where financial happiness is accessible to all.
Overall, Visa’s investment in Moniepoint signifies a significant milestone in promoting financial inclusion and empowering African businesses to thrive in the digital economy. This partnership exemplifies the collaborative efforts of industry leaders to drive innovation, foster economic growth, and create a more inclusive financial ecosystem in Africa.
