Nigerian mobile payment platform, Moniepoint has received $110 million from Google and other investors to scale up mobile money transactions across Africa. It got the funds with the support of Google Africa Investment Fund, Verod Capital and Lightrock while Development Partners International facilitated the process.
With this fund, Moniepoint will be scaling up its operations across Africa by creating an integrated payment platform for African businesses. Also, it will help increase access to banking services for people in rural communities while boosting intra-African trade.
The funding is coming at a crucial time when the African Continental Free Trade Agreement is yet to fully takeoff due to payment system problems. With Moniepoint scaling up operations, this problems could be sorted easily.
Also, the investment highlights Moniepoint’s recognition as the leading mobile money payment provider in Africa. In addition, it lends credence to the traction Nigerian tech ecosystem has been getting from international investors in recent times.
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Recall that Google had announced a funding for tech startups focusing on AI and cyber security tools. Through all these investment, it is expected that Nigeria grows its tech space to meet global standards.
Nigeria is the fastest growing Fintech market in Africa. However, a large demography are still without access to reliable banking services. This is why Moniepoint scaling up its operations is crucial for the country.
