Visa, a global leader in digital payments, has announced a strategic investment in Moniepoint Inc., a Nigerian business payments and banking services platform.
This partnership aims to drive financial inclusion, support small and medium-sized enterprises (SMEs), and advance digital payments across Africa.
Moniepoint, founded in 2015 by Tosin Eniolorunda and Felix Ike, has become a leading financial platform for SMEs in Nigeria. Offering a suite of services that include digital payments, credit, bank accounts, and management tools, the platform processes over 1 billion transactions monthly, with a total payment volume exceeding $22 billion.
Visa’s investment highlights its commitment to advancing Africa’s digital economy and aligns with Moniepoint’s mission to empower businesses.
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According to Tosin Eniolorunda, Moniepoint’s Founder and Group CEO, “Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. Together, we aim to deepen financial inclusion and enable SMEs to access tools and resources needed to thrive in a digital economy.”
The partnership will also focus on introducing innovative solutions such as contactless payments and leveraging Visa’s Cybersource system for enhanced transaction visibility. Furthermore, Moniepoint plans to integrate Visa Direct for remittances and expand its operations across Africa and beyond.
Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, expressed excitement about the collaboration. “Moniepoint has built an impressive platform addressing the needs of Africa’s SMEs, which are critical for economic development. We are committed to enabling even the smallest businesses to thrive through innovative payment and software solutions.”
This investment marks another milestone in Visa’s decade-long involvement in Africa’s fintech sector, joining other notable investments in companies such as Flutterwave and Paystack.
Together, Visa and Moniepoint aim to accelerate the digital transformation of African SMEs, fostering innovation, financial inclusion, and long-term economic growth across the continent.
