Visa Invests in Moniepoint to Drive SME Growth and Digital Payments in Africa

Visa, a global leader in digital payments, has made a strategic investment in Moniepoint, a leading Nigerian business payments and banking services platform. This move aligns with Visa's long-term commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa. The investment marks an important milestone in Visa's ongoing efforts to support the growth of African fintech startups and drive digital transformation in the region.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has established itself as a dominant force in the Nigerian fintech market, serving a vast network of small and medium-sized businesses (SMEs) with an integrated suite of services, including digital payments, bank accounts, credit facilities, and business management tools. The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, empowering businesses to digitize their operations and thrive in Africa's rapidly evolving economy.



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. As Africa's fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African fintech startups.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his enthusiasm about the partnership: "We are thrilled to announce Visa's investment in Moniepoint. 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, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. 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."

Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added: "Moniepoint has built an impressive platform that directly addresses the needs of Africa's SMEs, a critical segment in enabling economic development. 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 its long-standing commitment to advancing digital economies in Africa. By enabling even the smallest businesses to thrive through innovative payment and software solutions, Visa and Moniepoint aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.

In conclusion, Visa's investment in Moniepoint is a strategic move that aligns with its long-term strategy for driving financial inclusion and digital payments in Africa. This partnership combines Moniepoint's local expertise and innovative business model with Visa's global resources and capabilities, positioning them to enhance digital payment infrastructure, expand financial services, and foster innovation in the African fintech ecosystem. Together, they aim to drive SME growth and digital payments across the continent, ultimately contributing to Africa's economic development.