Moniepoint Inc., a leading Nigerian platform for business payments and banking services, has secured a significant investment from Visa, the global giant in digital payments. This strategic partnership marks a pivotal moment in advancing financial inclusion across Africa and fostering the growth of small and medium-sized enterprises (SMEs) through cutting-edge digital payment solutions.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt Inc.) has established itself as a transformative force in Africa’s fintech ecosystem. The platform provides SMEs with an integrated suite of services, including digital payments, bank accounts, credit options, and business management tools. Currently, Moniepoint processes over 1 billion transactions monthly, generating a total payment volume exceeding $22 billion. These efforts have empowered countless businesses to digitize operations and thrive in Africa’s rapidly evolving economy.
Visa’s investment is a clear indication of its commitment to driving financial inclusion and supporting African startups poised to reshape the continent’s digital economy. By leveraging Moniepoint’s scalable business model and robust operational performance, Visa aims to deepen financial access and enable even the smallest businesses to scale, unlock new revenue streams, and streamline operations.
Speaking about the partnership, Tosin Eniolorunda, co-founder of Moniepoint, expressed excitement over Visa’s endorsement of their mission. He emphasized the potential of the collaboration to widen access to financial systems across Africa, particularly in the informal economy, which accounts for approximately 83% of the continent’s employment.
“Visa’s backing strengthens our vision to digitize and support African businesses at scale,” Eniolorunda said. “Together, we will enhance digital payment infrastructure, expand financial services, and drive innovation across the continent. Our shared goal is to foster a more inclusive financial ecosystem and accelerate economic growth for African SMEs.”
Visa echoed similar sentiments, highlighting Moniepoint’s role in empowering SMEs through accessible and efficient digital payment solutions.
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The company’s exponential growth, with revenues climbing at over 150% CAGR, aligns seamlessly with Visa’s mission to enable businesses and individuals to thrive globally.
The partnership combines Moniepoint’s deep understanding of Africa’s SME landscape with Visa’s extensive global resources. This collaboration is expected to fast-track the digital transformation of African SMEs, ensuring long-term economic prosperity and bridging the financial inclusion gap.
Visa joins a group of esteemed investors, including Google’s Africa Investment Fund, Development Partners International, QED Investors, and Novastar Ventures, in backing Moniepoint’s mission to create a society where financial happiness is accessible to all.
As Moniepoint and Visa join forces, they aim to unlock the full potential of African businesses, driving innovation, inclusion, and economic growth on a scale that redefines the continent’s digital economy.
