Visa Invests in Moniepoint to Drive Financial Inclusion and SME Growth Across Africa

As Africa’s fintech landscape evolves, Visa continues to play a pivotal role in driving financial inclusion and shaping the future of digital payments.

In a significant move, Visa has invested in Moniepoint Inc., a leading Nigerian business payments and financial services platform.

This investment is a strategic step toward advancing digital payments, empowering SMEs, and improving financial inclusion across Africa.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint, previously known as TeamApt, has become a dominant force in Nigeria’s fintech ecosystem.

The platform offers a comprehensive suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools, and processes over 1 billion transactions monthly with a total payment volume of $22 billion. Moniepoint’s platform enables businesses to automate operations, which is crucial for growth in Africa’s fast-changing economy.

Visa’s investment in Moniepoint aligns with the company’s mission to support Africa’s economic development by promoting access to digital payment infrastructure and resources for small and medium-sized businesses (SMEs). By deepening financial inclusion, Visa seeks to accelerate Moniepoint’s expansion across the continent.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed excitement about the partnership, stating, “Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale. Together, we aim to deepen financial inclusion and enable SMEs to thrive in an increasingly digital economy. We are committed to driving economic growth and widening access to the formal financial system.”

Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, highlighted the transformative potential of Moniepoint, noting, “Moniepoint has built an impressive platform that addresses the needs of Africa’s SMEs. By making financial services more accessible, Moniepoint is transforming how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth.”

Moniepoint’s growth has been exceptional, with revenues increasing by over 150% CAGR in recent years. This success reflects the company’s commitment to enhancing access to financial services and aligning with Visa’s broader mission of enabling individuals and businesses to thrive in the global economy.

The Nigerian Investment Promotion Commission (NIPC) also praised the strategic investment, calling it evidence of Nigeria’s attractiveness to investors due to its favourable business environment.

The NIPC also highlighted Moniepoint as an example of Nigerian excellence in the fintech sector, contributing significantly to the global financial ecosystem.

This partnership between Moniepoint and Visa combines local expertise with global resources, accelerating the digital transformation of African SMEs and fostering financial inclusion and long-term economic growth across the continent.