London – (Business Wire) – January 23, 2025 –
Moniepoint Inc. (“Moniepoint”), one of Nigeria’s leading business payments and banking services platforms, has secured investment from Visa, a global leader in digital payments. This investment is a key milestone in Visa's commitment to advancing financial inclusion and shaping the future of digital payments, while fostering the growth of small and medium-sized enterprises across Africa.
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Visa makes strategic investment in MoniePoint to accelerate financial inclusion for small and medium-sized businesses in Africa (Graphic: Business Wire)
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as Teamapt Inc) serves as the leading financial platform for a vast network of large and medium-sized businesses (SMEs) in Nigeria. We are proud to offer an integrated service offering, including an integrated suite of services. Digital payments, bank accounts, credit, and management tools. The platform processes over 1 billion transactions every month with a total payment volume of over $22 billion, enabling businesses to digitize their operations and thrive in Africa's rapidly evolving economies.
With this investment, Visa supports Monypoint's mission to empower African businesses, further accelerating growth and expansion across the continent. Moniepoint's profitable and scalable business model, along with its strong operational and financial track record, has positioned it as a transformative force in Africa's fintech ecosystem.
As Africa's fintech landscape continues to rapidly evolve with a focus on dynamic ecosystems and bridging the financial inclusion gap, Visa is at the forefront of this transformation, lending its expertise and resources to Africa's fintech landscape. We made it work to help tech startups grow.
Tosin Eniolunda, Founder and Group CEO of Moniepoint Inc., said:
“We are excited to announce Visa’s investment in Monypoint. Visa's support is a strong endorsement of our vision to digitize and support large African businesses. Together, we will deepen financial inclusion and help small and medium-sized enterprises increasingly thrive in the digital economy. We aim to give people access to the tools and resources they need to access and participate in the formal financial system, given that approximately 83% of employment across Africa is in the informal economy. We are very keen to expand and foster economic growth across Africa.
“Visa’s expertise in global payments and Moniepoint’s proven ability to serve businesses in Africa make this partnership possible, even as it paves the way for a more inclusive and dynamic financial ecosystem across the continent.” We are pleased to join forces with Visa to strengthen digital payments infrastructure, expand financial services, and foster innovation in Africa.”
Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa Visas Africa added.
“Monypoint has built an impressive platform that directly addresses the needs of Africa’s small and medium-sized enterprises, a critical segment in enabling economic development. Making financial services and digital payments more accessible and efficient. By doing so, MoniePoint will help transform the way businesses operate in Nigeria and beyond. We look forward to supporting their next phase of growth and innovation.”
“Visa’s investment in Moniepoint is the latest example of its long-standing commitment to fostering the digital economy in Africa. We enable you to succeed through innovative payment and software solutions.
Moniepoint has experienced exponential growth since its founding in 2015, with revenue increasing by over 150% in recent years. The company's efforts to expand access to financial services are closely aligned with Visa's mission to enable individuals and businesses to thrive in the global economy.
This partnership combines MoniePoint's local expertise and innovative business model with Visa's global resources and capabilities. Moniepoint and Visa aim to accelerate the digital transformation of Africa's small and medium-sized enterprises, fostering economic inclusion and long-term economic prosperity.
Visa joins other notable partners including Development Partners International, Google's Africa Investment Fund, Verod Capital, Lightrock, QED Investors, NovaStar Ventures, British International Investures (BII), FMO (Dutch Entrepreneurial Development Bank), Global Ventures and Endeavor Catalyst. Participating investors. A mission to create a society where everyone experiences economic well-being.
Note to editor
About Mony Point
Moniepoint Inc. is Africa's all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit and business management tools since 2019. As Nigeria's largest merchant acquirer, it drives the majority of the country's Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. profitably processes $22 billion for its customers each month. For more information, please visit https://moniepoint.com/.
About visa
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government agencies in more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that an economy that includes everyone everywhere uplifts everyone everywhere and sees access as fundamental to the future of money movement. Learn more at Visa.com.
View source version at businesswire.com: https://www.businesswire.com/news/home/20250122851716/en/
Contact: Mony Point
Ben Rothschild
moniepoint@thoburns.com
+44(0)7564 584 439visa
Lesego Charlie
lcharlie@visa.com
Keywords: Africa Europe UK Nigeria
Industry Keywords: Software Payment Finance Data Management Small Business Professional Services Technology Fintech
Source: Moniepoint Inc.
Copyright Business Wire 2025.
Pub: 01/23/2025 07:10 am/disc: 01/23/2025 07:10 am
http://www.businesswire.com/news/home/20250122851716/en
