breaking newsJanuary 23, 2025 8:39 PM UTC
TLDR
Visa has made a strategic investment in Nigerian fintech Monypoint to support the development of Africa's digital economy Monypoint declined to disclose the size of Visa's investment, but sources say The investment, which suggests it exceeds $10 million, will allow Monypoint to expand its footprint and introduce innovations such as contactless payments.
Visa has made a strategic investment in Nigerian fintech company Moniepoint to support the development of Africa's digital economy. Moniepoint declined to disclose the size of Visa's investment, but sources said it will be more than $10 million and will be added to the fintech's $120 million Series C funding.
Moniepoint processes more than 1 billion transactions per month, valued at $22 billion, and plays a key role in Nigeria's growing digital payments ecosystem. Its services span bank accounts, credit, business and personal payment solutions, and leverage its vast agent network.
This investment will enable Moniepoint to expand its footprint and introduce innovations such as contactless payments, which is a priority of the Central Bank of Nigeria. Moniepoint also plans to integrate Visa Direct into remittances and explore new markets across Africa and beyond.
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Important points
Nigeria's $400 billion digital payments market offers lucrative opportunities. Visa's investment in MonyPoint highlights the growth potential of fintech in merchant acquisition, consumer banking, and the untapped areas of contactless payments. The collaboration between Moniepoint and Visa will facilitate access to tools such as card issuance, tap-to-pay terminals and cyber sources, positioning fintechs to lead Nigeria's payments transition. For Visa, the deal is an opportunity to expand its share in a market currently dominated by Verve and Mastercard. Established companies such as Flutterwave and Paystack are also supported by Visa, and this investment strengthens the company's strategy to digitize Africa's economy while capitalizing on the rapid adoption of cashless solutions. MonyPoint's next steps, including market expansion and leveraging Visa's global network, will be critical to its success.
