VISA has joined the African FinTech Monie Point as a new investor. Business Banking and Payment Platform are confirmed by Techniccrunch that both companies are promoting financial envelopes and trying to support the growth of small and medium -sized enterprises (SME) throughout Africa. I did.
According to sources close to transactions, Fintech, which announced $ 110 million in October last year, received more than $ 10 million from VISA. Fintech, now Series C, is currently over $ 120 million, is in consultation with other investors and is reportedly likely to attract more money in the next few months. The Mony Point has refused to comment on VISA's checks or interests from other investors.
Moniepoint will provide bank accounts, credit, payment, and other financial tools to companies and individuals through the network of apps and agents. FinTech has now processed more than 1 billion transactions each month, with total payments of $ 22 billion. This is more than 25 % in less than three months. The rapid rise began in early 2023 with a cacheless drive of the Central Bank of Nigeria, steadily, and positioned it as an important player to form a national digital payment.
There are only a small part of the total market. Nigeria's digital settlement markets have overturned several channels, including electronic transfer, ATM, POS device, mobile agents, and web payments. In 2023, companies and consumers completed a transaction worth about $ 400 billion, according to the switching between national banks. According to Stears data, electronic transfer with an instant settlement network NIP comparable to India's UPI and Brazil pixes dominates the market and accounts for nearly 90 % of these transactions. Other channels such as mobile agents, ATMs, and POS systems are far behind.
Moniepoint works on most of these channels, but the investment of VISA emphasizes the position and possibility of Fintech in the Nigeria card chain as both major issuer and acquirer.
“We are attending Nigeria today and leading the acquisition of merchants and leading consumer bank charts,” said CEO's Tosin ENIOLORUNDA (the above photos, left, co -founder Felix IKE) told TechCrunch. Ta. “VISA is an investor, and we can continue to expand our payment ecosystem and expand to more countries. This is an important goal for us.”
According to ENIOLORUNDA, one way for the two companies to consider “expanding the payment ecosystem” is to introduce non -contact payments. “Central banks indicate the need to improve accessibility and promote non -contact services to implement microtransactions, so they are what we expect from partnerships, which is the right progress. “
The story will continue
