Visa is betting on Nigerian fintech Manny Point Growth of small and medium-sized businesses (SMBs) in Africa will accelerate.
The global payments giant has hired the company to drive financial inclusion, shape the future of digital payments and foster the growth of small and medium-sized enterprises across the continent, according to Thursday (January 23). He said he had invested. press release. specific financial terms; not disclosed.
“Visa’s investment in Monypoint is the latest example of our long-standing commitment to developing the digital economy in Africa.” Andrew Torresaid Visa's regional president for Central and Eastern Europe, the Middle East and Africa in a release. “We enable even the smallest businesses to grow through innovative payments and software solutions that streamline operations while allowing them to scale up and unlock new revenue opportunities.”
Mony Point (old) known as team apt) was founded in 2015. Toshin Anyorunda and Felix Ike Expand access to financial services For small and medium-sized businesses In Nigeria. The company's platform offers “an integrated suite of services including digital payments, banking, credit and management tools,” according to the release. The partnership with Visa will expand the company's footprint beyond Nigeria's borders.
Eniolorunda said in the release that Moniepoint and Visa aim to help small businesses thrive in Africa's increasingly digital economy by providing them with access to the tools and resources they need. said.
“Given that around 83% of jobs across Africa are in the informal economy, we are very keen to expand access and participation in formal financial systems and drive economic growth across Africa. ,” he said in a release.
Moniepoint processes over 1 billion transactions every monthand that Total payments exceed $22 billion. The company's revenue has increased more than 150% “in recent years,” the release said.
Other investors in Moniepoint include: Development Partners International, google's africa investment fund, Velod capital, light rock, QED investors, Novastar Ventures, UK international investment, FMO (Dutch Entrepreneurial Development Bank), global ventures and endeavor catalystaccording to the release.
When it's Manny Point rebranded In January 2023, the company announced that it would move its headquarters from Lagos to London as it looks to move to the next stage.
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