Investment from global payments leader accelerates Moniepoint’s momentum as Nigeria’s largest SME-focused fintech
Moniepoint Inc. (“Moniepoint”), one of Nigeria’s leading business payments and banking services platforms, has secured investment from Visa, the global leader in digital payments. This investment marks a significant milestone in Visa's efforts to foster the growth of small and medium-sized enterprises across Africa while driving financial inclusion and shaping the future of digital payments.
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Visa makes strategic investment in Moniepoint to accelerate financial inclusion for small and medium-sized enterprises in Africa (Graphic: Business Wire)
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly TeamApt Inc) has established itself as the leading financial platform for Nigeria's vast network of Small and Medium Enterprises (SMEs), with an integrated portfolio of We offer a suite of services. Digital payments, bank accounts, credit and management tools. The platform processes more than 1 billion transactions each month, totaling more than $22 billion in payments, and enables businesses to digitize their operations and thrive in Africa's rapidly evolving economy.
With this investment, Visa supports Moniepoint's mission to empower African businesses and further accelerate growth and expansion across the continent. Moniepoint's profitable and scalable business model, along with its strong operational and financial performance, has established it as a transformative force in Africa's fintech ecosystem.
As Africa's fintech landscape continues to rapidly evolve with a focus on bridging the gap between a dynamic ecosystem and financial inclusion, Visa is at the forefront of that transformation, lending its expertise and resources to Africa's fintech landscape. We have invested in supporting the growth of emerging companies.
Tosin Anyorunda, Founder and Group CEO of Moniepoint Inc., said:
“We are very pleased to announce Visa’s investment in Moniepoint. Visa’s support is a strong endorsement of our vision to digitize and support African businesses at scale. Together, we The tools you need to deepen financial inclusion and help small businesses grow In an increasingly digital economy, we aim to increase access to formal financial systems, given that around 83% of jobs across Africa are in the informal economy. We are very keen to expand access and participation and drive economic growth across Africa.
“With Visa's global payments expertise and Monypoint's proven ability to serve businesses in Africa, this partnership will pave the way for a more inclusive and dynamic financial ecosystem while This is an exciting opportunity to shape the continent's economic future. Together with Visa, we will strengthen digital payments infrastructure, expand financial services and foster innovation in Africa.”
Andrew Torre, Visa President, Central and Eastern Europe, Middle East and Africa, added:
“Moniepoint has built a great platform that directly addresses the needs of Africa’s small and medium-sized enterprises, a critical segment in enabling economic development. We are excited to support their next phase of growth and innovation.”
“Visa’s investment in Monypoint is the latest example of our long-standing commitment to developing Africa’s digital economy. Through our software solutions, we enable even the smallest businesses to grow and become more efficient at the same time.'' ”
Moniepoint has experienced rapid growth since its founding in 2015, with revenue increasing at a CAGR of 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. Together, Moniepoint and Visa aim to accelerate the digital transformation of Africa's small and medium-sized enterprises, fostering financial inclusion and long-term economic prosperity.
Visa is partnered with Development Partners International, Google's Africa Investment Fund, Verod Capital, Literock, QED Investors, Novastar Ventures, British International Investments (BII), FMO (Dutch Entrepreneurial Development Bank), Monypoint is working with other prominent investors, including Global Ventures and Endeavor Catalyst, to advance Monypoint's business. Our mission is to create a society where everyone can experience economic happiness.
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About Manny 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, we power most point-of-sale (POS) transactions in Nigeria. Moniepoint Inc., through its subsidiaries, 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 across 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 inclusive economy uplifts everyone, everywhere, and that access is the foundation of the future of financial mobility. Visit Visa.com for more information.
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Manny Point
Ben Rothschild
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