Nigerian fintech giant Moniepoint has announced a strategic investment from global payment leader Visa to accelerate its expansion across Africa and empower businesses with cutting-edge payment solutions.
This partnership comes on the heels of Moniepoint’s remarkable $110 million Series C funding round in October 2024, which tripled its valuation to over $1 billion. The nine-year-old company revealed in a statement to The PUNCH on Thursday that the collaboration combines its deep local expertise with Visa’s global resources to fast-track the digital transformation of African small and medium enterprises (SMEs).
Moniepoint highlighted its robust operational and financial performance as pivotal to its leadership position in Africa’s fintech space. Both companies share a vision to promote financial inclusion and foster long-term economic prosperity across the continent.
Speaking on the partnership, Moniepoint’s Founder and Group CEO, Tosin Eniolorunda, said, “Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”
Eniolorunda emphasized the significance of targeting Africa’s informal economy, which accounts for 83% of employment on the continent. “We are very keen to widen access and participation in the formal financial system and drive economic growth across Africa,” he added.
He further stated, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity to shape the continent’s economic future. We are delighted to join forces with Visa to enhance digital payment infrastructure, expand financial services, and foster innovation in Africa.”
Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, praised Moniepoint’s role in addressing the unique needs of African SMEs.
“Moniepoint has built an impressive platform that directly supports SMEs, a critical segment for driving economic development,” Torre said. “By making financial services and digital payments more accessible and efficient, Moniepoint is transforming how businesses operate in Nigeria and beyond.”
Torre reiterated Visa’s commitment to advancing digital economies in Africa. “We are excited to support Moniepoint’s next phase of growth and innovation. Through this partnership, we aim to empower even the smallest businesses with innovative payment and software solutions, enabling them to scale, streamline operations, and unlock new revenue opportunities,” he concluded.
This partnership is expected to strengthen Moniepoint’s role in Africa’s financial ecosystem while paving the way for greater financial inclusion and economic growth across the continent.
