Visa, a world leader in digital payments, has invested in Nigeria’s Moniepoint, a platform for business payments and banking services.
Moniepoint has secured strategic capital from Visa after raising US$110 million in Series C equity funding late last year, making it the newest “unicorn” in African tech with a valuation of over US$1 billion.
Since launching its Africa Fintech Accelerator in 2023, Visa, a pioneer in global payments, has accelerated 64 businesses in three cohorts. Visa recently provided strategic funding to four startups that participated in the first program in 2023, and the corporation has now made a strategic investment in Moniepoint.
Tosin Eniolorunda and Felix Ike founded Moniepoint, formerly known as TeamApt, in 2015. It is a comprehensive financial ecosystem that provides 10 million consumers and organizations with easy access to banking, credit, payments, and company management tools.
“Visa’s backing is a strong endorsement of our vision to digitize 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. Given that about 83 percent of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa,” said Eniolorunda.
“Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem. We are delighted to join forces with Visa to enhance the digital payment infrastructure, expand financial services, and foster innovation in Africa.”
We are excited to work with Visa to develop financial services, promote innovation in Africa, and improve the digital payment infrastructure.
“Moniepoint has created an impressive platform that directly addresses the needs of Africa’s SMEs, a crucial segment in enabling economic development,” said Andrew Torre, regional president of Central and Eastern Europe, Middle East, and Africa at Visa.
“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation,” Torre said.
The majority of Nigeria’s point of sale (POS) transactions are powered by Moniepoint, the nation’s leading merchant acquirer. Moniepoint operates profitably while processing US$17 billion for customers each month through its subsidiaries.
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