Global payments leader Visa has made a strategic investment in Moniepoint, Nigeria’s leading fintech unicorn. This milestone comes just three months after Moniepoint’s $110 million Series C funding round, which propelled its valuation past the billion-dollar mark. The investment signals growing global interest in Moniepoint, widely regarded as a transformative force in African financial services.
Moniepoint, founded in 2015, provides critical banking and payment solutions tailored for small and medium-sized businesses (SMEs). With over 300,000 agent banking locations and a record-breaking 5.2 billion transactions processed in 2023, the company has cemented its position as a leader in Nigeria’s financial sector.
The partnership between Visa and Moniepoint promises to unlock new opportunities for African businesses by combining Moniepoint’s innovative local expertise with Visa’s global reach and resources.
“We’re thrilled to have Visa’s backing as we work toward our mission of driving financial inclusion for African businesses at scale,” said Tosin Eniolorunda, Founder and Group CEO of Moniepoint. “This partnership will help us empower SMEs with the tools they need to thrive in today’s digital economy.”
Visa’s involvement adds to an impressive roster of Moniepoint investors, including Google’s Africa Investment Fund, Development Partners International, Verod Capital, Lightrock, QED Investors, and British International Investment (BII).
Andrew Torre, Visa’s Regional President for Central and Eastern Europe, Middle East, and Africa, emphasized the importance of the collaboration:
“Moniepoint is addressing a critical need for SMEs in Africa, a vital engine of economic growth. By simplifying access to digital payments and financial services, Moniepoint is transforming how businesses operate. We’re excited to support their journey as they scale and innovate further.”
This investment also solidifies Visa’s strategic footprint in Nigeria’s fintech landscape. The payments giant now holds stakes in the country’s three unicorns—Interswitch, Flutterwave, and Moniepoint. Visa’s past investments in Nigeria include its role in Interswitch achieving unicorn status in 2019, Flutterwave’s Series B in 2020, and Paystack’s Series A in 2018.
With Moniepoint’s momentum and Visa’s endorsement, the collaboration is poised to drive significant advancements in financial inclusion and innovation across the African continent.