📰 Visa Invests in Nigerian Fintech Unicorn Moniepoint
Global payments leader partners with Moniepoint to drive digital transformation, boost financial inclusion, and empower African SMEs.
Visa V 0.00%↑ has invested in Moniepoint, a Nigerian fintech unicorn that provides banking and payment solutions for small and medium-sized enterprises (SMEs). The deal underlines Moniepoint’s position as a leader in Africa’s fintech sector and Visa’s commitment to advancing financial inclusion on the continent.
Moniepoint, founded in 2015, offers SMEs a range of services, including digital payments, business banking, credit, and management tools. The company processes over 1 billion transactions each month, with a total payment volume exceeding $22 billion annually.
This investment marks another step in Visa’s strategy to support Africa’s digital economy. Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, noted that Moniepoint is transforming how African businesses operate by providing accessible financial tools tailored to their needs.
Moniepoint’s CEO, Tosin Eniolorunda, called Visa’s support a validation of the company’s mission. “We’re focused on bringing African SMEs into the formal financial system and providing them with tools to thrive in a digital-first economy,” Eniolorunda said.
The partnership comes at a time when Africa’s fintech industry is seeing rapid growth, driven by increased demand for digital services. Moniepoint, already a major player in Nigeria, aims to expand further across the continent with Visa’s backing.
Visa’s investment in Moniepoint adds to its portfolio of African fintech collaborations, including stakes in Interswitch and Flutterwave. The move highlights the global payments giant’s long-term interest in fostering innovation and financial inclusion across Africa.
Source: BusinessWire, Techcabal
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