by Nigerian fintech unicorn Moniepoint has recently secured a significant strategic investment from Visa, a global leader in digital payments. This partnership marks a pivotal moment for both companies as they aim to enhance financial inclusion and empower small and medium-sized enterprises (SMEs) across Africa.
The announcement came on January 23, 2025, just three months after Moniepoint raised $110 million in a Series C funding round, which tripled its valuation to over $1 billion.
Investment Details
While the exact amount of Visa’s investment has not been publicly disclosed, reports suggest it exceeds $10 million. This influx of capital will bolster Moniepoint’s efforts to expand its suite of services tailored for African businesses.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has quickly established itself as a leading provider of banking and payment solutions in Nigeria. The company currently operates over 300,000 Point of Sale (POS) agents and processed an impressive 5.2 billion transactions in 2023 alone.
Strategic Goals
Moniepoint’s mission aligns closely with Visa’s commitment to advancing financial inclusion across the continent. The partnership aims to leverage Moniepoint’s local expertise and innovative business model alongside Visa’s extensive global resources. “Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale,” Eniolorunda stated.
He emphasized the importance of enabling SMEs to access essential tools and resources needed to thrive in an increasingly digital economy.
Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, echoed this sentiment. “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs,” he remarked.
He added:
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations.”
Torre highlighted that by making financial services more accessible, Moniepoint is transforming how businesses operate not only in Nigeria but also beyond its borders.
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Market Impact
The investment comes at a time when Nigeria’s digital payment landscape is rapidly evolving. With an estimated market size of $400 billion in transactions completed in 2023, digital payments are becoming increasingly vital for businesses across the region. Moniepoint’s platform processes over 1 billion transactions monthly, with total payment volumes exceeding $22 billion. This growth trajectory positions Moniepoint as a transformative force within the African fintech ecosystem.
The partnership with Visa will enable Moniepoint to introduce new features such as contactless payments and enhanced transaction visibility through Visa’s Cybersource system. Additionally, plans are underway to integrate with Visa Direct for remittances and money transfers, further expanding Moniepoint’s reach within and outside Africa.
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Broader Implications
This investment is not just significant for Moniepoint; it also signals a broader trend of increasing interest from global investors in Africa’s fintech sector. Other notable backers of Moniepoint include Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures, and Endeavor Catalyst.
The involvement of these prominent investors underscores the confidence in Moniepoint’s business model and growth potential. As Africa continues to grapple with challenges related to financial inclusion—where approximately 83% of employment occurs within the informal economy—Moniepoint’s initiatives aim to bridge this gap by integrating more businesses into the formal financial system.
Moniepoint’s strategic investment from Visa represents a significant milestone for both companies as they work together to empower African businesses through innovative financial solutions. By combining local insights with global expertise, they aim to drive financial inclusion and economic growth across the continent.
As the fintech landscape continues to evolve rapidly, partnerships like this one are crucial for enabling even the smallest businesses to thrive in an increasingly digital economy. With Visa now joining Moniepoint’s board following this investment, both entities are poised to make substantial strides in transforming Africa’s financial ecosystem for years to come.
