Visa Boosts Digital Payments for African SMEs with Strategic Investment in Moniepoint
Moniepoint, a leading business payments and banking services platform based in Nigeria, has recently received a significant investment from Visa, a global leader in digital payment solutions. This strategic funding will bolster Moniepoint’s initiatives to enhance financial services for small and medium-sized enterprises (SMEs) across Africa.
About Moniepoint
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt) has established itself as a comprehensive financial platform dedicated to supporting Nigeria’s vast SME network. The platform offers a variety of services, including:
- Digital payments
- Business bank accounts
- Credit facilities
- Management tools
Impressive Growth and Performance
Moniepoint processes over one billion transactions monthly, with total payment volumes exceeding $22 billion. This remarkable growth has greatly assisted businesses in digitizing their operations, fostering their success in Africa’s dynamic economy.
Investment Details
Although the exact amount of Visa’s investment remains undisclosed, it joins a list of notable investors in Moniepoint, including:
- Development Partners International
- Google’s Africa Investment Fund
- Verod Capital
- Lightrock
- QED Investors
- Novastar Ventures
- British International Investment (BII)
- FMO
- Global Ventures
- Endeavor Catalyst
Future Plans and Financial Inclusion
The recent investment from Visa is aimed at fueling Moniepoint’s expansion throughout Africa and enhancing its financial inclusion initiatives. Tosin Eniolorunda, the founder and CEO, expressed enthusiasm about the partnership, stating:
“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.”
With approximately 83% of employment in Africa occurring in the informal economy, Moniepoint is committed to widening access to the formal financial system, thus driving economic growth across the continent.
Conclusion
This partnership between Moniepoint and Visa represents a significant opportunity to shape the future of economic growth in Africa. By enhancing digital payment infrastructure and fostering innovation, they aim to create a more inclusive and dynamic financial ecosystem.
For more information about digital payments and financial services in Africa, visit Visa’s official website and explore how these advancements can benefit your business.
