Moniepoint Inc., a leading Nigerian business payments and banking services platform, has secured investment from Visa, a global digital payments leader. This collaboration underscores Visa’s commitment to fostering financial inclusion and supporting the growth of small and medium-sized enterprises (SMEs) across Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has become a crucial financial platform for SMEs, offering digital payments, bank accounts, credit, and management tools. The platform processes over 1 billion transactions monthly, with payment volumes exceeding $22 billion, empowering businesses to thrive in Africa’s evolving economy.
Visa’s investment will accelerate Moniepoint’s mission to digitize African businesses, providing tools and resources to drive economic growth. With its profitable and scalable model, Moniepoint continues to transform the African fintech landscape, addressing financial inclusion challenges and enabling SMEs to integrate into the formal economy.
This partnership combines Moniepoint’s innovative local approach with Visa’s global expertise to reshape Africa’s financial ecosystem, paving the way for a more inclusive and dynamic digital economy. Both organizations aim to enhance payment infrastructure, expand access to financial services, and support SME innovation across the continent.
Moniepoint’s impressive growth, marked by a 150% annual increase in revenue, aligns with Visa’s goal of empowering individuals and businesses to thrive. This collaboration further strengthens efforts to enable SMEs to scale, unlock new revenue streams, and streamline operations for sustainable economic prosperity in Africa.
