Global payments leader Visa has announced a strategic investment in Moniepoint, one of Nigeria’s most prominent fintech companies. Although specific terms of the deal remain undisclosed, the partnership marks a significant milestone in advancing financial services in Africa.
Moniepoint, established in 2015, initially focused on providing infrastructure and payments technology to financial institutions and banks. Over time, the company has become Nigeria’s largest merchant acquirer, playing a pivotal role in powering Point of Sale (PoS) transactions across the country. In 2023, Moniepoint expanded beyond serving SMEs and ventured into personal banking through its subsidiary, Moniepoint Microfinance Bank.
Currently, the fintech serves approximately 10 million businesses and individual customers, offering access to payments, banking, credit, and business management tools. Moniepoint now processes an impressive $22 billion in transactions monthly, solidifying its reputation as a leader in Nigeria’s business banking ecosystem.
Visa’s investment follows a $110 million Series C funding round, spearheaded by Development Partners International’s African Development Partners III fund and supported by Google’s Africa Investment Fund and Verod Capital.
A Partnership with Potential
The collaboration between Visa and Moniepoint aims to accelerate the adoption of financial services and digital payments across Africa.
Tosin Eniolorunda, CEO of Moniepoint, highlighted the synergy, saying:
“Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.”
Andrew Torre, Visa’s regional president for CEE, the Middle East, and Africa, expressed enthusiasm about the venture:
“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”