Moniepoint, a Nigeria-based business payments and banking services platform, has secured an investment from Visa, a global leader in digital payments.
The funding, the exact amount of which has not been disclosed, brings Visa alongside a group 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, and Endeavor Catalyst.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint, formerly known as TeamApt, provides a comprehensive financial platform designed to support Nigeria’s extensive SME network. The company offers a suite of services, including digital payments, business bank accounts, credit facilities, and management tools.
Moniepoint processes over one billion transactions monthly, with total payments volume surpassing $22bn, helping businesses digitise their operations and thrive in Africa’s dynamic economy.
The latest investment from Visa aims to fuel Moniepoint’s expansion across Africa and enhance its financial inclusion initiatives.
Moniepoint has demonstrated robust financial performance, with revenues growing at over 150% CAGR in recent years.
Tosin Eniolorunda, founder and group CEO of Moniepoint, said, “We are thrilled to announce Visa’s investment in Moniepoint. 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. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.
“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. We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”
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