Visa has made a strategic investment in Nigerian fintech giant Moniepoint, although the terms of the deal have not been disclosed.
Founded in 2015, Moniepoint initially concentrated on providing infrastructure and payment technology for banks and financial institutions. Over the years, it has evolved into Nigeria’s leading business banking provider and is now the country’s largest merchant acquirer, handling the majority of Point of Sale transactions. In 2023, the company expanded beyond small and medium-sized enterprises (SMEs) and entered the personal banking sector through its subsidiary, Moniepoint Microfinance Bank.
Moniepoint now serves approximately 10 million businesses and individuals, offering access to payments, banking, credit, and business management tools while processing around $22 billion in transactions each month.
This investment from Visa follows a recent $110 million Series C funding round led by Development Partners International’s African Development Partners III fund, with participation from Google’s Africa Investment Fund and African VC Verod Capital.
Tosin Eniolorunda, CEO of Moniepoint, expressed enthusiasm about the collaboration, stating, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses create an exciting opportunity to shape the continent’s economic future and foster a more inclusive and dynamic financial ecosystem.”
Andrew Torre, regional president for Central and Eastern Europe, the Middle East, and Africa at Visa, added, “By making financial services and digital payments more accessible and efficient, Moniepoint is transforming how businesses operate in Nigeria and beyond. We are thrilled to support their next phase of growth and innovation.”