Moniepoint Inc., a prominent business payments and banking services platform in Nigeria, has received an investment from Visa, a global leader in digital payments. This partnership highlights Visa’s dedication to promoting financial inclusion, driving the evolution of digital payments, and supporting the growth of small and medium-sized enterprises (SMEs) across Africa.
Established in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc. (formerly TeamApt Inc.) has become Nigeria’s premier financial platform for small and medium-sized enterprises (SMEs). It provides a comprehensive range of services, such as digital payments, banking solutions, credit access, and management tools. With over 1 billion transactions processed monthly and a total payment volume surpassing $22 billion, the platform empowers businesses to embrace digital transformation and succeed in Africa’s fast-changing economic landscape.
This investment underscores Visa’s support for Moniepoint’s mission to empower businesses across Africa, fueling its growth and expansion throughout the continent. Moniepoint’s sustainable and scalable business model, combined with its solid operational and financial performance, has established it as a key innovator within Africa’s fintech landscape.
With Africa’s fintech sector undergoing rapid transformation, fueled by a vibrant ecosystem and efforts to close the financial inclusion gap, Visa has played a leading role in this evolution. Leveraging its expertise and resources, Visa actively supports the growth of fintech startups across the continent.
Tosin Eniolorunda, the Founder and Group CEO of Moniepoint Inc., expressed excitement about Visa’s investment, stating, “Visa’s support is a significant validation of our mission to digitize and empower African businesses on a large scale. Our collaboration aims to enhance financial inclusion by providing SMEs with the tools and resources necessary to succeed in an increasingly digital world. With approximately 83% of employment in Africa rooted in the informal sector, we are committed to expanding access to the formal financial system and fostering economic growth across the continent.”
Visa’s global payments expertise combined with Moniepoint’s track record of supporting African businesses creates a unique opportunity to shape the continent’s economic future. Together, we aim to build a more inclusive and dynamic financial ecosystem. We are excited to partner with Visa to strengthen digital payment infrastructure, broaden access to financial services, and drive innovation across Africa.
Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, stated, “Moniepoint has developed an impressive platform that meets the needs of Africa’s SMEs, a vital sector for driving economic growth. By enhancing access to financial services and digital payments, Moniepoint is transforming the way businesses operate in Nigeria and beyond. We are thrilled to support their next phase of growth and innovation.”
Visa’s investment in Moniepoint is another testament to our ongoing dedication to advancing digital economies in Africa. We are focused on empowering even the smallest businesses to succeed by providing innovative payment and software solutions that enable SMEs to scale, unlock new revenue streams, and optimize their operations.
Since its inception in 2015, Moniepoint has seen remarkable growth, with revenues rising by more than 150% CAGR in recent years. The company’s initiatives to broaden access to financial services align seamlessly with Visa’s mission to empower individuals and businesses to succeed in the global economy.
This partnership brings together Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. By joining forces, Moniepoint and Visa seek to accelerate the digital transformation of African SMEs, promoting financial inclusion and fostering long-term economic growth.
Visa joins a distinguished group of investors, including Development Partners International , Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures, and Endeavor Catalyst, in supporting Moniepoint’s mission to build a society where financial happiness is accessible to all.