Moniepoint Inc., Nigeria’s leading business payments and banking platform, has secured a significant investment from Visa, a global leader in digital payments. This strategic partnership underscores Visa’s commitment to fostering financial inclusion, driving the growth of digital payments, and supporting small and medium-sized enterprises (SMEs) across Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc. (formerly TeamApt Inc.) has established itself as a cornerstone of financial empowerment for Nigerian SMEs. The platform offers a suite of services, including digital payment solutions, banking tools, credit access, and business management resources. With over one billion transactions processed monthly and a total payment volume exceeding $22 billion, Moniepoint is enabling businesses to thrive in Africa’s rapidly evolving economic landscape.
Visa’s investment highlights its confidence in Moniepoint’s scalable and sustainable business model and its operational excellence. This collaboration is set to fuel Moniepoint’s expansion across the continent, further solidifying its position as an innovator in Africa’s dynamic fintech ecosystem.
Africa’s fintech sector is undergoing transformative growth, driven by a vibrant entrepreneurial ecosystem and initiatives to bridge the financial inclusion gap. Visa has been at the forefront of this evolution, leveraging its expertise and resources to empower fintech startups and build resilient digital economies across the region.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his enthusiasm for the partnership: “Visa’s support validates our mission to digitize and empower African businesses at scale. Together, we aim to enhance financial inclusion by equipping SMEs with the tools they need to succeed in an increasingly digital world. With 83% of employment in Africa rooted in the informal sector, we are committed to expanding access to formal financial systems and driving economic growth across the continent.”
This collaboration brings together Visa’s global expertise and Moniepoint’s local insights to create a powerful force for advancing Africa’s economic future. The partnership will strengthen digital payment infrastructure, broaden financial service access, and catalyze innovation, enabling SMEs to unlock new revenue streams and optimize their operations.
Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, remarked, “Moniepoint has built an impressive platform that addresses the needs of Africa’s SMEs, a critical sector for economic growth. By expanding access to financial services and digital payments, Moniepoint is transforming business operations in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”
Since its inception, Moniepoint has demonstrated exceptional growth, achieving over 150% compound annual revenue growth in recent years. Its mission to democratize access to financial services aligns seamlessly with Visa’s vision of empowering individuals and businesses to succeed in the global economy.
Visa’s investment joins a distinguished roster of backers, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment, FMO (the Dutch entrepreneurial development bank), Global Ventures, and Endeavor Catalyst. Together, these partnerships are paving the way for Moniepoint to build a future where financial happiness is accessible to all.
By combining Moniepoint’s innovative approach with Visa’s global reach, the partnership aims to accelerate the digital transformation of African SMEs, fostering financial inclusion and promoting sustainable economic growth across the continent.
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