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Visa makes strategic investment in Moniepoint

January 23, 2025

Visa makes strategic investment in Moniepoint to drive financial inclusion and foster the growth of small and medium-sized enterprises (SMEs) throughout Africa.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved into a comprehensive financial platform, offering services such as digital payments, banking accounts, credit facilities, and business management tools. The company processes over 1 billion transactions monthly, with a total payment volume exceeding $22 billion.

This investment from Visa follows Moniepoint’s recent $110 million Series C funding round in October 2024, which included contributions from Google’s Africa Investment Fund, Development Partners International, Verod Capital, and Lightrock. The infusion of capital elevated Moniepoint’s valuation to over $1 billion, granting it “unicorn” status.

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Visa’s involvement underscores its commitment to advancing digital economies in Africa. Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, stated, “We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities while streamlining their operations.”

A key focus of the partnership is the development of contactless payment solutions. With the Central Bank of Nigeria’s recent guidelines promoting contactless transactions, Moniepoint and Visa plan to introduce contactless-enabled payment terminals and chip cards to facilitate seamless transactions for businesses and consumers.

This collaboration not only strengthens Moniepoint’s position in Nigeria but also sets the stage for its expansion into other African markets. By leveraging Visa’s global expertise and Moniepoint’s local insights, the partnership aims to drive financial inclusion and economic growth across the continent.

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