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Visa has announced a strategic investment in Moniepoint, a leading Nigerian fintech company, to advance financial inclusion and support the growth of small and medium-sized enterprises (SMEs) across Africa. This partnership aims to empower African businesses by providing access to essential financial tools and resources.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a premier financial platform for Nigeria’s extensive network of SMEs. The company offers an integrated suite of services, including digital payments, bank accounts, credit, and management tools. Moniepoint processes over 1 billion transactions monthly, with a total payment volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.
Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, emphasized the company’s dedication to supporting digital economies in Africa:
“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”
The collaboration between Visa and Moniepoint will focus on introducing contactless payment solutions, aiming to enhance the efficiency and accessibility of digital transactions for SMEs. This initiative aligns with the global shift towards contactless payments, providing businesses with innovative tools to streamline operations and offer improved services to their customers.
This investment underscores Visa’s commitment to fostering economic growth and financial inclusion across Africa. By partnering with Moniepoint, Visa aims to leverage its global expertise to support the digital transformation of African SMEs, driving innovation and contributing to the continent’s economic development.
Read more on Tech Gist Africa:
LemFi, a Nigerian fintech startup, has raised $53 million in its Series B funding round
Kredete, a Nigerian fintech startup, has secured $2.25 million in seed funding
Waza, a Nigerian B2B payment startup, has secured $8 million in funding
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