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Key Points
- Moniepoint secures Visa backing to advance financial inclusion and boost Africa’s digital payments ecosystem.
- Visa’s support comes after Moniepoint raised $110 million in its Series C round, pushing its valuation beyond $1 billion.
- The partnership aims to empower Africa’s SMEs by improving digital payment access, driving economic opportunities, and supporting underserved communities.
Nearly three months after achieving a $1 billion valuation, Moniepoint Inc., a financial software company founded by Nigerian tech entrepreneur Tosin Eniolorunda, has received a strategic investment from global payments leader Visa Inc.
This investment signals the beginning of a partnership between Visa and Moniepoint, a collaboration that could reshape Africa’s digital payments landscape. Together, the two companies aim to address the financial inclusion challenges faced by millions of small and medium-sized enterprises (SMEs) across the continent.
A collaboration to empower Africa’s SMEs
Visa’s support builds on Moniepoint’s impressive growth, which reached new heights in October 2024 when the company raised $110 million in its Series C funding round, attracting investors like Google and pushing its valuation past $1 billion.
With 83 percent of Africa’s workforce employed in the informal economy, Visa’s investment reflects its commitment to driving financial inclusion and supporting SMEs. By providing better access to digital payments, the collaboration seeks to unlock economic opportunities and create a stronger foundation for underserved communities.
“This partnership aligns perfectly with our mission to empower businesses with robust payment, banking, and credit solutions,” said Tosin Eniolorunda, Moniepoint’s founder and Group CEO. “Visa’s global expertise will help us break down barriers and expand financial access to communities across Africa that need it most.”
Moniepoint is already making an impact, processing more than 1 billion transactions monthly and achieving a total payment volume of over $22 billion. Its collaboration with Visa reinforces confidence in the company’s vision, positioning Moniepoint as a leader in Nigeria’s fintech space.
Moniepoint expands SME reach in Africa
Under Eniolorunda's leadership, Moniepoint has firmly established itself as a key player in Nigeria's fintech sector, equipping entrepreneurs with the necessary tools to grow their businesses. Today, its platform supports over 600,000 businesses of all sizes, making it the largest business payments network in the country.
By combining its innovative approach with the vast resources of Visa, Moniepoint is set to transform the financial landscape for SMEs across Africa, opening up new avenues for growth and financial inclusion in a sector that has long been overlooked.
In 2023, Moniepoint expanded its reach by acquiring Kenyan fintech Kopo Kopo and leading a $3 million investment in Payday, a startup providing Africans with global accounts in USD, EUR, and GBP.
