Visa, a multinational payment corporation, has made a strategic investment in Nigerian fintech unicorn Moniepoint to support its growth across Africa and provide businesses with cutting-edge payment solutions.
The business’s highly successful $110 million series C capital round, which increased its valuation to over $1 billion in October 2024, preceded this investment.
In a statement released on Thursday, the nine-year-old fintech said the relationship combines Visa’s worldwide resources and capabilities with its creative business strategy and local knowledge.
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By accelerating African SMEs’ digital transformation, both companies want to promote financial inclusion and sustained economic growth.
The company attributed its status as a major participant in the African fintech industry to its solid operational and financial history.
Mission to digitise and support African businesses
Founder and Group CEO of Moniepoint Inc., Tosin Eniolorunda, said, “Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale.”
“Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy,” he adds.
“Given that, about 83 percent of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa,” he emphasised.
He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.”
“We are delighted to join forces with Visa to enhance the digital payment infrastructure, expand financial services, and foster innovation in Africa,” he concluded.
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Commitment to advance digital economies in Africa
Andrew Torre, Visa’s Regional President for Central and Eastern Europe, Middle East, and Africa, said that Moniepoint has created a remarkable platform that directly meets the needs of SMEs in Africa, a crucial sector for promoting economic growth.
He claimed that Moniepoint is contributing to a revolution in company operations in Nigeria and abroad by increasing the efficiency and accessibility of digital payments and financial services.
He said, “We are excited to support their next phase of growth and innovation. Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa.”
“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,” Torre noted.