Nigerian fintech unicorn, Moniepoint, has secured a strategic investment from Visa, a global payment company, to drive its expansion across Africa and empower businesses with innovative payment solutions.
This investment follows the company’s highly successful $110 million series C funding round, which tripled its valuation to over $1 billion in October 2024.
The nine-year-old fintech said in a statement on Thursday that the partnership combines its local expertise and innovative business model with Visa’s global resources and capabilities.
Both firms aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.
The firm cited its strong operational and financial track record as key factors in its position as a leading player in the African fintech ecosystem.
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.
“Given that, about 83 per cent 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 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.”
The Regional President, Central and Eastern Europe, Middle East and Africa at Visa, Andrew Torre, stated that Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.
He said 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. 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.
