Moniepoint, the Nigerian fintech unicorn, has secured a strategic investment from the global payments giant Visa. This comes three months after Moniepoint raised $110 million in a Series C funding round that tripled the company’s valuation to hit the billion-dollar mark. This signals increasing interest in Moniepoint which many investors consider a solid company with bright prospects.
Visa’s investment will help Moniepoint expand its services for African businesses. Founded in 2015, Moniepoint provides banking and payment services to small and medium businesses and retail banking. It is one of the market leaders in Nigeria’s agent banking space, with over 300,000 POS agents. The company processed 5.2 billion transactions in 2023.
This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities.
“Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale,” said Tosin Eniolorunda, Founder and Group CEO of Moniepoint. “We aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”
Visa joins other Moniepoint’s investors including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst.
“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development,” Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added.”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.”
