Visa Invests in Nigerian Fintech Unicorn Moniepoint

 

 

Moniepoint, one of Nigeria’s leading fintech companies, has secured a strategic investment from Visa, the global payments giant. This announcement comes three months after Moniepoint’s Series C funding round, which raised $110 million and tripled its valuation to over $1 billion, solidifying its unicorn status. Visa’s investment underscores the growing interest in Moniepoint’s innovative financial solutions and its potential to drive economic growth in Africa.


Expanding Moniepoint’s Reach

Founded in 2015, Moniepoint is a key player in Nigeria’s fintech ecosystem, providing banking and payment services tailored for small and medium businesses (SMEs) and retail customers. With over 300,000 POS agents and a robust infrastructure, Moniepoint processed 5.2 billion transactions in 2023, demonstrating its critical role in Nigeria’s payment landscape.

Visa’s backing will enable Moniepoint to expand its services across Africa and deepen its efforts to support SMEs. According to Tosin Eniolorunda, Founder and Group CEO of Moniepoint:

“Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. We aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”


A Strategic Partnership

This partnership leverages Moniepoint’s deep understanding of local markets and Visa’s global resources and expertise. It’s a win-win collaboration aimed at:

  • Enhancing financial inclusion by providing SMEs with affordable banking and payment solutions.
  • Driving digital payments adoption across Nigeria and other African markets.
  • Scaling innovation by integrating Visa’s advanced technologies with Moniepoint’s growing platform.

Andrew Torre, Visa’s Regional President for Central and Eastern Europe, Middle East, and Africa, commented:

“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. We are excited to support their next phase of growth and innovation.”


Visa’s History of Supporting Nigerian Unicorns

Visa’s investment in Moniepoint makes it a key backer of all three Nigerian-founded fintech unicorns:

  1. Interswitch: Visa’s minority stake in 2019 helped Interswitch achieve unicorn status.
  2. Flutterwave: Visa participated in Flutterwave’s $35 million Series B round in 2020.
  3. Moniepoint: Now joining this elite group with Visa’s strategic investment.

Visa has also previously invested in other promising Nigerian fintechs, such as Paystack, participating in its Series A funding round in 2018 before its acquisition by Stripe.


Moniepoint’s Growing Investor Base

Visa joins an impressive list of Moniepoint’s existing investors, which includes:

  • Development Partners International
  • Google’s Africa Investment Fund
  • Verod Capital
  • Lightrock
  • QED Investors
  • Novastar Ventures
  • British International Investment (BII)
  • FMO (Dutch Entrepreneurial Development Bank)
  • Global Ventures
  • Endeavor Catalyst

Looking Ahead: Moniepoint’s Vision

Moniepoint’s partnership with Visa will drive its expansion across Africa and Asia, as the company continues to target SMEs—the backbone of economic development in emerging markets. By providing affordable, accessible, and innovative financial solutions, Moniepoint is positioned to:

  • Accelerate financial inclusion in underserved markets.
  • Enable SMEs to thrive in the digital economy.
  • Lead the transformation of payments infrastructure across the continent.

This strategic investment underscores Visa’s confidence in Moniepoint’s ability to deliver long-term value and impact, making it a key player in shaping Africa’s fintech future.

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