Nigeria’s Moniepoint, a business payments and banking services platform, has secured an investment from Visa, a global leader in digital payments.
Founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint is an all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools.
As Nigeria’s largest merchant acquirer, it powers most of the country’s point of sale (POS) transactions. Through its subsidiaries, processes US$17 billion monthly for its customers while operating profitably
Having raised US$110 million in Series C equity funding late last year, making it African tech’s latest “unicorn” with a valuation exceeding US$1 billion, Moniepoint has raised strategic funding from Visa
Global payments leader Visa launched its Africa Fintech Accelerator in 2023, and has so far accelerated 64 startups across three cohorts. Four startups that took part in the first programme in 2023 recently secured strategic funding from Visa, and the company has now made a strategic investment in Moniepoint.
“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,” said Eniolorunda.
“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 in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”
Andrew Torre, regional president of Central and Eastern Europe, Middle East and Africa at Visa, said Moniepoint had built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.
“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,” he said.
“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.”
