Visa has taken a significant step into the Nigerian fintech market with a strategic investment in Moniepoint, a prominent business banking and payment solutions provider. While the financial details of the investment remain undisclosed, this partnership highlights Moniepoint’s growing influence in the African fintech landscape.
Founded in 2015, Moniepoint initially focused on offering infrastructure and payment technology solutions to banks and financial institutions. Over time, it evolved into Nigeria’s leading business banking provider and became the largest merchant acquirer in the country. The company now facilitates the majority of Nigeria’s Point of Sale (POS) transactions. In 2023, Moniepoint diversified its offerings by entering the personal banking market through its subsidiary, Moniepoint Microfinance Bank.
Moniepoint serves approximately 10 million businesses and individual customers, enabling access to payments, banking, credit, and business management tools. The company processes an impressive $22 billion in transactions monthly, showcasing its pivotal role in Nigeria’s financial ecosystem.
Visa’s investment follows Moniepoint’s $110 million Series C funding round in 2023, led by Development Partners International’s African Development Partners III fund. The round also included participation from Google’s Africa Investment Fund and African VC firm Verod Capital.
Tosin Eniolorunda, CEO of Moniepoint, expressed enthusiasm for the partnership, stating, “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.”
Andrew Torre, Visa’s regional president for CEE, Middle East, and Africa, praised Moniepoint’s impact: “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.”
This collaboration between Visa and Moniepoint is set to further drive financial inclusion and enhance digital payment accessibility across Nigeria and the broader African continent.
