Visa’s significant investment in Moniepoint, a Nigerian fintech unicorn, has been described as a move which will solidify the payments provider’s presence in Africa, and further boom the financial technology space. The investment comes just three months after Moniepoint’s $110 million Series C funding round, which has propelled its valuation beyond $1 billion.
Moniepoint, founded in 2015, is a leading player in Nigeria’s agent banking sector. The company processes billions of transactions annually and serves over 300,000 businesses through its payment and banking solutions.
With Visa’s support, Moniepoint aims to deepen financial inclusion by providing more tools for small and medium-sized enterprises (SMEs) across Africa to thrive in the digital economy.
Tosin Eniolorunda, Moniepoint’s CEO, expressed optimism about the partnership: “Visa’s backing is a strong endorsement of our mission to support African businesses. Together, we’ll drive innovation and expand access to financial services.” This move also aligns with Visa’s broader strategy in Africa.
The global payment giant which has previously invested in other Nigerian unicorns like Interswitch and Flutterwave, said the investment showcased its commitment to the region’s fintech growth.
Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, highlighted the potential impact of the partnership. “Moniepoint addresses the needs of Africa’s SMEs, a critical segment for economic development. We are excited to support their next phase of growth and innovation,” he said.
The global payments giant also participated in the Series A funding round of Paystack, the Stripe-owned Nigerian fintech, in 2018.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.
With this collaboration, Moniepoint is set to expand its services and cement its position as a leader in African fintech, while Visa strengthens its footprint in one of the world’s fastest-growing financial markets.
Philips Babatunde