Moniepoint, Nigeria’s fintech unicorn, has announced a strategic partnership with Visa to accelerate its expansion across Africa and offer innovative payment solutions to local businesses. This collaboration follows Moniepoint’s successful $110 million Series C funding round, which tripled the company’s valuation to over $1 billion in October 2024.
In a statement on Thursday, Moniepoint highlighted how the partnership merges its deep understanding of African markets with Visa’s global resources, aiming to drive the digital transformation of African SMEs, enhance financial inclusion, and foster long-term economic growth across the continent.
Moniepoint’s impressive operational and financial track record has positioned it as a leading player in Africa’s fintech ecosystem. Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., shared his excitement about the partnership, saying, “Visa’s backing is a strong endorsement of our vision to digitize 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.”
Eniolorunda also emphasized the importance of widening access to the formal financial system, particularly in Africa where about 83% of employment is within the informal economy. “We are very keen to widen access and participation in the formal financial system and drive economic growth across Africa,” he added.
He went on to say, “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. We are delighted to join forces with Visa to enhance the digital payment infrastructure, expand financial services, and foster innovation in Africa.”
Andrew Torre, Regional President for Central and Eastern Europe, Middle East, and Africa at Visa, praised Moniepoint’s platform for its direct impact on the needs of Africa’s SMEs, which are crucial to economic development. “By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond,” Torre noted.
“We are excited to support their next phase of growth and innovation. 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, open new revenue opportunities, and streamline their operations,” Torre concluded.
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