Visa has made a strategic investment in Nigerian fintech giant Moniepoint, less than three months after the startup secured $110 million in a Series C round led by Development Partners International. While the funding amount was not disclosed, TechCrunch reports Visa’s investment exceeds $10 million. Moniepoint CEO Tosin Eniolorunda confirmed that the startup is also in talks with additional investors to raise more funds.
Moniepoint provides digital payment services, bank accounts, and forex solutions for individuals and businesses in Nigeria. The fintech processes over 1 billion transactions monthly, amounting to over $22 billion. Visa’s backing reflects confidence in Moniepoint’s vision to empower African businesses and drive financial inclusion.
“Visa’s endorsement strengthens our mission to digitize African businesses and enable SMEs to thrive in the digital economy,” said Tosin Eniolorunda.
The partnership comes as Visa increases its investment efforts in Africa through its Visa Africa Fintech Accelerator. To date, Visa has supported over 40 startups, including Workpay, Kredete, OkHi, and Nearpays, alongside established fintech leaders like Paystack, Flutterwave, and Interswitch.
Andrew Torre, Regional President for Central and Eastern Europe, Middle East, and Africa at Visa, noted, “We are committed to driving Africa’s digital economy. With Moniepoint, we aim to deliver innovative payment solutions for SMEs, creating new revenue streams and enabling business growth.”
As part of the collaboration, Moniepoint and Visa will advance contactless payment solutions in Nigeria, in line with the Central Bank of Nigeria’s 2023 guidelines. Visa will also join Moniepoint’s board to further align strategies.
This investment underscores Visa’s ambition to solidify its presence in Africa’s fintech sector while fostering innovation in digital payments for Nigerian businesses
READ MORE:
How Nigerian Telcos Are Leveraging Data Centres to Combat Financial Losses
KCB Bank and Mastercard debut Kenya’s first multi-currency prepaid card
How Trump’s Return to the White House Could Reshape Africa’s Startup Ecosystem
