Visa has made a strategic investment in Moniepoint, a Nigerian fintech company. This comes just three months after Moniepoint’s $110 million Series C funding round.
The exact amount of Visa’s investment remains undisclosed. However, TechCrunch reports it exceeds $10 million. Moniepoint is also in discussions to raise additional funds.
“Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale,” said Tosin Eniolorunda, Moniepoint’s CEO. “Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”
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Visa’s Commitment to African Fintech Growth
Visa has increased its financial involvement in African fintech. It has invested in startups like Paystack, Interswitch, and Flutterwave. The company also supports over 40 startups through its Visa Africa Fintech Accelerator.
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa,” said Andrew Torre, Visa’s Regional President for Central and Eastern Europe, Middle East, and Africa. “We will enable even the smallest businesses to thrive through innovative payment and software solutions.”
Moniepoint helps businesses and individuals with digital payments, bank accounts, and forex services. The company processes over 1 billion transactions monthly, worth more than $22 billion.
Visa will also join Moniepoint’s board. Both organizations plan to work on contactless payments, supported by the Central Bank of Nigeria’s 2023 guidelines.
The partnership aims to expand Moniepoint’s reach and enhance digital payments in Africa.