Moniepoint Inc., one of Nigeria’s premier business payments and banking platforms, has secured a strategic investment from Visa, a global leader in digital payments. This partnership is a significant step in Visa’s mission to enhance financial inclusion and drive the growth of small and medium-sized enterprises (SMEs) across Africa.
Visa's investment underscores its commitment to supporting digital economies in Africa. "Through innovative payment solutions and software, we aim to empower even the smallest businesses, helping them scale, streamline operations, and unlock new revenue streams," said Visa’s representative.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt) is a leading financial services provider for Nigeria’s growing SME sector. The platform offers a comprehensive suite of services, including digital payments, banking, credit, and business management tools, processing over 1 billion transactions monthly and totaling $22 billion in payment volume. Moniepoint’s services help businesses digitize their operations, positioning them for success in Africa’s rapidly evolving economy.
According to Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., the investment will further accelerate Moniepoint's mission to empower African businesses, fueling its growth and expansion across the continent.
With a scalable and profitable business model, Moniepoint is set to drive transformative change in Africa’s fintech ecosystem.
“We are thrilled to announce Visa’s investment in Moniepoint. 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. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.
“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. We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa,” Eniolorunda said.
Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added:
“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. 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.”
“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 and open new revenue opportunities, while streamlining their operations.”
Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.
This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.
Visa joins other notable 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 in advancing Moniepoint's mission to create a society where everyone experiences financial happiness.
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