Visa, a global leader in digital payments, has announced a strategic investment in Nigerian FinTech Moniepoint, signaling a bold move to accelerate the growth of small- and medium-sized businesses (SMBs) across Africa.
The investment aims to deepen financial inclusion, revolutionize digital payment systems, and empower SMBs to scale their operations and boost revenue streams. While the financial details of the partnership remain undisclosed, Visa emphasized its commitment to fostering innovation in Africa’s digital economy.
“Visa’s investment in Moniepoint underscores our dedication to advancing digital economies across Africa,” said Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa. “Through this partnership, we will enable even the smallest businesses to thrive by providing cutting-edge payment and software solutions that enhance their ability to scale, streamline operations, and unlock new revenue opportunities.”
A Vision for SMB Empowerment
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt) has been at the forefront of expanding access to financial services for Nigeria’s SMBs. The platform offers a comprehensive suite of services, including digital payments, banking solutions, credit facilities, and management tools.
The partnership with Visa will allow Moniepoint to extend its reach beyond Nigeria, equipping SMBs across Africa with the resources they need to thrive in the continent’s increasingly digital economy.
“Approximately 83% of employment in Africa is in the informal economy,” said Eniolorunda. “Moniepoint and Visa are united in the mission to widen access to formal financial systems, enabling greater economic participation and driving sustainable growth across the continent.”
Impressive Growth Metrics
Moniepoint’s impact on Africa’s financial ecosystem is significant. The company processes over 1 billion transactions monthly, with a total payments volume exceeding $22 billion. In addition, its revenue has surged by more than 150% in recent years, demonstrating its growing influence in the FinTech sector.
As part of its growth strategy, Moniepoint rebranded in January 2023 and relocated its headquarters from Lagos to London. This move positions the company to further expand its operations and partnerships on a global scale.
A Path Toward Financial Inclusion and Innovation
The collaboration between Visa and Moniepoint is a testament to the transformative potential of technology in driving financial inclusion and economic development. By equipping SMBs with access to robust payment solutions and financial tools, the partnership aims to create a more inclusive, digitally-driven economy across Africa.
As the continent continues to embrace digital transformation, strategic alliances like this one are poised to unlock new opportunities, ensuring that businesses of all sizes can thrive and contribute to Africa’s economic growth.
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