- Moniepoint has secured fresh funding from Visa to empower African businesses
- Visa said it is excited about supporting Moniepoint’s next phase of growth
- Moniepoint said the funding will enable it to expand its financial inclusion drive and foster Africa’s economic growth
Nigerian fintech, Moniepoint Inc. has secured a fresh investment from Visa to empower African businesses.
Visa disclosed this in a statement announcing the funding, though the amount invested was not disclosed.
The statement noted that the investment is part of its commitment to advancing financial inclusion and shaping the future of digital payments while fostering the growth of small and medium-scale enterprises (SMEs) in Africa.
It added that the investment was imperative given Moniepoint’s scalable business model and strong operational and financial footprints.
Visa said, “With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent.
“Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.”
‘We are excited to support Moniepoint’s next growth phase’
Commenting on the funding, the Regional President, Central and Eastern Europe, Middle East, and Africa at Visa, Andrew Torre, said Visa is committed to supporting the growth of Moniepoint given that its business model and strategy aims to empower African businesses and ensure financial inclusion.
Torre said, “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 is focused on financial inclusion, economic growth
For the Founder and Group CEO of Moniepoint Inc., Tosin Eniolorunda, the fresh funding will be deployed to widen access to financial participation in the informal economy.
Eniolorunda stressed that both organisations are committed to enhancing Africa’s digital payment infrastructure and fostering innovation.
He said, “Given that about 83 per cent 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 to join forces with Visa to enhance the digital payment infrastructure, expand financial services, and foster innovation in Africa.”
Visa’s funding comes months after Moniepoint became a unicorn
The funding from Visa comes barely three months after Moniepoint raised $110 million in equity financing to become Africa’s eighth startup to have achieved unicorn status.
Moniepoint joined Africa’s unicorn league that already had the likes of Interswitch, Opay, Flutterwave, Wave, Andela, Chipper, and MNT-Halan.
The round was led by Development Partners International (DPI) and other new investors including Google’s Africa Investment Fund and Verod Capital. Global impact firm, Lightrock, an existing investor, also participated in the funding round.
The new funding has further boosted the fintech’s valuation to at least $1 billion, increasing from around $400 million in a 2022 funding round where it raised $50 million.
Moniepoint has been committed to driving financial inclusion in Nigeria by providing retail banking services and agent banking and caters to SMEs.
The company has shown great prospects, especially with digital payments, as its transaction value grew by over 205 per cent and processed 5.2 billion transactions worth over $150 billion.
Meet Tosin Eniolorunda, the Group CEO of Moniepoint, Africa’s 8th unicorn
Meanwhile, TheRadar earlier reported that Moniepoint was in the news as it recently attained unicorn status and appointed a CFO for its Microfinance Bank
Behind the successes Moniepoint has recorded is Tosin Eniolorunda, its co-founder and Group CEO. TheRadar beams the light on Eniolorunda, from his early days in Ibadan to becoming one of Africa’s biggest fintech CEOs.
