Moniepoint Secures Funding From Visa 

Nigerian fintech giant Moniepoint Inc. has received fresh funding from Visa, a global leader in digital payments, just three months after its $110 million Series C raise.

https://astudity.com/moniepoint-secures-110m-funding-to-boost-digital-payments-financial-inclusion/

While the investment amount remains undisclosed, Visa’s backing strengthens Moniepoint’s status as a unicorn and reinforces its vision to drive financial inclusion across Africa.

Visa, in its announcement, emphasised its dedication to fostering SME growth and reshaping the future of digital payments in Africa. “With this investment, Visa supports Moniepoint’s mission to empower African businesses, accelerating growth and expansion across the continent,” the statement read.

Moniepoint’s scalable and profitable business model, coupled with its impressive financial track record, has positioned the company as a key player in the African fintech ecosystem.

Mr. Tosin Eniolorunda, Founder and Group Chief Executive Officer (CEO) of Moniepoint Inc., described Visa’s investment as a significant endorsement of Moniepoint’s mission to digitise African businesses. Highlighting the partnership’s potential, he said:

“Visa’s expertise in global payments and Moniepoint’s ability to serve African businesses create an exciting opportunity to enhance the digital payment infrastructure and drive economic growth across Africa.”

He reiterated Moniepoint’s commitment to integrating Africa’s informal economy—accounting for 83 percent of employment—into the formal financial system, empowering SMEs to thrive in a digital-first world.

Mr. Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, expressed confidence in Moniepoint’s impact on Africa’s SME sector:

“Moniepoint is transforming how businesses operate by making financial services and digital payments more accessible and efficient. We are excited to support their next phase of growth and innovation.”

Visa’s investment aligns with its broader mission of advancing digital economies in Africa. The partnership aims to provide SMEs with innovative payment solutions, enabling scalability, streamlining operations, and opening new revenue opportunities.

Visa joins an impressive roster of Moniepoint’s existing investors, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, and British International Investment (BII). These investments underscore Moniepoint’s pivotal role in advancing financial inclusion and innovation in Africa’s fintech space.