Moniepoint, a Nigerian fintech unicorn that provides all-in-one payments, banking, and operations platform for businesses and their customers, has secured a strategic investment from payments giant Visa.
Sources reveal that Moniepoint received over $10 million from Visa, to drive financial inclusion and support the growth of small and medium-sized enterprises (SMEs) across Africa.
Speaking on the investment secured, Founder and Group CEO of Moniepoint Tosin Eniolorunda said,
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“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 resounces 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.”
Also commenting, 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’s mission has always been to empower businesses with the tools they need to succeed whether it’s payments, banking, credit, or business management solutions. With Visa’s investment and expertise, the fintech has announced plans to create more opportunities to expand financial access and drive economic growth by reaching underserved communities and removing barriers that exist across Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, and management tools. The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.
Moniepoint significant growth in Nigeria began during the Central Bank of Nigeria’s cashless drive in 2023. During this period, the Fintech introduced terminals that were reliable and allowed agents to receive their money instantly. The digital payment system soared prosperously in 2024, with millions of online transactions, as against the traditions of using ATMs or visiting physical banks to obtain cash.
The company’s proven track record of profitability and scalability, coupled with its strong operational and financial performance, has solidified its position as a transformative player in the African fintech ecosystem. In 2024, Moniepoint achieved a significant milestone after reaching Unicorn Status.
Since its founding, the payments processing platform has shown impressive growth with revenues increasing by over 150% CAGR in recent years. The platform currently serves 10 million businesses and individuals, powering most of Nigeria’s Point of Sale (POS) transactions.