Moniepoint secures Visa investment to boost financial inclusion for African SMEs 

Onome Amuge

Moniepoint Inc., a Nigerian leader in business payments and banking services, has secured a strategic investment from Visa, the global payments industry leader, marking a pivotal moment in Visa’s commitment to furthering financial inclusion and driving the digital payments revolution on the African continent.

Embarking on a journey to develop the financial services landscape for Nigeria’s network of small and medium-sized businesses (SMEs), Moniepoint Inc (formerly TeamApt Inc) was founded by Tosin Eniolorunda and Felix Ike in 2015.

Having forged a path as the leading financial platform for SMEs, Moniepoint provides an innovative, integrated suite of solutions encompassing digital payments, banking services, credit facilities, and management tools, transforming the way Nigeria’s small business owners conduct financial transactions and manage their operations

Processing one billion transactions monthly, with a total payments volume exceeding $22 billion, Moniepoint’s platform has become an invaluable asset for African businesses looking to digitise their operations and flourish in the continent’s evolving economy.

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.

As Africa’s Fintech landscape continues to evolve rapidly driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups.

Tosin Eniolorunda, founder and group CEO of Moniepoint Inc. expressed excitement over Visa’s investment in Moniepoint.  He noted that Visa’s backing is a strong endorsement of the company’s vision to digitise and support African businesses at scale. 

Eniolorunda added: “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.”

Andrew Torre, regional president, Central and Eastern Europe, Middle East and Africa at Visa, also commented on the development, stating that Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. 

According to Torre, 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,” he stated.

Founded in 2015, Moniepoint has seen unprecedented growth, recording a 150 percent compound annual growth rate (CAGR) in recent years. The company’s pursuit of expanding financial inclusion is also seen to have resonated strongly with Visa’s core mission of empowering individuals and businesses to succeed in the global economy.

Forging a strategic alliance rooted in shared objectives, Moniepoint and Visa leverage their respective strengths , Moniepoint’s intimate understanding of the local market and its disruptive business model, and Visa’s global resources and capabilities , to drive the digital transformation of Africa’s SMEs.

Joining with a diverse coalition of prominent investors, Visa becomes the latest strategic partner in Moniepoint’s quest to bring financial happiness to the people and businesses of Africa.

The group of distinguished investors, which includes 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, recognises the potential of Moniepoint to reshape Africa’s fintech sector and strengthen financial inclusion on the continent.