Nigerian fintech unicorn, Moniepoint, has recently received a strategic investment from Visa, the global payments giant. This development follows Moniepoint’s successful $110 million Series C funding round just three months ago, which tripled its valuation and achieved unicorn status. This investment highlights the increasing interest in Moniepoint, recognized by many investors as a strong company with significant growth potential.
Visa’s investment is expected to aid Moniepoint in expanding its services for African businesses. Established in 2015, Moniepoint provides banking and payment services to small and medium-sized enterprises (SMEs) and retail banking customers. It is a leading player in Nigeria’s agent banking sector, with over 300,000 point-of-sale (POS) agents. In 2023 alone, Moniepoint handled an impressive 5.2 billion transactions.
This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint, expressed his enthusiasm;
Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. We aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.
He continued, “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.”
Visa joins an esteemed group of Moniepoint’s investors, including 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.
Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, stated;
“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,” he added.
With this investment, Visa now holds stakes in Nigeria’s three locally-founded fintech unicorns: Interswitch, Flutterwave, and Moniepoint. Moniepoint achieved unicorn status in 2019 after Visa acquired a minority stake. Visa also invested in Flutterwave’s $35 million Series B funding round in 2020 and participated in the Series A funding round of Paystack, in 2018.
This partnership is expected to enhance Moniepoint’s capabilities and support its mission to digitize African businesses, promoting economic growth and financial inclusion across the continent.
