Visa Invests in Moniepoint to Unlock Africa’s SMB Potential

Visayan bet that the Nigerian FinTech Moniepoint will facilitate growth for small to medium-sized businesses (SMBs) in Africa.

The global payments giant invested in the company to promote financial inclusion, shape the future of digital payments and boost SMB growth across the continent, according to a Thursday (Jan. 23) press release. Certain financial terms not disclosed.

“Visa’s investment in Moniepoint is the latest example of our long-term commitment to the development of Africa’s digital economies,” Andrew Torrethe regional president of Visa for central and eastern Europe, the Middle East and Africa, said in the release. “We allow even the smallest businesses to grow through innovative payments and software solutions that allow (SMBs) to scale and unlock new revenue opportunities, while streamlining their operations. “

Moniepoint (formerly known as The TeamApt) was founded in 2015 by Even Eniolorunda and Felix Ike to expand access to financial services for SMBs in Nigeria. The company’s platform offers “an integrated suite of services, including digital payments, bank accounts, credit tools and management,” according to the release. The partnership with Visa will expand the company’s footprint beyond Nigeria’s borders.

Eniolorunda said in the release that Moniepoint and Visa aim to help SMBs thrive in Africa’s increasingly digital economy by giving them access to the tools and resources they need.

“Since about 83% of employment across Africa is in the informal economy, we are very excited to expand access and participation in the formal financial system and drive economic growth across Africa,” he said in the release.

Moniepoint processes over 1 billion transactions per monthand this The total payment amount is more than $22 billion. The company’s revenues have grown by more than 150% “in recent years,” the release said.

Other Moniepoint investors include Development Partners International, Googleof Africa Investment Fund, Capital of Verod, Lightrock, QED investors, Novastar Ventures, British International Investment, FMO (the Dutch entrepreneurial development bank), Global Ventures and Effort Catalystaccording to the release.

When Moniepoint rebranded in January 2023, the company also announced that it is moving its head office from Lagos to London as it looks to the next phase of its journey.

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