Visa has made a strategic investment in Moniepoint, a leading African fintech company. This move underscores Visa’s commitment to expanding its presence in the African market and supporting the growth of the fintech ecosystem.
Expanding Financial Inclusion
Moniepoint, a leading banking, credit, and payment solutions provider, is rapidly expanding its reach across Africa. The company aims to drive financial inclusion by providing access to financial services for businesses and individuals.
Driving Growth
The fintech processes over 1 billion transactions monthly, with total payment volumes reaching $22 billion. This rapid growth, fueled by Nigeria’s increasing adoption of digital payments, positions Moniepoint as a key player in the evolving African fintech landscape.
“We can strategically collaborate to continue to grow the payment ecosystem.
We’re present in Nigeria today, leading the chart in merchant acquiring and consumer banking,” said Tosin Eniolorunda, CEO of Moniepoint. “With Visa as our investor, we can strategically collaborate to continue to grow the payment ecosystem and expand to more countries, which is a key goal for us.” – Tosin Eniolorunda, CEO, Moniepoint
Focus on Contactless Payments
One key area of focus for the partnership is expanding contactless payments. Nigeria’s Central Bank has emphasized the importance of contactless payments in driving financial inclusion. Moniepoint, in collaboration with Visa, will play a crucial role in promoting the adoption of contactless payment solutions across the country.
“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.” – Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa, at Visa.
Expanding Global Reach
Moniepoint aims to use Visa’s network to expand beyond Nigeria. Integration with Visa Direct will enable smooth cross-border remittances, connecting African businesses and individuals to global markets.
Building on a Foundation of Success
Visa joins a distinguished list of investors in Moniepoint, including Development Partners International, Google’s Africa Investment Fund, QED Investors, and British International Investment (BII). This investment underscores the strong investor confidence in Moniepoint’s growth potential and its ability to disrupt the African financial landscape.
Visa’s investment in Moniepoint signifies a significant milestone for both companies. This strategic partnership will foster innovation, drive financial inclusion, and contribute to the growth of the African fintech ecosystem.
By leveraging Visa’s global reach and expertise, Moniepoint is well-positioned to expand its operations and solidify its position as a leading player in the African financial services market.
