Visa makes major investment in Nigerian fintech Moniepoint to boost digital growth
On Thursday, January 24, 2025, Nigerian fintech Moniepoint announced a strategic investment from global payments giant Visa. This comes just three months after Moniepoint raised $110 million in a Series C round led by British private equity firm Development Partners International, with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock.
While Moniepoint did not disclose the exact amount of Visa’s investment, sources say it’s over $10 million. The fintech startup is also reportedly in talks with other investors as it looks to secure more funding.
“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 resources they need to thrive in an increasingly digital economy,” said Tosin Eniolorunda, CEO of Moniepoint.
Visa’s investment comes as part of its broader strategy to increase its financial commitment in the African fintech space. In addition to its established card business in Nigeria, Visa has been actively investing in fintech startups across the continent through its Visa Africa Fintech Accelerator. More than 40 startups have participated in the accelerator, including names like Workpay, OkHi, Kredete, Nearpays, and Bumpa. Visa has also previously backed well-known fintechs such as Paystack, Interswitch, and Flutterwave.
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa,” said Andrew Torre, Visa’s Regional President for Central and Eastern Europe, Middle East, and 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, which provides digital payments, bank accounts, and foreign exchange services to individuals and businesses across Nigeria, processes over 1 billion transactions monthly, amounting to more than $22 billion. Through this partnership, Visa and Moniepoint plan to focus on contactless payments, an area supported by the Central Bank of Nigeria, which released draft guidelines for contactless payments in 2023. Visa will also join Moniepoint’s board as part of the agreement.
