Nearly three months after achieving a $1 billion valuation, Moniepoint Inc., a financial software company founded by Nigerian tech entrepreneur Tosin Eniolorunda, has secured a strategic investment from global payments leader Visa Inc. This investment marks the beginning of a promising partnership that could significantly reshape Africa’s digital payments landscape.
Visa’s support builds on Moniepoint’s impressive growth, which saw the company raise $110 million in its Series C funding round in October 2024. With investors like Google backing the round, Moniepoint’s valuation soared past the $1 billion mark, solidifying its position as a fintech powerhouse in Africa.
The partnership between Visa and Moniepoint is set to address financial inclusion challenges faced by millions of small and medium-sized enterprises (SMEs) across the continent. Given that 83 percent of Africa’s workforce is employed in the informal economy, Visa’s investment underscores its commitment to supporting financial inclusion and SME empowerment. By enhancing access to digital payments, this collaboration aims to unlock economic opportunities and provide a stronger foundation for underserved communities.
“This partnership aligns perfectly with our mission to empower businesses with robust payment, banking, and credit solutions,” said Tosin Eniolorunda, Moniepoint’s founder and Group CEO. “Visa’s global expertise will help us break down barriers and expand financial access to communities across Africa that need it most.”
Moniepoint is already making a substantial impact in the fintech sector, processing over 1 billion transactions monthly and achieving a total payment volume of more than $22 billion. The collaboration with Visa reinforces confidence in the company’s vision and positions Moniepoint as a leader in Nigeria’s fintech space.
Under Eniolorunda’s leadership, Moniepoint has become Nigeria’s largest business payments network, supporting over 600,000 businesses of all sizes. The company’s innovative solutions provide entrepreneurs with the necessary tools to scale their operations and thrive in the digital economy.
By combining its cutting-edge technology with Visa’s vast resources and global reach, Moniepoint is poised to revolutionize the financial landscape for SMEs across Africa. This partnership will unlock new avenues for growth and financial inclusion in a sector that has long been underserved.
In 2023, Moniepoint further expanded its footprint by acquiring Kenyan fintech Kopo Kopo and leading a $3 million investment in Payday, a startup offering Africans global accounts in USD, EUR, and GBP. These strategic moves highlight Moniepoint’s commitment to broadening its impact across the continent.
With Visa’s backing, Moniepoint’s journey towards transforming Africa’s digital payments ecosystem is set to accelerate, providing much-needed financial services to millions and driving economic growth across the region.
