Moniepoint Inc., a leading Nigerian business payments and banking platform, has secured a strategic investment from Visa, marking a significant step in advancing financial inclusion and supporting small and medium-sized enterprises (SMEs) across Africa. The collaboration underscores Visa’s commitment to fostering digital payment solutions and economic growth on the continent.

Moniepoint, founded in 2015, has become a critical financial enabler for Nigeria’s extensive network of SMEs, offering a comprehensive suite of services that includes digital payments, bank accounts, credit, and business management tools. Processing over one billion transactions monthly and managing a total payments volume exceeding $22 billion, Moniepoint has positioned itself as a transformative force in Africa’s fintech ecosystem. Its services empower businesses to digitise operations, fostering resilience and growth in a rapidly changing economic environment.

Visa’s investment is a testament to Moniepoint’s profitable and scalable business model and its proven ability to address the financial needs of African enterprises. The partnership aims to deepen financial inclusion by leveraging Visa’s global expertise and Moniepoint’s local insights to provide innovative payment solutions for SMEs, which constitute a vital segment of Africa’s economy. With around 83% of employment in Africa located in the informal sector, the collaboration seeks to enhance access to the formal financial system and drive broader economic participation.

This strategic move comes as Africa’s fintech sector experiences dynamic growth, driven by efforts to bridge the financial inclusion gap and harness technological advancements. Visa has been instrumental in this transformation, consistently supporting fintech innovation to develop a robust digital economy. Moniepoint’s growth aligns seamlessly with Visa’s mission of enabling businesses and individuals to thrive in a connected global economy.

Moniepoint’s exponential growth, marked by a compound annual revenue increase of over 150%, has solidified its status as a fintech leader. The partnership with Visa adds to a roster of prominent investors, including Development Partners International, Google’s Africa Investment Fund, and British International Investment, who share a vision for a more inclusive financial ecosystem in Africa.

Together, Visa and Moniepoint aim to accelerate the digital transformation of African SMEs, fostering innovation, enhancing payment infrastructure, and driving long-term economic prosperity across the continent. This partnership sets the stage for a new era of financial accessibility and growth in Africa.