TL;DR
- Visa has invested in Moniepoint to enhance financial inclusion and support SME growth across Africa.
- Moniepoint processes over 1 billion transactions monthly and handles $22 billion in payments, offering digital tools for African SMEs.
- The partnership combines Visa’s global expertise with Moniepoint’s local innovation to expand digital payment infrastructure and financial services.
- Visa joins other investors, including Google’s Africa Investment Fund, in backing Moniepoint’s mission to empower African businesses.
Moniepoint, a leading business payments and banking services platform in Nigeria, has received investment from Visa, the global digital payments leader.
This partnership focuses on improving financial inclusion and supporting small and medium-sized enterprises (SMEs) across Africa.
Moniepoint, formerly TeamApt Inc., was founded in 2015 by Tosin Eniolorunda and Felix Ike. The platform provides SMEs with digital payment solutions, bank accounts, credit, and management tools.
Moniepoint processes over one billion transactions monthly, with a total payment volume of over $22 billion. This has positioned the platform as a key enabler for businesses seeking to digitize their operations and thrive in Africa’s fast-changing economy.
Visa’s Endorsement and Commitment
“Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale,” said Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc. “We aim to widen access to the formal financial system, driving economic growth across Africa.”
Moniepoint’s scalable business model and proven profitability make it a standout in Africa’s growing fintech space. Visa’s investment reinforces its mission to advance digital economies in Africa.
Also Read: Applications now open for the 4th Visa Africa Fintech Accelerator
According to Andrew Torre, Regional President, Central and Eastern Europe, Middle East, and Africa at Visa, “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs. Through this investment, we aim to enable even the smallest businesses to thrive.”
Combining Local Expertise and Global Resources
This collaboration combines Visa’s global expertise with Moniepoint’s local innovation. Together, they aim to advance digital payment infrastructure, expand financial services, and foster innovation across the continent.
Visa joins a notable list of Moniepoint backers, including Google’s Africa Investment Fund, Lightrock, and British International Investment (BII).
Moniepoint’s Acquisition of Kenyan Fintech Kopo Kopo
In August 2023, Moniepoint received approval from the Competition Authority of Kenya to acquire 100% of Kopo Kopo, a Nairobi-based fintech company.
Founded in 2011, Kopo Kopo provides digital financial services, including credit and payment solutions, to small and medium-sized enterprises (SMEs) in Kenya.
This acquisition allows Moniepoint to expand its operations into Kenya, enhancing its presence in the East African fintech market.
The Competition Authority of Kenya approved the deal, stating it is “unlikely to negatively impact competition” in the digital credit market and “will not elicit negative public interest concerns.” All 98 Kopo Kopo employees will retain their positions under the same terms, and the acquisition is expected to create additional jobs in Kenya.
This move aligns with Moniepoint’s strategy to broaden its footprint across Africa, providing comprehensive financial services to SMEs and promoting financial inclusion throughout the continent.
The Future of Financial Inclusion in Africa
As Africa’s fintech landscape evolves, partnerships like this are poised to transform SME operations and push the boundaries of financial inclusion.
Moniepoint’s local impact and Visa’s global capabilities provide a powerful foundation for shaping Africa’s economic future.
