Visa invests in Nigeria’s Moniepoint

Editorial

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Founded in 2015, Moniepoint initially focused on providing infrastructure and payments technology for banks and financial institutions.

It has since grown into Nigeria’s leading business banking provider and is now the country’s largest merchant acquirer, powering most of the country’s Point of Sale transactions. In 2023, it expanded beyond SMEs and entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank.

The firm now claims some 10 million businesses and individual customers, helping them access payments, banking, credit, and business management tools and processing $22 billion monthly.

Visa’s investment comes soon after a $110 million Series C investment led by Development Partners International’s African Development Partners III fund and joined by Google’s Africa Investment Fund and African VC Verod Capital.

Tosin Eniolorunda, CEO, Moniepoint, says: “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.”

Andrew Torre, regional president, CEE and Middle East and Africa, Visa, adds: “By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”