Moniepoint Inc., a Nigerian fintech unicorn, has secured funding from Visa, the global leader in digital payments. This follows its $110 million Series C raise three months ago, led by Development Partners International’s ADP III fund, alongside Google’s Africa Investment Fund and Verod Capital.
While Visa’s investment amount remains undisclosed, the partnership highlights Moniepoint’s growing status as a key player in Africa’s fintech ecosystem. Visa described the investment as part of its commitment to advancing financial inclusion and fostering SME growth across Africa.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., welcomed Visa’s endorsement, emphasizing the shared goal of empowering African businesses through digital payment solutions. “Visa’s expertise and our proven ability to serve African businesses make this partnership a transformative opportunity for the continent’s economic future,” he said.
Moniepoint provides SMEs with services such as digital payments, bank accounts, credit, and management tools. The platform processes over one billion transactions monthly, with total payments exceeding $22 billion annually, positioning it as a leading financial platform for Africa’s informal economy.
Andrew Torre, Visa’s Regional President for CEMEA, praised Moniepoint’s scalable business model, noting its transformative impact on African SMEs. “We are excited to support Moniepoint’s next phase of growth and innovation, enabling even the smallest businesses to thrive through streamlined payment and software solutions,” he said.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has achieved a 150% annual revenue growth rate in recent years. With Visa’s backing, the fintech aims to expand its reach across Africa, further driving economic growth and financial inclusion.
Visa now joins other notable investors such as Development Partners International, Google’s Africa Investment Fund, Verod Capital, and British International Investment in supporting Moniepoint’s mission to digitize Africa’s SME ecosystem.
