Moniepoint, the Nigerian fintech unicorn, has secured a strategic investment from global payments leader Visa. This follows the company’s $110 million Series C round three months ago, which tripled its valuation to surpass $1 billion.
Founded in 2015, Moniepoint provides banking and payment services to small and medium-sized businesses (SMEs) and retail clients. The company is a leader in Nigeria’s agent banking space, boasting over 300,000 POS agents and processing 5.2 billion transactions in 2023.
“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. “We aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”
This partnership combines Moniepoint’s deep local expertise with Visa’s global capabilities. This will be a step forward in advancing financial inclusion on the continent. Visa’s Regional President for Central and Eastern Europe, Middle East, and Africa, Andrew Torre, praised Moniepoint’s focus on SMEs. “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,” Torre said.
Visa’s investment in Moniepoint adds to its track record of supporting Nigerian fintech unicorns, including Interswitch, Flutterwave, and Paystack.
