Nigerian fintech giant Moniepoint has entered into a strategic partnership with global payment leader Visa to expand its footprint across Africa and empower businesses with cutting-edge payment solutions.
This collaboration follows Moniepoint’s $110 million Series C funding round in October 2024, which tripled its valuation to over $1 billion.
In a statement released on Thursday, Moniepoint highlighted that the partnership combines its innovative business model and local expertise with Visa’s global resources to accelerate the digital transformation of African SMEs, fostering financial inclusion and economic growth.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., described Visa’s support as a significant endorsement of their vision to digitize and scale African businesses. He emphasized their commitment to providing SMEs with the tools they need to thrive in a rapidly evolving digital economy, especially as 83% of African employment exists within the informal sector.
“We are thrilled to partner with Visa to enhance financial services, improve digital payment infrastructure, and drive economic growth across Africa,” Eniolorunda said.
Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, Andrew Torre, praised Moniepoint for addressing the needs of African SMEs. He noted that the partnership aims to make financial services and digital payments more accessible, helping small businesses streamline operations and unlock growth opportunities.
“Visa’s investment in Moniepoint underscores our commitment to advancing Africa’s digital economies and empowering businesses of all sizes to succeed,” Torre added.
Through this partnership, Moniepoint and Visa aim to shape the future of financial inclusion and innovation on the continent, enabling SMEs to access new revenue streams and thrive in an increasingly digital landscape.
Peoplesmind
