Global payments giant Visa has made a strategic investment in African fintech powerhouse Moniepoint, marking a significant step in advancing digital financial inclusion and small business growth across Africa. Although the exact amount was not disclosed, sources say Visa contributed over $10 million, raising Moniepoint’s Series C round to over $120 million. The company maintains a valuation exceeding $1 billion.
Founded by Tosin Eniolorunda and Felix Ike, Moniepoint provides financial services such as banking, credit, payments, and software tools to individuals and businesses through a digital platform and a vast network of agents. The company has experienced rapid growth, processing over 1 billion transactions monthly, with total volumes surpassing $22 billion—a 25% increase in less than three months. Its rise was notably catalyzed by Nigeria’s Central Bank-led cashless policy drive in 2023.
Despite Moniepoint’s growing dominance, Nigeria’s digital payment landscape remains vast and competitive. With an annual market exceeding $400 billion, electronic transfers—powered by Nigeria’s instant payment system NIP—account for nearly 90% of all digital transactions. Other channels like POS terminals, mobile agents, and ATMs trail far behind.
Visa’s investment is strategic. Moniepoint is a major card issuer and acquirer in Nigeria, giving Visa an entry point into a market where it currently trails Interswitch’s Verve and Mastercard in card adoption. With this partnership, the two companies aim to introduce contactless payments in Nigeria, aligning with recent regulatory pushes by the Central Bank to support micro-transactions and improve accessibility.
“We’re present in Nigeria today, leading the chart in merchant acquiring and consumer banking,” said Moniepoint CEO Tosin Eniolorunda. “With Visa as our investor, we can strategically collaborate to grow the payment ecosystem and expand to more countries, which is a key goal for us.”
Visa’s involvement also brings cutting-edge tools like Cybersource for enhanced transaction visibility and Visa Direct for faster remittances and money transfers. This positions Moniepoint to scale beyond Nigeria and further into regional and international markets.
Visa, which has previously invested in African fintech players such as Flutterwave, Interswitch, Paystack, and JUMO, will also join Moniepoint’s board. This move deepens its commitment to empowering SMEs with tools to grow revenue, improve operational efficiency, and gain digital visibility.
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa,” said Andrew Torre, Regional President for Central and Eastern Europe, Middle East, and Africa at Visa. “We aim to help even the smallest businesses thrive with innovative solutions.”
Moniepoint’s list of backers includes Google’s Africa Investment Fund, QED Investors, Development Partners International, Lightrock, and British International Investment (BII). Its early investor Oui Capital recently announced that Moniepoint’s growth helped it return its first fund, highlighting the company’s unicorn success.
With Visa’s global clout and Moniepoint’s African market penetration, the partnership is set to reshape how contactless payments, SME digitization, and financial inclusion evolve on the continent.
