Moniepoint, one of Nigeria’s leading business payments and banking services platforms, has secured a strategic investment from Visa, the global leader in digital payments.
This investment underscores Visa’s commitment to advancing financial inclusion and fostering small and medium-sized enterprise (SME) growth across Africa while shaping the future of digital payments on the continent.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has grown to become a leading financial platform serving Nigeria’s expansive network of SMEs. The company offers an integrated suite of services, including digital payments, bank accounts, credit, and management tools. Moniepoint processes over one billion transactions monthly, with total payment volumes exceeding $22 billion. This robust platform enables businesses to digitize their operations and thrive in Africa’s rapidly evolving economic landscape.
Visa’s investment aligns with Moniepoint’s mission to empower African businesses, accelerating the company’s growth and expansion across the continent. Moniepoint’s scalable and profitable business model, coupled with its strong operational and financial performance, has positioned it as a transformative player in Africa’s fintech ecosystem.
Driving Financial Inclusion and SME Growth
Speaking on the partnership, Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said:
“We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”
Eniolorunda also highlighted the synergy between Visa’s expertise in global payments and Moniepoint’s ability to serve African businesses, calling the partnership “an exciting opportunity to shape the continent’s economic future by fostering a more inclusive and dynamic financial ecosystem.”
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Andrew Torre, Regional President for Central and Eastern Europe, Middle East, and Africa at Visa, added:
“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. 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.”
Supporting Africa’s Digital Transformation
Visa’s investment is part of its broader strategy to advance digital economies in Africa. Through innovative payment and software solutions, Visa aims to empower even the smallest businesses to scale, unlock new revenue opportunities, and streamline their operations.
Moniepoint has experienced exponential growth, with revenues increasing by over 150% CAGR in recent years. The company’s focus on expanding access to financial services aligns closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.
The partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, the two organizations aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.
