QuickRead: Visa has invested $10 million in Nigerian fintech unicorn Moniepoint to boost contactless payments across Africa, where cash dominates. Moniepoint, with over 200,000 PoS agents, processes $22 billion monthly and focuses on empowering SMEs. The partnership aims to deepen financial inclusion and drive economic growth in Africa’s $1.4 trillion retail market. This builds on Visa’s successful investments in African fintech leaders like Interswitch and Flutterwave.
Global payments leader Visa has made a strategic investment in Moniepoint, a Nigerian fintech unicorn. The investment, reportedly around $10 million, aligns with Visa’s goal to promote contactless payments across Africa, a region still dominated by cash transactions.
Moniepoint’s Rapid Growth and Market Impact
Founded in 2015, Moniepoint has emerged as a leader in agent banking. The company operates a vast network of over 200,000 Points of Sale (PoS) agents, processing more than 1 billion transactions monthly. This translates to a total payment volume exceeding $22 billion.
“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.
Advancing Financial Inclusion for SMEs
Moniepoint aims to deepen financial inclusion by providing small and medium-sized enterprises (SMEs) with the tools they need to thrive in an increasingly digital economy.
“With 83% of African employment rooted in the informal economy, we are committed to widening access to financial services and driving economic growth across the continent,” Eniolorunda added.
Visa’s Commitment to Africa’s Digital Economy
Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, emphasized the importance of this partnership.
“By making financial services and digital payments more accessible and efficient, Moniepoint is transforming how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation,” Torre said.
Building on Previous Successes
This investment comes after Moniepoint’s Series C funding round, which elevated the company to unicorn status. Visa has a strong history of successful investments in African fintech, including its $200 million backing of Interswitch in 2019 and its partnership with Flutterwave.
Unlocking Africa’s Retail Potential
Africa’s retail market is valued at over $1.4 trillion, with a significant portion driven by informal traders. Cash remains the dominant payment method, making contactless solutions a game-changer.
By combining Visa’s expertise in digital payments with Moniepoint’s extensive agent banking network, the partnership aims to address the challenges of cash-based microtransactions and unlock new opportunities for financial inclusion across the continent.
