This investment is expected to support Moniepoint’s in enhancing its expansion throughout the continent. Credit: KingN/ Shutterstock.

Nigerian fintech Moniepoint has secured an investment from global payments company Visa.  

This move aligns with Visa’s strategy to boost financial inclusion and support the growth of small and medium enterprises (SMEs) across Africa. 

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This investment from Visa is expected to support Moniepoint to expedite its growth and bolster expansion throughout the continent. 

Set up in 2015, Moniepoint was formerly known as TeamApt. The company offers an integrated suite of services to Nigerian SMEs.  

These services include digital payments, bank accounts, credit, and management tools.  

The firm processes over one billion transactions every month with a total payments volume exceeding $22bn, the company statement said. 

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The company claimed its revenues increased by over 150% CAGR in recent years since its inception. 

This partnership will combine Moniepoint’s local expertise and business model with Visa’s global resources and capabilities.  

Moniepoint CEO and founder Tosin Eniolorunda said: “Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. 

“Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.” 

Visa Middle East and Africa, Middle East and Africa regional president Andrew Torre said: “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.  

“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa.” 

Visa’s investment adds to the roster of Moniepoint’s investors, which includes Development Partners International, QED Investors, Novastar Ventures, British International Investment, Global Ventures, and among others.   

In October last year, Moniepoint secured investment from Google‘s Africa Investment Fund in a funding round, reported Reuters.