Moniepoint Secures Investment from Visa to Expand Digital Payment Services for African SMEs

​Moniepoint Inc., a leading business payment and banking platform in Nigeria, has secured significant investment from global payments giant Visa. The funding will further accelerate Moniepoint’s operations, with a focus on expanding its services to small and medium-sized enterprises (SMEs) across Africa.

Founded in 2015 (formerly known as TeamApt), Moniepoint provides an integrated suite of digital payment solutions, including bank accounts, credit services, and business management tools. The platform processes over 1 billion transactions per month, with total payment volume exceeding $22 billion. This strategic investment from Visa is intended to support the platform’s growth as it continues to serve the financial needs of SMEs, a key segment driving economic activity across the continent.

Visa's involvement underscores its ongoing commitment to advancing digital economies in Africa, particularly by addressing the financial needs of SMEs, a critical driver of economic development. This partnership aims to enhance financial inclusion by providing businesses with the necessary tools and resources to thrive in an increasingly digital economy.

Tosin Eniolorunda, Founder and CEO of Moniepoint, emphasized the importance of the investment for the company’s mission. "Visa's support strengthens our efforts to empower African businesses by digitizing their financial operations. This partnership will expand financial access to SMEs, which are central to Africa’s economy, allowing them to scale and compete globally."

Moniepoint's business model has proven profitable and scalable, positioning the platform as a major player in the fintech space. With a solid track record in both operational and financial performance, Moniepoint has become a key force in the evolution of Africa’s financial ecosystem.

As the African fintech landscape continues to grow, driven by an expanding digital infrastructure, Visa’s investment will play a key role in supporting Moniepoint’s mission of providing accessible financial services to a wider range of businesses, particularly those in the informal sector, which accounts for a significant portion of employment in Africa.

Visa joins a growing list of investors supporting Moniepoint’s efforts, including Development Partners International, Google’s Africa Investment Fund, and FMO, among others. This collaboration marks an important step in fostering innovation and enhancing financial services infrastructure across Africa, ultimately contributing to the continent’s long-term economic growth.