Visa has made an investment in Moniepoint Inc., Nigeria’s latest unicorn, just months after the startup raised $110 million to reach this milestone.
While the exact amount of Visa’s investment remains undisclosed, the company aims to support Moniepoint’s mission to empower businesses and accelerate its growth across Africa.
Visa is also focused on promoting financial inclusion and shaping the future of digital payments for small and medium-sized enterprises on the continent.
Through its undisclosed investment, Visa aims to support Moniepoint’s mission of empowering businesses and driving its growth and expansion across Africa. The investment also aligns with Visa’s goal of advancing financial inclusion and shaping the future of digital payments for small and medium-sized enterprises (SMEs) across the continent.
Visa joins a distinguished group of investors in Moniepoint, which includes Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures, and Endeavor Catalyst.
The founder and group chief executive CEO of Moniepoint Inc., Tosin Eniolorunda, said, “Visa’s backing is a strong endorsement of our vision to digitise 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.”
He pointed out that approximately 83 per cent of employment in Africa is within the informal economy.
The startup is focused on expanding access to the formal financial system and increasing participation, with the goal of driving economic growth across the continent.
“We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa,” he added.
The regional president of Central and Eastern Europe, Middle East, and Africa at Visa, Andrew Torre, stated, “Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities while streamlining their operations.”
