Visa invests Moniepoint to boost financial inclusion for African SMEs
By Gloria Methri
Moniepoint, the Nigerian business payments and banking services platform, has secured an investment from Visa. The investment is in line with Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.
Founded in 2015, Moniepoint Inc (formerly TeamApt Inc) has established itself as the financial platform for Nigeria’s vast network of SMEs, offering an integrated suite of services, including digital payments, bank accounts, credit, and management tools.
The platform processes over 1 billion transactions monthly, with total payment volume exceeding $22 billion, enabling businesses to digitise their operations and thrive in Africa’s rapidly evolving economy.
With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc. 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. 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.
“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.”
Andrew Torre, Regional President, 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.”
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