US$193,780,000+
*Data updated daily at 18:00 EAT
Global payments giant Visa has strategically invested in Nigerian fintech unicorn Moniepoint. While the exact amount remains undisclosed, sources close to the deal estimate Visa’s contribution exceeds USD 10 M, per TechCrunch, bringing Moniepoint’s Series C funding to over USD 120 M. This investment positions Moniepoint, valued at over USD 1 B, to expand its offerings and accelerate growth across Africa.
Founded in 2019 by Tosin Eniolorunda (CEO) and Felix Ike (CTO), Moniepoint has emerged as a key player in Nigeria’s digital payment ecosystem, providing businesses and individuals with banking accounts, credit, and payment tools.
The fintech processes over 1 billion transactions monthly, with payment volumes surging to USD 22 B, fueled by Nigeria’s shift towards cashless transactions. Visa’s investment will help Moniepoint introduce contactless payments, a feature the Central Bank of Nigeria is keen to promote for accessibility and micro-transactions.
Beyond contactless payments, Moniepoint plans to leverage Visa’s Cybersource system for enhanced transaction visibility and integrate Visa Direct for remittances. This partnership aligns Moniepoint with Visa’s global expertise while addressing challenges in Nigeria’s payment market, where digital channels processed USD 400 B in transactions in 2023, with electronic transfers dominating 90% of the market.
CEO Eniolorunda highlighted the collaboration as a strategic move to expand Moniepoint’s ecosystem and geographical footprint. Visa’s backing also signals confidence in Moniepoint’s potential to lead Nigeria’s tap-to-pay adoption, bridging the gap between SMEs and digital financial services.
Visa’s investment continues its track record of supporting Africa’s payment infrastructure, joining other prominent backers of Moniepoint, such as Google’s Africa Investment Fund, QED Investors, and British International Investment. This move underscores Visa’s commitment to advancing digital economies across Africa and beyond.