Moniepoint, a Nigerian business payments and banking services platforms, has secured an investment from Visa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) is a financial platform for Nigeria’s network of SMEs, offering services including digital payments, bank accounts, credit, and management tools.
The platform processes over 1 billion transactions monthly, with total payments volume exceeding US$22 billion, enabling businesses to digitise their operations.
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, said:
“Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. 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 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.”
Moniepoint has seen exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years.
Its efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.
Featured image credit: edited from Moniepoint
