Visa, a global leader in digital payments, has announced an investment in Moniepoint Inc., a prominent Nigerian fintech company dedicated to supporting small and medium-sized enterprises (SMEs).
Established in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint—formerly TeamApt Inc.—provides SMEs with an integrated suite of services, including digital payments, business accounts, credit access, and management tools. The platform processes over 1 billion transactions monthly, with a total payment volume exceeding $22 billion.
Visa’s investment underscores its commitment to strengthening financial inclusion and SME growth across Africa. Andrew Torre, Visa’s regional president for Central and Eastern Europe, the Middle East, and Africa, lauded Moniepoint’s impact:
“Moniepoint has developed a remarkable platform tailored to the needs of Africa’s SMEs. By making financial services and digital payments more accessible, Moniepoint is transforming how businesses operate in Nigeria and beyond. We are thrilled to support their journey of growth and innovation.”
Tosin Eniolorunda, Group CEO of Moniepoint, echoed this sentiment:
“Visa’s support validates our mission to digitise and empower African businesses at scale. Together, we will deepen financial inclusion and provide SMEs with the tools and resources needed to succeed in an increasingly digital economy.”
Moniepoint has experienced rapid expansion, with annual revenues growing by over 150% in recent years. The partnership with Visa will harness Moniepoint’s local expertise and Visa’s global resources to enhance Africa’s digital payment infrastructure, expand access to financial services, and foster innovation for SMEs.
Visa joins a distinguished group of investors, including Google’s Africa Investment Fund, Development Partners International, and British International Investment, all backing Moniepoint’s vision of a financially inclusive society.
Through this collaboration, Moniepoint and Visa aim to accelerate the growth of African fintech solutions, empowering SMEs to overcome challenges and drive long-term economic development across the continent.
