Moniepoint Joins Forces with Visa to Boost African SMEs

Moniepoint, a leading African fintech with a focus on business banking and payments, has secured over $10 million in strategic investment from Visa. This new backing from the global payments giant underscores a collaborative effort to enhance financial inclusion and support the growth of SMEs across Africa. Moniepoint's impressive growth, catalyzed by Nigeria's Central Bank cashless drive, positions it as a pivotal player in the digital payments landscape. The fintech processes over 1 billion transactions monthly with total payment volumes reaching $22 billion. The investment marks Visa's strategic entry into the Nigerian market, aiming to augment the card value chain and introduce innovations such as contactless payments. Moniepoint eyes further investment opportunities, as it remains in discussions with various interested parties. The fintech aims to leverage Visa's Cybersource system and integrate Visa Direct to enhance transactions and remittance capabilities as it expands beyond African borders. Visa’s involvement is a testament to its longstanding commitment to bolstering digital economies in Africa, and its presence in Moniepoint's board signals a concerted effort to capture a greater share of Nigeria’s payments market.