This development comes three months after Moniepoint’s $110 million Series C funding round, which tripled its valuation to over $1 billion, signaling growing investor confidence in the company’s potential.

Founded in 2015, Moniepoint provides banking and payment services tailored to small and medium-sized businesses (SMEs) and retail customers.

As a leader in Nigeria’s agent banking sector, Moniepoint boasts a network of over 300,000 point-of-sale (POS) agents and processed 5.2 billion transactions in 2023.

The investment by Visa aims to support Moniepoint’s mission of enhancing financial inclusion for African businesses.

This partnership combines Moniepoint’s local expertise and innovative approach with Visa’s global capabilities.

“Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale,” said Tosin Eniolorunda, Founder and Group CEO of Moniepoint.

“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 investment adds to an impressive roster of Moniepoint’s supporters, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO, Global Ventures, and Endeavor Catalyst.

Highlighting Moniepoint’s impact, Andrew Torre, Regional President for Central and Eastern Europe, Middle East, and Africa at Visa, stated:

“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.”