Global payments leader Visa has made a strategic investment in Nigerian fintech unicorn Moniepoint, joining an impressive list of investors such as Google and Development Partners International. The investment, reportedly around $10 million, reflects Visa’s dedication to expanding contactless payment solutions in Africa, a continent where cash transactions still dominate.
Founded in 2015, Moniepoint has grown into a major player in agent banking, with a network of over 200,000 Points of Sale (PoS) agents. The company processes more than 1 billion transactions monthly, with a total payment volume surpassing $22 billion.
“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, in a statement. “Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of African employment is in the informal economy, we are keen to widen access and participation in the formal financial system and drive economic growth across Africa.”
Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa, also commented on the partnership. “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,” he said.
This move follows Moniepoint’s Series C funding round, which elevated the company to unicorn status. Visa’s investment history in African fintech companies like Interswitch and Flutterwave has shown similar success. Interswitch reached unicorn status in 2019 after Visa’s $200 million investment in the company.
READ ALSO
With Visa’s growing emphasis on contactless payments and Moniepoint’s extensive agent banking infrastructure, the partnership has the potential to deliver significant value for customers.
Contactless payments are particularly promising in Africa, where cash dominates daily transactions. The continent’s retail market is valued at over $1.4 trillion, much of which is driven by informal traders. By enabling seamless contactless transactions, Visa and Moniepoint aim to tackle the challenges posed by cash-based microtransactions, which form a large portion of Africa’s economic activity.
