Visa has announced an investment in Moniepoint Inc., Nigeria’s newest unicorn. This comes months after the startup raised $110 million to achieve unicorn status.
With its undisclosed investment, Visa hopes to support Moniepoint’s mission to empower businesses and further accelerate its growth and expansion across the continent. It also aims to advance financial inclusion while shaping the future of digital payments for small and medium-sized enterprises (SMEs) on the continent.
Visa joins other Moniepoint’s list of investors, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures, and Endeavor Catalyst.
Tosin Eniolorunda, founder and group chief executive CEO of Moniepoint Inc., said, “Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”
He noted that about 83 percent of employment across Africa is in the informal economy, and the startup is keen to widen access and participation in the formal financial system and drive economic growth.
“We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa,” he added.
Andrew Torre, regional president of Central and Eastern Europe, Middle East, and Africa at Visa, stated, “Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. 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.”