Visa invests in Nigerian fintech Moniepoint to boost African SMEs

Investing.com — Moniepoint Inc., a top business payments and banking services platform in Nigeria, has received an investment from digital payments global leader, Visa (NYSE: NYSE:). This investment signifies a significant step in Visa’s commitment to promoting financial inclusion, shaping the future of digital payments, and supporting the growth of small and medium-sized enterprises (SMEs) across Africa.

Moniepoint, founded in 2015 by Tosin Eniolorunda and Felix Ike, has become the premier financial platform for Nigeria’s extensive network of SMEs. The company offers a comprehensive suite of services, such as digital payments, bank accounts, credit, and management tools. Moniepoint processes more than 1 billion transactions each month, with the total volume of payments exceeding $22 billion. This allows businesses to digitize their operations and prosper in Africa’s quickly advancing economy.

With this investment, Visa is supporting Moniepoint’s mission to empower African businesses, further propelling its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, combined with its strong operational and financial performance, has positioned it as a transformative player in the African fintech ecosystem.

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