Zinger Key Points
- Visa invests in Moniepoint to boost African SMEs with digital payment and banking solutions.
- The partnership aims to deepen financial inclusion and drive economic growth across Africa.
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Visa Inc. V has invested in Moniepoint Inc., a business payment and banking services platform in Nigeria.
This investment underscores Visa’s commitment to driving financial inclusion, advancing digital payments, and supporting SME growth across Africa. The financial terms of the investment were not disclosed.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc), processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion.
Visa’s investment reinforces Moniepoint’s mission to empower African businesses, accelerating its growth and expansion across the continent.
Visa joins other notable investors, including Development Partners International and Google’s Africa Investment Fund, in advancing Moniepoint’s efforts.
Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, said, “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.”
“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.”
Tosin Eniolorunda, Founder and Group CEO of Moniepoint, said, “Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”
Visa expects to release first-quarter 2025 results on January 30, 2025.
Investors can gain exposure to the stock via SPDR Select Sector Fund – Financial XLF and iShares U.S. Financial Services ETF IYG.
Price Action: V shares are up 0.72% at $325.88 at the last check Thursday.
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Image: Shutterstock/ Tony Stock.
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