Nigerian fintech unicorn Moniepoint has secured a strategic investment from global payments giant Visa, just three months after raising $110 million in a Series C funding round that tripled the company's valuation to hit the billion-dollar mark. This investment signals increasing interest in Moniepoint, which many investors consider a solid company with bright prospects.

Founded in 2015, Moniepoint provides banking and payment services to small and medium businesses and retail banking. It is one of the market leaders in Nigeria's agent banking space, with over 300,000 POS agents. The company processed 5.2 billion transactions in 2023, solidifying its position as a key player in Africa's fintech landscape.

This partnership combines Moniepoint's local expertise and innovative business model with Visa's global resources and capabilities. According to Tosin Eniolorunda, Founder and Group CEO of Moniepoint, "Visa's backing is a strong endorsement of our vision to digitize and support African businesses at scale. We aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy."

Visa joins an impressive list of Moniepoint's 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. Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added, "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."

The investment is expected to help Moniepoint expand its services for African businesses, further solidifying its position as a market leader in the region. With Visa's support, Moniepoint is poised to continue driving financial inclusion and economic development in Africa.

This partnership also highlights the growing interest in Africa's fintech sector, which has seen significant investment and growth in recent years. As the continent's economy continues to evolve, partnerships like this one will play a crucial role in shaping the future of financial services and driving economic development.

With Moniepoint's innovative approach and Visa's global expertise, this investment is expected to have a significant impact on Africa's fintech landscape. As the company continues to expand its services and deepen financial inclusion, it will be interesting to see how this partnership shapes the future of financial services in Africa.