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Visa, Moniepoint Join Forces to Accelerate Financial Inclusion in Africa

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Moniepoint Inc, one of Nigeria’s leading business payments and banking services platforms, has secured an investment from Visa, a global leader in digital payments.

The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools.

The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.

With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.

As Africa’s Fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize 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. 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.”

He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.

“We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”

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.”

“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.”

Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.

Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate.

Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem. The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.

This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.

Visa joins other notable 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 in advancing Moniepoint’s mission to create a society where everyone experiences financial happiness.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

FG Announces New Fossil Fuel Tax

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Federal government has announced it will impose a new 5 percent refined fossil fuel tax from January.

FG Announces New Fossil Fuel Tax

The surcharge, which has been signed into law by President Bola Tinubu to encourage clean energy use, could raise more than half a billion dollars annually.

The fee will apply to petrol and diesel, while cooking gas and compressed natural gas — which the government has tried to promote — are exempted.

Nonprofit group ActionAid Nigeria said the policy will “disproportionately impact the poor” and deepen inequality, noting that Nigerians have not recovered from the inflationary effect of the removal of fuel subsidies in 2023.

 

 


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FintechNGR Announces DevTribe 2025, Focuses on Empowering Nigeria’s Software Developer Ecosystem

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The Fintech Association of Nigeria (FintechNGR) has announced DevTribe 2025, its flagship software developer-focused conference, set to hold on Saturday, August 23, 2025, at The Zone, Gbagada, Lagos.

With the theme “Trends, Tools & Tech Stacks for Modern Developers,” the conference aims to convene Nigeria’s growing community of software developers, tech professionals, founders, and ecosystem enablers for a day of technical exchange, innovation, and collaboration.

DevTribe 2025 is part of FintechNGR’s broader strategy to strengthen the software development pipeline in Nigeria and bridge critical gaps in mentorship, tooling, and visibility for local tech talent. This year’s event promises an immersive and community-driven experience, with a strong emphasis on emerging technologies, practical skills, and inclusive opportunities for developers at all levels.

“The DevTribe platform reflects our commitment to supporting the people building Nigeria’s digital future not just by acknowledging their role, but by actively investing in their growth,” said the organisers. “We’re bringing the right people, tools, and ideas into one room to shape the next phase of innovation.”

The event will feature keynote addresses, lightning talks, community-led sessions, and a career fair designed to help software developers connect with hiring partners and growth opportunities. It also offers a space for collaboration among startups, corporates, regulators, and talent platforms working to drive inclusive digital transformation.

FintechNGR welcomes software developers, companies, and ecosystem partners to be a part of DevTribe 2025.


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NBA Africa Urges Entrepreneurs to Apply for Funding

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NBA Africa, the local affiliate of the NBA basketball brand in the US, has announced the second edition of Triple-Double: NBA Africa Start-up Accelerator, which aims to promote the continent’s technology ecosystem and the next generation of entrepreneurs.

The NBA Africa Startup Accelerator will strengthen Africa’s technology ecosystem by providing mentorship and investment to the next generation of African tech entrepreneurs.

The organisation announced the initiative would once again be administered by ALX Ventures, a technological incubator that equips the continent’s innovators in technology with the knowledge and tools they need to develop and scale their enterprises.

Furthermore, NBA Africa named ServiceNow, an AI platform for business transformation whose Now Assist and AI agents help organisations in delivering ‘faster and smarter experiences’ at scale, as an official program partner.

The organisation stated that startups can apply to participate at tripledoubleaccelerator.nba.com until Friday, August 29, following which the applications will be filtered down to a top 10 list.

The shortlisted startups will then participate in a 10-week mentorship program, where they will be paired with mentors from NBA Africa, ServiceNow, and ALX leadership, as well as other corporate stakeholders, who will advise the companies on product development, business growth, and go-to-market strategy.

The finalists will next present their technologies to international industry professionals at the program’s second Demo Day in December, when the top five prize-winning companies will be chosen to receive financial assistance and mentorship.

“Last year’s inaugural Triple-Double Accelerator program showed how much talent, passion and creativity there is among African entrepreneurs who are shaping the future of the continent’s rapidly growing sport and entertainment industries,” said NBA Africa CEO Clare Akamanzi. “We look forward to reviewing this year’s submissions and to helping another round of promising startups take the next step in their development.”

Last year, almost 700 early-stage African entrepreneurs applied to the program.

Ten finalists were then chosen to pitch their products to a panel of international industry leaders at the program’s first Demo Day, which took place at the NBA headquarters in New York City.

Four prize-winning companies – Festival Coins (Nigeria), Salubata (Nigeria), HustleSasa (Kenya), and UBR VR (Egypt) – were awarded financial support and mentorship.

 


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