Visa Invests $10M in Moniepoint to Drive African SME Growth
TLDR
- Visa has made a strategic investment in Nigerian fintech Moniepoint to help advance digital economies in Africa
- While Moniepoint declined to disclose the size of Visa's investment, sources suggest it exceeded $10 million
- The investment positions Moniepoint to expand its footprint and introduce innovations like contactless payments
Visa has made a strategic investment in Nigerian fintech Moniepoint to help advance digital economies in Africa. While Moniepoint declined to disclose the size of Visa's investment, sources suggest it exceeded $10 million, adding to the fintech's $120 million Series C funding.
Moniepoint, which processes over 1 billion monthly transactions worth $22 billion, plays a critical role in Nigeria’s growing digital payments ecosystem. Its services span banking accounts, credit, and payment solutions for businesses and individuals, leveraging a vast agent network.
The investment positions Moniepoint to expand its footprint and introduce innovations like contactless payments, a priority for Nigeria’s Central Bank. Moniepoint also plans to integrate Visa Direct for remittances and explore new markets across and beyond Africa.
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Key Takeaways
Nigeria’s $400 billion digital payment market presents a lucrative opportunity. Visa’s investment in Moniepoint highlights the fintech’s growth potential in merchant acquiring, consumer banking, and the untapped contactless payment segment. Moniepoint’s collaboration with Visa will boost card issuance, tap-to-pay terminals, and access to tools like Cybersource, positioning the fintech to lead Nigeria’s payment transition. For Visa, the deal offers a chance to grow its share in a market currently dominated by Verve and Mastercard. With established players like Flutterwave and Paystack also backed by Visa, this investment reinforces the company’s strategy to digitize Africa’s economy while capitalizing on the rapid adoption of cashless solutions. Moniepoint’s next steps, including market expansion and leveraging Visa’s global network, will be critical to its success.
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