Moniepoint Group Secures Fresh Investment from Visa to Empower African Businesses

• Moniepoint Inc Group has announced an inflow of fresh investments from a global leader in payments, Visa
• The new investment is all-inclusive and will see Visa bring its funds and expertise to bear in Moniepoint's operations
• The Co-CEO Tosin Eniolorunda who made this announcement, described the investment from Visa as an endorsement of the Moniepoint vision

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media

Moniepoint Inc has secured new investment from an international leader in digital payments, Visa.

Co-founder and CEO of Moniepoint Group, Tosin Eniolorunda, announced this latest investment on his LinkedIn post.

The excited CEO noted that the partnership between Visa and Moniepoint group is a major leap for Moniepoint as well as the millions of small and medium-sized businesses (SMEs) that it serves.

His post read;

“Today, I’m proud to announce that Moniepoint Group has secured a strategic investment from Visa, a global leader in digital payments. This partnership is a major leap forward not just for Moniepoint but also for the millions of small and medium-sized businesses (SMEs) that are powering socio-economic transformation across Nigeria.”

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Eniolorunda noted in his announcement that Visa will be bringing its funds as well as its expertise to bear in the Moniepoint group operations.

The plan to Continue Driving digital payments

Eniolorunda reiterated the group’s devotion to empowering businesses of all sizes with solutions ranging from payments, to credit and business management.

He added that Visa's investment will help the company advance its mission and extend financial inclusion and access in underserved communities in Nigeria.

He said;

“With Visa’s investment and expertise, we’re taking this mission to the next level, creating more opportunities to expand financial access and drive economic growth by reaching underserved communities and removing barriers that exist across Africa.”

He described the investment as an endorsement of Moniepoint’s vision and mission.

Moniepoint expansion moves

Moniepoint Inc has been on expansion drive for the last few years, and just in 2024, Moniepoint was one of five startups in Africa to raise a combined $214 million.

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Moniepoint's share of the funds amounted to $110 million, with funding from Development Partners International, Google, and others. This investment officially took the fintech-turned-bank to unicorn status.

CBN gives Moniepoint the nod to open accounts

In 2024, the Central Bank of Nigeria (CBN) lifted an earlier ban on account opening with Moniepoint and a few other fintech companies.

The CBN had earlier suspended them from opening accounts, with directives to tighten their Know-Your-Customer policy and block loopholes for potential illicit flows.

After the Monetary Policy Committee (MPC) meeting, CBN announced that the ban had been lifted. The CBN Governor added in his speech that he was proud of the exploits of the fintech firms in Nigeria.

Source: Legit.ng