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Visa makes strategic investment in Nigerian fintech Moniepoint

Less than three months after announcing a $110 million Series C round, Nigerian fintech Moniepoint has announced a strategic investment from Visa. British private equity firm Development Partners International led that round with Google’s Africa Investment Fund, Verod Capital, and Lightrock joining.

While Moniepoint did not disclose the funding amount, TechCrunch reports that the fintech received over $10 million from Visa. The startup is also reportedly in talks with other investors as it looks to raise more funds.

“Visa’s backing is a strong endorsement of our vision to digitise 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,” Moniepoint CEO Tosin Eniolorunda said.

Visa’s investment into Moniepoint comes on the back of increased financial commitment from the global payment services provider.

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While it has a strong presence in Nigeria through its card business, it has begun investing in fintech startups across the continent through the Visa Africa Fintech Accelerator.

So far, more than 40 startups, including Workpay, OkHi, Kredete, Nearpays, and Bumpa, have gone through the accelerator. Visa has also invested in more established fintechs, including Paystack, Interswitch, and Flutterwave.

“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,” Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa said.

Moniepoint, which provides individuals and businesses across Nigeria with digital payments, bank accounts, and foreign exchange services, now processes over 1 billion transactions monthly, amounting to more than $22 billion.

Through this partnership, both parties will work on contactless payments, with the Central Bank of Nigeria having given the green light through draft guidelines in 2023. Additionally, Visa will join Moniepoint’s board.

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