Nigerian fintech Moniepoint has secured investment from digital payments giant Visa, enabling it to continue its mission to ensure financial inclusion for people across Africa.

Through this investment, Visa plans to support the Moniepoint mission to empower African businesses, further accelerating its growth and expansion across the continent. With around 83 per cent of African employment in the informal economy, Moniepoint aims to widen access and participation in the formal financial system and drive economic growth across Africa.

Founded in 2015, Moniepoint has established itself as a leading business payments and banking services platform, offering an integrated suite of services, including digital payments, bank accounts, credit, and management tools to SMEs. The platform processes over one billion transactions monthly, with total payments volume exceeding $22billion, enabling businesses to digitise their operations and thrive in Africa’s rapidly evolving economy.

Visa says this investment marks an important milestone in the entities’ collective pursuit of advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.

“Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale,” explained Tosin Eniolorunda, founder and group CEO of Moniepoint Inc. “Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.

“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.”

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Source: https://thefintechtimes.com/visa-invests-in-nigerian-moniepoint-to-help-bolster-financial-inclusion-across-africa/