This partnership between Moniepoint and Visa is a major milestone in African fintech, reflecting Visa’s growing commitment to fostering digital transformation on the continent. By combining Visa’s global network and expertise with Moniepoint’s on-the-ground reach and technological capabilities, they’re positioning themselves as key players in addressing Africa’s payments and digital banking gaps.
While the exact figure isn’t disclosed, over $10 million is reportedly part of this deal, signaling Visa’s confidence in Moniepoint’s growth potential.
Visa’s involvement goes beyond funding, with a seat on Moniepoint’s board, showcasing deeper collaboration.Processing over a billion monthly transactions totalling $22 billion, Moniepoint is cementing its dominance in Nigerian fintech. Its mission to digitize African SMEs aligns perfectly with Visa’s broader strategy for the continent.
The Central Bank of Nigeria’s approval of contactless payment guidelines opens opportunities for innovation in this space. With Visa’s technology, Moniepoint can lead the shift to faster, more convenient payment options.
Visa has already backed fintech giants like Flutterwave, Paystack, and Interswitch and is nurturing startups through the Visa Africa Fintech Accelerator.The Moniepoint deal reflects Visa’s intention to bridge the gap between traditional financial systems and emerging digital solutions.
This partnership comes at a time when Africa’s fintech ecosystem is growing rapidly. Moniepoint’s focus on SMEs and empowering the digital economy is pivotal in addressing the continent’s unbanked population and accelerating financial inclusion. Visa’s backing is not just about financial support but also a vote of confidence in the future of African fintech innovation.
Let’s see how this synergy propels Moniepoint into its next growth phase!
