Moniepoint confirmed the development but did not disclose the amount invested. Sources familiar with the deal cited by TechCrunch suggest Visa contributed over USD 10 million, bringing Moniepoint’s Series C funding to over USD 120 million. The company, which reached a billion-dollar valuation, is reportedly in discussions with additional investors for potential future funding.
Moniepoint offers banking accounts, credit, payments, and financial tools via its app and agent network. However, despite its recent growth, Moniepoint represents only a fraction of Nigeria’s digital payment market, which recorded transactions worth USD 400 billion in 2023 across various channels, including electronic transfers, ATMs, and POS devices. According to the country’s interbank payments switch, electronic transfers dominate, accounting for nearly 90% of total transaction volumes, while other methods trail behind.
Visa’s investment highlights Moniepoint’s role in Nigeria’s card payment ecosystem as both a major issuer and acquirer. The fintech’s CEO emphasised that Visa’s backing will enable strategic collaboration to grow the payment ecosystem and support Moniepoint’s expansion into additional countries.
One area of focus for this collaboration will be the introduction of contactless payment solutions. Globally, contactless card payments have outpaced mobile wallets in several markets according to TechCrunch. Moniepoint aims to lead this transition in Nigeria by providing contactless-enabled payment terminals for businesses and chip cards for consumers.
The fintech also plans to leverage Visa’s Cybersource platform for enhanced transaction visibility and integrate Visa Direct for remittances and money transfers as it expands across Africa and beyond.
Visa’s investment in Moniepoint aligns with its ongoing efforts to build Africa’s payment infrastructure. Over the past decade, Visa has supported companies such as Interswitch, Flutterwave, Paystack, and JUMO. Through its partnership with Moniepoint, Visa aims to digitise payments for Nigeria’s SME sector and increase its card scheme market share, where it follows competitors such as Mastercard and Interswitch’s Verve.
Visa’s regional president for Central and Eastern Europe, the Middle East, and Africa, highlighted the company’s commitment to supporting digital economies in Africa. Visa will join Moniepoint’s board following the investment. Other notable backers of Moniepoint include Development Partners International, Google’s Africa Investment Fund, QED Investors, Lightrock, and British International Investment. Early investor Oui Capital recently exited its position after initially supporting Moniepoint six years ago.
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