By Moniepoint, Nigeria’s leading fintech company, has raised over $10 million in fresh funds from Visa, bringing its Series C funding total to more than $120 million.
This fundraising followed a $110 million raise announced three months ago led by African Development Partners III fund, which included Google’s Africa Investment Fund and Verod Capital.
Visa described this investment as an important milestone in its commitment to improving financial inclusion and promoting the growth of small and medium-sized companies (SMEs) across Africa.
Tosin Eniolorunda, founder and CEO of Moniepoint, stated that Visa’s support aims to increase financial inclusion by providing SMEs with access to critical tools and resources for success.
He went on: “Visa’s expertise in global payments and Moniepoint’s ability to serve African businesses make this partnership an exciting opportunity to shape the continent’s economic future.”
He also highlighted how both firms are planning to expand the payment ecosystem by enabling contactless payments.
According to Eniolorunda, “the central bank has emphasised the importance of driving contactless services to improve accessibility and facilitate micro-transactions, viewing this partnership as a positive step forward.”
Andrew Torre, Visa’s regional president, Central and Eastern Europe, Middle East and Africa, commented: “By making financial services and digital payments more accessible and efficient, Moniepoint is transforming how businesses operate in Nigeria and beyond.
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.”
ITweb
