Visa recently became a strategic contributor to African fintech Moniepoint, greatly supporting its growth mission. The investment will amplify the fintech’s drive for financial inclusion and the development of SMEs across Africa.
Moniepoint, which has been steadily rising since Nigeria’s Central Bank’s cashless initiative in 2023, processes over a billion transactions every month. The company’s total payment volumes have seen a growth of over 25%, reaching $22 billion, in less than three months.
According to Moniepoint CEO Tosin Eniolorunda, Visa’s investment allows the company to expand its reach and continue growing the payment ecosystem. One significant development expected from the collaboration is the introduction of contactless payments.
The Central Bank’s move toward contactless payment adoption is seen as progress in the right direction. Contactless payments, once adopted widely and overcoming current privacy, security, and trust issues, could potentially become the leading payment method in the country.
Moniepoint is positioning itself to lead this change by providing contactless-enabled payment terminals to businesses and chip cards to consumers. It will also leverage Visa’s Cybersource system for better transaction visibility and plans to integrate with Visa Direct for easier remittances and money transfers.
The investment has also provided Visa an entrance into Nigeria’s SME market, digitizing payments and boosting its share in the country’s card scheme market.
Visa’s commitment to advancing digital economies in Africa has further strengthened with this strategic move. Moniepoint is expected to thrive from this partnership, making even the smallest businesses scale and open new revenue opportunities.
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