Visa has invested in Moniepoint, a Nigerian payments and banking platform for businesses.

Founded in 2015 and formerly known as TeamApt, Moniepoint offers an integrated suite of services, including digital payments, bank accounts, and credit and management tools to over 10 million businesses and individuals, with a focus on enabling businesses to digitise their operations.

As part of the move, Visa said it seeks to reinforce its commitment to promoting financial inclusion and fostering the growth of SMEs across Africa, while working to support the growth of African FinTech startups.

Andrew Torre, Visa's regional president for Central and Eastern Europe, the Middle East and Africa, emphasised Moniepoint's role in addressing the needs of African SMEs, a critical segment for the continent’s economic development.

“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond,” continued Torre. “We are excited to support their next phase of growth and innovation.”

Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150 per cent CAGR in recent years.

The platform processes more than one billion transactions per month, with a total payment volume exceeding $22 billion.

Other well-known investors have supported the FinTech, including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst.

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