African fintech company Moniepoint has received strategic funding from Visa.

As AFROTECH™ previously reported, Moniepoint was reportedly the fastest-growing fintech company in 2023 and 2024. Launched by Tosin Eniolorunda (CEO) and Felix Ike (chief technology officer), the fintech company has a banking app that connects customers to a “debit card that always works,” Eniolorunda said in a YouTube video.

Moniepoint’s offerings include:

  • Banking accounts
  • Loans
  • Expense cards
  • Instant payouts
  • Accounting and bookkeeping solutions

Moniepoint’s business model has been an overwhelming success. In fact, it processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, according to a press release shared with AFROTECH™. As it looks to expand its efforts, the company has received a strategic investment from Visa.

“We are thrilled to announce Visa’s investment in Moniepoint,” Eniolorunda said, per the press release. “Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs (small and medium-sized enterprises) to access the tools and resources they need to thrive in an increasingly digital economy.”

He continued, “Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa. Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.”

Andrew Torre, regional president, Central and Eastern Europe, Middle East and Africa at Visa, commented: “We are excited to support their next phase of growth and innovation. 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.”