Visa, an international payment processor, has invested over $100 million into Nigeria’s leading fintech behemoth, Moniepoint.

The fintech platform, owned by Tosin Eniolorunda and Felix Ike, announced the $110 million investment on Wednesday, boasting that Visa’s backing was a “strong endorsement” of the platform’s overall operations and commitment to “advance digital economies in Africa.”

Moniepoint rose to prominence in 2023 when Nigerians grappled with incessant failed transactions from commercial banks amid 

a cashless economy following the naira redesign by then CBN governor Godwin Emefiele.

The fintech platform disclosed that it seamlessly processes more than one billion transactions monthly and that total payments surpass $22 billion, a feat that has simplified payment for many businesses.

The success of Moniepoint transactions appealed to many Nigerians who flooded the fintech platform to open new accounts.  The ease of performing digital transactions has made Moniepoint a favourite among many citizens.

“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development,” said Andrew Torre, who serves as the regional president, Central and Eastern Europe, Middle East and Africa at Visa.

“By making financial services and digital payments more accessible and efficient,” Mr Torre said the team at Visa “are excited to support their(Moniepoint) next phase of growth and innovation.”

Mr Eniolorunda, a co-founder, said the Visa-Moniepoint partnership will “pave the way for a more inclusive and dynamic financial ecosystem.”

“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,” said Mr Eniolorunda.