General News
Visa, Moniepoint Join Forces to Accelerate Financial Inclusion in Africa
Moniepoint Inc, one of Nigeria’s leading business payments and banking services platforms, has secured an investment from Visa, a global leader in digital payments.
The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools.
The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.
With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.
As Africa’s Fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “We are thrilled to announce Visa’s investment in Moniepoint. 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 to access the tools and resources they need to thrive in an increasingly digital economy. 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.”
He continued, “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.
“We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”
Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added: “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.
“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. 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.”
Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.
Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate.
Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem. The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.
This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.
Visa joins other notable investors 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 in advancing Moniepoint’s mission to create a society where everyone experiences financial happiness.
Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.
Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.
The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.
Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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