Visa Joins Moniepoint To Boost Small Businesses In Africa
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Card payment giant Visa has partnered with Moniepoint to assist small businesses in Africa. The aim of the partnership is to bring more businesses into the digital world, support businesses across the globe and increase access to financial services. However, the financial details of this partnership were not shared.
Andrew Torre, Visa’s regional president for Central and Eastern Europe, the Middle East, and Africa, shared the company’s plan. He said Visa is focused on helping even the smallest businesses succeed. By providing new tools for payments and operations, businesses can grow, earn more money, and work more efficiently.
Moniepoint And Visa Want Businesses To Join The Digital Economy
Tosin Eniolorunda, Moniepoint’s co-founder, revealed that the partnership with Visa will help businesses in Africa’s digital economy. He explained that many people in Africa work in informal jobs, which simply means they are not part of the formal financial system. Moniepoint and Visa want to change this by giving these businesses resources to grow and join the formal financial system.
So far Moniepoint has been very successful. The company processes over 1 billion transactions every month. In total, the company handles more than $22 billion worth of payments. Its earnings have grown by over 150% in recent years, showing that small businesses need and use these services.
Moniepoint has also benefited from the support of other investors. Some of these include Development Partners International, Google’s Africa Investment Fund, Lightrock, and Verod Capital. Other investors, including British International Investment, Novastar Ventures, and FMO, a Dutch development bank, have also backed the company.
Moniepoint Is Set To Explore New Markets Outside Nigeria
In January 2023, Moniepoint changed its name from TeamApt and relocated its headquarters from Lagos, Nigeria, to London, United Kingdom. This decision was part of the company’s plan to expand and explore new markets outside Nigeria.
Visa and Moniepoint believe their partnership will support small businesses in Africa and create more opportunities across the continent. By joining forces, they aim to provide financial tools and resources to more businesses, helping them expand and run better.
Moniepoint, which was formarly called TeamApt, was founded in 2015 by Tosin Eniolorunda and Felix Ike. This firm helps small businesses in Nigeria with financial services. Moniepoint’s platform provides many services, such as bank accounts, loans, digital payments, and management tools. Now, with the help of Visa, Moniepoint will be able to grow its services across Nigeria and other African countries.
