There are around 40 million SMEs in Nigeria, and they contribute nearly half of the country’s GDP. Yet, they’ve typically lacked access to quality financial services.
Moniepoint is a business in Nigeria trying to solve this problem. It provides business owners with a range of digital financial services, including the ability to accept payments, access credit and manage their finances. Giving small businesses access to digital financial services helps them to increase productivity, serve customers better, and ultimately to grow.
The company now has over one million customers in Nigeria, for which it processes $10 billion of payments every month.
We invested $10 million in the company in 2021 – 22, with the aim of increasing economic opportunities for small businesses in Africa, as well as enhancing financial inclusion for consumers. The investment is part of our strategy to provide direct financing to the most impactful companies within our portfolio of venture capital funds.