Small and medium-sized enterprises (SMEs) are growing and becoming more innovative in Africa. This encouraged Visa and Renew Capital, two major players, to take charge of advancing digital and financial transformation.
Visa and Moniepoint Collaborate to Improve Africa’s Financial Inclusion
To drive financial inclusion for SMEs across Africa, Visa announced an investment in Moniepoint Inc., one of Nigeria’s leading fintech platforms. Moniepoint is now a key fintech player, with 1B+ monthly transactions and more than $22 billion in total payment volume.
The platform offers different services, including digital payments, access to credit, banking solutions, and management tools.
This investment supports Moniepoint’s mission to empower SMEs in Africa. It provides the tools and resources they need to digitally transform Africa’s economic landscape.
In Africa, around 83% of employment is in the informal sector. This collaboration will enhance the platform’s efforts to bridge the financial inclusion gap in the content. Visa’s resources will help expand Moniepoint’s services around Africa while fostering a more inclusive financial system.
A New Investment from Renew Capital to Enhance FMCG Financing in Kenya
In Kenya, Sevi, a fintech company, has secured a strategic investment from Renew Capital. Sevi offers stock financing for wholesalers and retailers in the fast-moving consumer goods (FMCG) sector.
Sevi works on addressing a key challenge for African SMEs, which is access to working capital. It uses an innovative “stock now, pay later” model allowing retailers to purchase inventory on credit with flexible repayment terms. This process provides liquidity and enables suppliers to receive immediate payments.
The company transformed how stock financing works in Kenya by using AI to optimize its credit assessment processes.
A Shared Vision
The two investments reflect a growing trend in the African fintech ecosystem. SMEs are considered drivers of growth and job creation across Africa, and many companies are now committed to supporting this industry.
These partnerships between fintech companies and their investors prove the significant role of technology and innovation in transforming Africa’s economic landscape.
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