Visa has teamed up with African fintech Moniepoint to push forward financial inclusion and help small businesses grow across the continent. The global payments giant has invested over $10 million in Moniepoint, a platform that offers banking, credit, and payment services to businesses and individuals. This partnership aims to introduce contactless payments, making transactions faster and easier for users.

Moniepoint, which already processes over a billion transactions monthly, has seen its total payment volume hit $22 billion—a 25% jump in less than three months. With Visa’s backing, the fintech plans to expand its reach and improve its payment systems.

The move comes as Nigeria’s Central Bank pushes for more adoption of contactless payments. Moniepoint’s CEO, Tosin Eniolorunda, shared that the partnership with Visa will help the company lead the charge in making tap-to-pay a common practice in Nigeria.

Visa’s investment is part of its broader effort to support Africa’s digital economy. The company has previously backed other African fintechs like Flutterwave and Paystack. With Moniepoint, Visa is now focusing on Nigeria’s SME market, aiming to bring more businesses into the digital payment space.

Globally, contactless cards are already more popular than mobile wallets in many markets. Moniepoint is well-positioned to drive this transition in Nigeria by offering contactless-enabled payment tools to businesses and individuals.

As part of the deal, Visa will join Moniepoint’s board, bringing its expertise to help the fintech scale its operations and reach new markets. Other notable investors in Moniepoint include Google’s Africa Investment Fund and British International Investment.

This partnership marks a significant step toward transforming how payments are made in Africa, especially for small businesses. With Visa’s support, Moniepoint is set to play a key role in shaping the future of digital payments on the continent.