Swedfund invests $10m in Nigeria’s Moniepoint
Swedfund joins Development Partners International, IFC and Proparco in supporting the fintech’s expansion.
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Swedfund has made a $10 million equity investment in Nigerian fintech company Moniepoint.
Swedfund invested alongside private equity firm Development Partners International and development finance institutions including IFC and Proparco.
The company was founded in 2015 by Tosin Eniolorunda and Felix Ike. It provides business banking services to Nigeria’s micro, small and medium-sized enterprises. Initially focused on building payment infrastructure for banks, Moniepoint has since added digital payments, credit, cross-border transfers, and other financial services.
“In a country with a large and youthful population, where unemployment often leads individuals to start informal businesses, empowering MSMEs has the potential to shift socio-economic dynamics. By facilitating their operations, we can help unlock opportunities for innovation, income growth, and improved livelihoods,” says Helen Hagos, senior investment manager and lead of fund co-investments at Swedfund.
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