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Swedfund Strengthens Nigeria’s MSME Sector Through Digital Payment Expansion
Swedfund, the Swedish government’s development finance institution, has announced a $10 million equity investment in Moniepoint. Nigeria’s leading and Africa’s fastest-growing fintech company, Moniepoint has expansive presence across Nigeria
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The investment is aimed at accelerating access to digital banking and payment solutions for Nigeria’s underbanked Micro, Small, and Medium Enterprises (MSMEs). This subsector is a key driver of the nation’s economic growth.
Empowering Nigeria’s Economic Backbone
MSMEs remain the backbone of Nigeria’s economy. They play a vital role in job creation, rural industrialisation, and innovation across sectors. In a nation with a large, youthful population and high unemployment, MSMEs’ growth offers a pathway to economic empowerment. Growth of MSMEs has also ensured social transformation across several economies.
“Empowering MSMEs has the potential to shift socio-economic dynamics. By facilitating their operations, we can unlock opportunities for innovation, income growth, and improved livelihoods,” said Helen Hagos, Senior Investment Manager and Lead of Fund Co-Investments at Swedfund.
Moniepoint: Driving Digital Financial Inclusion
With over four million business users, Moniepoint is a leading force in Nigeria’s digital finance ecosystem. The company provides tailored, user-friendly financial products and services. All of these have remarkably support MSMEs both online and offline through an extensive local distribution network.
Moniepoint’s inclusive business model not only enhances financial inclusion but also empowers women entrepreneurs. It has also stimulated local job creation, and promotes income generation across communities.
Promoting Decent Work and Sustainable Growth
Swedfund’s investment goes beyond financial expansion — it aims to enhance job quality and embed sustainability principles across Moniepoint’s value chain.
“Our investment aims to enhance job quality through capacity building and the integration of Environmental, Social, and Governance (ESG) principles, including the promotion of decent work standards,” added Hagos.
These initiatives are expected to create a ripple effect across Moniepoint’s nationwide network, ensuring that economic growth is both inclusive and sustainable.
Collaborative Investment for Greater Impact
Swedfund’s $10 million equity investment is made alongside major global investors, including Development Partners International (DPI), International Finance Corporation (IFC), and Proparco.
This collective effort reflects a growing commitment from development finance institutions to strengthen Africa’s digital payment infrastructure and expand financial access for small businesses.
Investment set to empower millions of Nigerian entrepreneurs
By partnering with Moniepoint, Swedfund reinforces its mission to promote sustainable economic development and inclusive financial growth in emerging markets.
This investment is set to empower millions of Nigerian entrepreneurs, deepen financial inclusion, and accelerate digital transformation in one of Africa’s most dynamic economies.
