Moniepoint
Introduction
Swedfund invests USD 10 million in Nigerian company Moniepoint, Africa’s fastest growing fintech company, to strengthen financial inclusion and MSME growth in Nigeria.
The investment supports Moniepoint’s expansion, improving access to financial services that help MSMEs grow, create jobs, and drive innovation.
The investment also promotes women’s financial inclusion, stimulates local economic activity, and enhances sustainability through the integration of ESG principles and decent work standards.
The investment is done alongside one of Africa’s leading Private Equity Firms, DPI, and among others, the Development Finance Institutions IFC and Proparco.
Read more in our press release: Swedfund invests in digital payment solutions in Nigeria, boosting MSME growth
Facts
SDG in focus
No Poverty
End poverty in all its forms everywhere.
Decent Work and Economic Growth
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.
Reduced Inequalities
Reduce inequality within and among countries.
Sector
Financial Inclusion
Financial Inclusion invests in, amongst others, regulated banks and microfinance institutions to reach out more broadly and effectively.
Value creation
Impact
The investment supports financial inclusion and job creation via increased access to digital financial products and services for MSMEs. In particular, the investment contributes to local opportunities for income generating activities across Nigeria through Moniepoint’s extensive distribution network and easy-to-use technology. Ultimately, this supports local economic development and impact at scale.
Additionality
Swedfund’s investment is financially additional, as Nigeria’s challenging macroeconomic context makes capital raising difficult. The funding will support Moniepoint’s growth in Nigeria and expansion to other African countries. Further, active value creation opportunities exist within gender equality and women’s economic empowerment, as well as within formalization of E&S and Impact processes.
ESG
Requirements
In line with Swedfund’s Policy for Sustainable Development, the portfolio company is required to materially comply with, inter alia: (i) all internationally recognised human rights (ii) the EDFI harmonized exclusion list and EDFI Fossil Fuel Exclusion List, (iii) local environmental, health & safety and labour laws and regulations, (iv) applicable IFC Performance Standards, (v) the ILO’s Declaration on Fundamental Principles and Rights at Work and the ILO’s Basic Terms and Conditions of Employment.
ESG Risk
E&S risk categorisation is Medium Risk (FI-B) based on potential E&S risks and impacts, target clients and operating contexts in the country.
ESG Mitigation Measures
Swedfund is supporting the company to further develop its environmental and social management systems (ESMS) to address issues related to sustainability processes. Swedfund is also supporting the company to develop its business integrity management system.
Applicable IFC Performance Standards
Standards: IFC PS 1,2,3 and 4 are applicable for the activities funded by our investment.
Whistleblowing channels and Grievance Mechanism
Swedfund’s whistleblowing services can be used by employees, contractors and others at Swedfund, and by the companies and funds in which Swedfund invests. The complaints mechanism can be used for all types of complaints concerning Swedfund and Swedfund’s portfolio companies, but not for complaints concerning individuals as a result of restrictions arising from data protection legislation. 🔹 Link in website footer.