Firm Secures Switching Licence from CBN

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TeamApt, a financial technology company has announced that it has secured a switching licence from the Central Bank Nigeria (CBN).

The licence is to support AptPay, one of firm’s products as it provides solutions for different customer segments in the Nigerian society.

Speaking on the switching licence, the Chief Executive Officer TeamApt Mr. Tosin Eniolorunda said: “It is the highest licence awarded to any fintech by the CBN because the license allows you to put all the banks together and be able to debit their banking position with the central bank.

“What this translates to is that with AptPay, TeamApt can actually move money across the banks without putting our money down. This license puts TeamApt on the same level as other Tier-1 financial technology companies.”

He further added: “If through a payment gateway, a buyer pays a merchant for a product and the payment gateway provider needs to pay the merchant instantly, without the licence, the provider will have to pay with its own money.

“But with the licence, the provider is merely moving the bank funds around without tying down its money.”

When asked what plans TeamApt has for scaling across Africa, the CEO explained the company was in advanced talks with six banks in Ghana with expansion plans underway in Tanzania.

Also commenting on the switching licence, the team lead for AptPay Mr. Dumebi Duru said: “AptPay which is a robust payment infrastructure powering payment processing, interbank transfers, and direct debits means that the switching license is the last piece to the matrix.”

The firm also said it has plans to roll out product aimed at enhancing financial inclusion with plans to set up and agency banking network of 12,000 before the end of the year.

Product Head for Moneytor, Mr. Tunde Ogidan, spoke on how Moneytor product was focusing on solutions for the underbanked and unbanked. Moneytor is an omnichannel digital banking solution for banks that provides end-to-end and personalised banking services.

He said: “As you know, with a population of 200 million Nigerians, there are only 17,000 ATMs available” he said as he highlighted the problem the product is solving.”