Emma Okonji
TeamApt, one of Nigeria’s Fintech companies, has reiterated its commitment to transforming financial services in Africa.
The company provides financial services for the underserved mass market through Moniepoint – its financial access product, and Monnify – its payment gateway infrastructure.
The company made this known, while speaking on its expansion plan during a media event held in Lagos recently.
Speaking on the company’s plans to transform financial services in Africa, the CEO and Founder of TeamApt, Mr. Tosin Eniolorunda, said: “To achieve our mission of providing financial happiness for all, we started out by building working infrastructure and distributing this in every of Nigeria’s 36 states. So far, Moniepoint has served over 25 per cent of the 48 million banked Nigerians, previously underserved by the financial system.
“This is a great feat but we still have a lot of work to do. Many Nigerians are still underserved, and with this pain not exclusive to Nigeria but shared among Africans, we intend to scale into more regions of the continent.”
According to him, “The company remains focused on innovating, and we expect that in the future, through Moniepoint, we will reach more people across Africa and build their trust in the financial system and processes.
“We look forward to empowering our agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals.”
Since launching in 2019, Moniepoint by TeamApt has gained ground as one of Nigeria’s largest agency banking platforms with about 100,000 agents across the nation.
Report from SANEF, an initiative of the Central Bank of Nigeria (CBN) governing agent banking in Nigeria, confirmed that TeamApt accounts for 74 per cent of the agent banking industry based on the volume of transactions processed monthly, Eniolorunda said.
Founded in 2015, TeamApt started out by building infrastructure for Tier 1 financial institutions, a testament to its technology prowess.
In March 2021, TeamApt hit a milestone of transactions worth over ₦1 trillion ($2.4 billion) for the first time. In May, the value increased to ₦1.4 trillion ($3.5 billion) with 68 million transactions in volume, and between April 2020 and April 2021, the total value of transactions processed has gone up to $16 billion, the company said.
