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TeamApt Diversifies into Full Banking Services with Moniepoint App
TeamApt, one of Nigeria’s fintechs has diversified its operations from a payment solution service provider, to a full service business bank that would address the challenges of several unserved and underserved bank customers, through the use of its digital app, called Moniepoint.
The company, yesterday in Lagos, relaunched its product, Moniepoint, as a full-service business bank.
Moniepoint, which would serve as a micro-finance bank, was developed to address the needs of several small businesses, including Small and Medium Enterprises (SMEs) that have been neglected over the years by legacy and digital banks.
Since 2019, Moniepoint has enabled 162,000 small business owners to process over a billion transactions worth N23 trillion. While solving the payment problem, they realised many of Nigeria’s 41 million small businesses struggle with managing operations, taxes, insurance, and staff welfare. To solve such challenges and to power the dreams of SMEs, Moniepoint has evolved into a full-service business bank.
In addition to their already payments solution, they stated that the expansion of Moniepoint would enable Nigerians grow their business with access to quick loans, manage operations, payroll, and staff welfare, and protect the business with affordable premiums.
Speaking during the product launch, TeamApt founder and CEO, Mr. Tosin Eniolorunda, said: “As Nigerians, we feel the challenges of the economy acutely, in real-time. This is why we have worked hard to evolve into a business bank that truly works for the everyday Nigerian business owner.
“Moniepoint in addition to being a tech-enabled all-in-one business solution, is also able to provide much needed last-mile service delivery. This is in line with our mission to power the business dreams of Africa’s real economy, and provide financial happiness to all.”
A businessman using Moniepoint, Abubakar Ibrahim, said: “Moniepoint has become everything to me. It has brought me actual freedom. Since using the service, I have transformed the lives of many.”
Fully licensed by Nigeria Deposit Insurance Corporation (NDIC), and certified by Payment Card Industry Data Security Standard (PCIDSS), TeamApt’s full-service business bank, Moniepoint is poised to empower Nigerians to manage, protect, and grow their businesses.
TeamApt is a financial technology company that provides a financial platform for SMEs through its business bank, Moniepoint, and payment gateway, Monnify.