BusinessDay

Moniepoint relaunches as business bank

…offers premium financial services to underserved SMEs in Nigeria

TeamApt, one of the Fintech companies in Nigeria, is relaunching its product, Moniepoint, as a full-service business bank. This was revealed at a press conference on Wednesday in Lagos.

Tobi Amira, chief operating officer of TeamApt, stated during his presentation that Moniepoint has enabled 162,000 small business owners to process over a billion transactions worth 23 trillion naira since 2019.

“While resolving the payment issue, we discovered that many of Nigeria’s 41 million small businesses were underserved,” Amira said.

“These businesses struggle with managing operations, taxes, insurance, and employee welfare,” he said. Moniepoint has evolved into a full-service business bank to address this issue and power the dreams of SMEs.

Moniepoint’s expansion, in addition to their already solid payments solution, enables Nigerians to grow their businesses with access to quick loans, manage operations, payroll, and employee welfare, and protect the business with affordable premiums.

For a reason, small businesses are referred to as the foundation of the economy. SMEs employ 84 percent of the total workforce in Nigeria and contribute 48 percent of the country’s GDP. According to Tosin Eniolorunda, the founder and CEO of TeamApt, their success is critical to the nation’s economic progress.

Read also: Nigeria banks show resilience despite fintech threat

“Moniepoint, in addition to being a technologically advanced all-in-one business solution, can also provide much-needed last-mile service delivery.” This is consistent with our mission to power Africa’s real economy’s business dreams and provide financial happiness to all,” said the CEO.

“We intend to become the leading provider of financial services such as payments, credit, and savings, as well as business fundamentals such as accounting and better management.” And the reason for this is that we have what it takes in terms of technology, will, and people,” Tosin added.

During the press conference, Edidiong Uwemakpan, TeamApt’s head of marketing, stated that the hybrid model Moniepoint introduced will provide SMEs with access to financial services both online (via moniepoint.com) and offline (via personal relationship managers on the ground acting as support systems).

“Moniepoint has become my entire world. It has given me true freedom. “I have changed the lives of many people since I started using the service,” says Abubakar Ibrahim, a businessman who uses Moniepoint.

Moniepoint, TeamApt’s full-service business bank, is fully licensed by the NDIC and PCIDSS certified, and is poised to empower Nigerians to manage, protect, and grow their businesses.

TeamApt is a financial technology company that operates a business bank, Moniepoint, and a payment gateway, Monnify, to provide a financial platform for SMEs.

TeamApt, which currently processes more than $6 billion in monthly transactions, offers multi-channel payment, credit, insurance, and other financial solutions to businesses, including agents and banks.

The company serves as an on-ramp for the ongoing digital transformation by offering a full-stack solution that combines technology with a robust physical distribution network that targets millions of African businesses and their customers.

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