Nigeria’s TeamApt reiterates commitment to deepen Africa’s financial services industry
…facilitates $16bn worth of transactions
TeamApt, one of Nigeria’s leading Fintech companies, has reiterated its commitment to transform financial services in Africa. The company, “currently leading the country’s agency banking industry,” 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 at a media parley held in Lagos on Thursday, June 17, 2021.
Since launching in 2019, TeamApt said its flash-ship product, Moniepoint has gained ground as Nigeria’s largest agency banking platform with about 100,000 agents across the nation.
Quoting a report from Shared Agent Network Expansion Facilities (SANEF), an initiative of the Central Bank of Nigeria (CBN) governing agent banking in Nigeria, the Fintech Company explained that TeamApt accounts for 74 percent of the agent banking industry based on the volume of transactions processed monthly.
Founded in 2015, TeamApt started by building infrastructure for Tier 1 financial institutions, a testament to its technological prowess. It has in less than 2 years grown rapidly to operate the largest agency banking platform with the wide agent network coverage.
“To achieve our mission of providing financial happiness for all, we started by building working infrastructure and distributing this in every of Nigeria’s 36 states. So far, Moniepoint has served over 25% 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,” CEO and Founder of TeamApt, Tosin Eniolorunda, said while speaking on the company’s plans to transform financial services in Africa.
Revealing more of its transaction figures and financial performance for the past months, TeamApt said that in March 2021, it hit a milestone of transactions worth over N1trillion ($2.4billion) for the first time. In May, the value increased to N1.4 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.
According to Eniolorunda, many Nigerians are still underserved, and with the high financial exclusion that is not exclusive to Nigeria but shared among Africans, TeamApt intends to scale into more regions of the continent.
“We remain 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,” he said.
The Fintech Company said it was looking forward to empowering its agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals.