E-Financial
Fintech Platform TeamApt Closes $5.5m Series A Round
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2019/02/team-apt-logo.png)
TeamApt, a Nigerian fintech company that provides digital solutions and payment infrastructure for Africa, has closed on a $5.5M Series A round, led by Quantum Capital Partners.
The Lagos-based company is a leader in the development of Digital Banking, Digital Business solutions and running Payment Infrastructure for Africa.
Today’s announcement will see the company scale more aggressively into additional markets, whilst deploying investment into further product development, talent acquisition and expansion of its internal operations.
Working with 26 African banks, and 100% of all commercial banks in Nigeria, including Zenith, ALAT, UBA and Diamond Bank, TeamApt builds white-labeled products, to ensure digital financial transactions are easier, faster, cheaper and safe.
Since its launch in 2015, TeamApt has focused on its mission to create financial happiness for Africans through technology, and so far has on-boarded 100,000 Nigerian businesses, serving 3M customers across Africa’s largest economy and is currently processing monthly transactions of $160M. The company has recorded revenue growth of 4,500% over a three year period.
With a team of 40+ developers, TeamApt is an engineer-led company that was built to solve inefficiencies in Nigeria’s growing digital financial services market, at scale, using automation and has deployed over 55 tailored solutions to banks.
The company’s flagship product is Moneytor an end-to-end omnichannel digital banking solution for financial institutions to fast track digital transformation processes with web and mobile interfaces.
Tosin Eniolorunda, Founder and CEO of TeamApt says; “Banking on the continent is changing at a rate never seen before by Africa’s financial institutions. Innovation and technology are no longer nice-to-haves, but must-haves, as both businesses and customers demand convenient, quick, and easy services from their banks.
Every financial provider is under pressure to provide seamless and cost-effective digital solutions. Our engineers are building platforms that promote simplicity in how banks and businesses are run – and we continue to forge ahead building products that are becoming part of the very fabric of Africa’s banking infrastructure.
“We are now several steps further to building a symbiotic and frictionless digital banking ecosystem connecting not only Nigeria but Africa and creating technology for financial happiness for Africans”.
According to the Central Bank of Nigeria (CBN), the total value of electronic e-payment transactions recorded in 2017 rose by 32.5 percent to N83.1 trillion (approximately $229 billion) in 2017 from N62.7 trillion (approximately $176 billion) recorded in 2016, demonstrating the immense potential available in the market.
The company is also set to launch its first consumer-facing product, which is currently in beta. Aptpay is a payment infrastructure product that will centralize all services currently used on banking mobile apps.
This will allow for self-reconciliation for customers, unlike via current transfer gateways which require reconciliation, providing a one-stop system from which all banking transactions [bill payments, transfers, direct debits and more] – are powered through a single platform. The platform will also be tailored towards curbing financial fraud.
According to Elaine Delaney, Co-Founder of Quantum Capital Partners, “Quantum Capital Partners was an early adopter of Fintech and Instech solutions within its portfolio of financial services investments.
“We sought to partner with TeamApt to leverage the significant opportunities within the African financial services landscape to optimize financial inclusion across the continent. TeamApt’s ability to continuously innovate with a strong focus on customer delivery driven by an impressive management team were the key elements that supported our investment thesis.”
E-Financial
Nigeria Received $52Bn from Afreximbank in 10 Years – Oramah
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/AFREIMBANK.jpg)
Prof. Benedict Oramah, president , Africa Export-Import Bank, (Afreximbank), has revealed that Nigeria is the highest recipient of intervention funds from the bank, amounting to $52 billion in the last 10 years.
Prof. Oramah made the disclosure in Abuja during the signing ceremony of the Host Agreement between Nigeria and Bank ahead of its annual general meeting which hold in June 2025
He said “Nigeria is the largest recipient of disbursements from the Afreximbank amounting to $52bn out of the $140 billion which was disbursed on the continent in the last 10 years
“Also, Nigeria is among the first beneficiaries of our transformative projects which include the African Quality Assurance Center launched in Ogun state and we have also begun work in two other states of Kaduna and Imo,” he said.
Speaking on other developmental projects of the Bank in Nigeria, he further explained that the “Afreximbank Africa Trade Center will be the first on the continent to be opened and launched on April 10 2025.as well as the African Medical Center for Excellence will be opened on June 5 2025 estimated to cost $750 million with the potential to convert Abuja to a medical tourism hub as it consist of a medical school and a center for disease research.
“Also, the Bank has provided funding to produce 1.2mbd refining and in Dangote, BUA and Port Harcourt refinery as part of the Bank’s strategic plan to make sure that golf of guinea becomes a major refining hub,”
Prof. Oramah further stated that the theme of this year’s meeting will be ‘Building the Future in Decades of resilience,’ and will feature about 6,000 delegates compromising of captains of industries as well as heads of governments
Earlier in his remarks, Wale Edun, minister of Finance and Coordinating minister of the economy, stated that President Tinubu has granted presidential approval to host the Bank’s 2025 Annual meeting in the FCT in June this year
E-Financial
E-Payment Transactions Down 3.14% to 119.84trn in January – FDC
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/e-payment-system.jpg)
Transactions through electronic payment (e-payment) channels in the country declined by 3.14 per cent to N119.84 trillion in January 2025 from the N123.72 trillion recorded in the previous month, a report by Financial Derivatives Company Limited (FDC) has shown.
Although the firm, which cites e-payment transactions data obtained from the Nigeria Interbank Settlement System (NIBSS), did not proffer reasons for the decline, it projected that the value of transactions through e-payment channels will likely rise to N125.73 trillion and N126.43 trillion in February and March this year respectively, driven by factors such as improved services from payment system operators, delayed implementation of the cybersecurity tax and more people jettisoning cash for electronic transfers.
As the firm put it, “in Q1’2025 e-payment transactions will be buoyed by: payment system efficiencies; delay of the cyber tax; less cash and more transfers.”
In an earlier report, FDC had noted that the total value of epayment transactions “has been increasing steadily since July 2023.”
Indeed, data recently released by the NIBSS indicates that the value of electronic payment transactions in the country hit a record N1.07 quadrillion in 2024 compared with N6003.36 trillion in the previous year.
Analysts note that there has been increased adoption of epayment in the country in recent years, occasioned by factors such as the Central Bank of Nigeria’s (CBN) initiatives to promote the cashless policy, the impact of the 2020 Covid-19 crisis and the naira redesign programme introduced by the apex bank in late 2022.
In its report titled, “Instant Payments – 2020 Annual Statistics”, the NIBSS, for instance, stated: “The Covid-19 pandemic changed the e-payments landscape, accelerating the adoption of instant payments as more people transitioned to electronic channels for funds exchange in the wake of government-imposed lockdowns.”
New Telegraph reports that implementation challenges with the CBN’s naira redesign policy led to an acute shortage of cash, which crippled economic activities across the country in the first quarter of 2023, thereby forcing bank customers, who were unable to access cash at the time, to adopt e-payment channels.
In fact, there are indications that lingering cash scarcity in the banking system was responsible for the reported surge in the value of Point of Sale (PoS) transactions last year as more people became banking agents or PoS merchants to meet increased demand for cash from bank customers who were frustrated by their inability to withdraw cash from ATMs or banking halls.
According to latest NIBSS data, the value of PoS transactions rose by 69 per cent to N18 trillion in 2024, from N10.74 trillion in 2023.
As part of its efforts to tackle the lingering cash scarcity, the CBN has in recent times rolled out strict measures aimed at ensuring that Deposit Money Banks and PoS agents comply with its cash deployment regulations.
Last month, the apex bank fined nine Deposit Money Banks N150 million each for failing to ensure cash availability via Automated Teller Machines (ATMs) during the 2024 festive season.
Also, the CBN, on December 17, issued a circular on “cashout limits for agent banking transactions,” which saw it restricting PoS agents to a daily transaction limit of N1.2 million and also introducing a daily transaction limit of N100,000 per customer for cashout transactions conducted by the agents.
E-Financial
FG Takes Full Ownership of Keystone Bank
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2021/11/keystone.jpg)
Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.
It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.
“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.
“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”
Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6
Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.
“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.
“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”
- E-Financial2 days ago
Customers File Class Action Suits against Access and Zenith Banks
- E-Business2 days ago
GSMA Launches Innovation Fund to Boost AI Solutions in Emerging Markets
- E-Business2 days ago
Temu Celebrates 100 Days in Nigeria with Deals and Growing Fan Base
- E-Financial2 days ago
Fidelity Bank Gets Shareholders’ Approval to Increase Share Capital
- Telecom2 days ago
Vitel Wireless Makes History as First MVNO to Get Mobile Number Series
- E-Business2 days ago
Google Messages to Enable WhatsApp Video Calls
- E-Business2 days ago
MRA Calls for Safer Internet User Rights in Nigeria
- E-Financial1 day ago
FG Takes Full Ownership of Keystone Bank