TeamApt Reiterates Commitment to Transform Financial Services in Africa

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 last Thursday.

Founded in 2015, TeamApt started out by building infrastructure for Tier 1 financial institutions, a testament to its technology prowess. It has in less than 2 years grown rapidly to operate the largest agency banking platform with a network of over 100,000 agents.

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 ₦1trillion ($2.4 bn) for the first time.

In May, the value increased to ₦1.4 trillion ($3.5 bn) 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.

Speaking on the company’s plans to transform financial services in Africa, Mr. Tosin Eniolorunda, CEO and Founder of TeamApt, 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% 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.

“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. We look forward to empowering our agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals,” Eniolorunda added.

Since launching in 2019, Moniepoint by TeamApt has gained ground as Nigeria’s largest agency banking platform 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, confirms that TeamApt accounts for 74% of the agent banking industry based on the volume of transactions processed monthly.