Nigerian fintech startup, TeamApt, is relaunching its Moniepoint product as a business bank in a bid to offer a wider range of services to its customers.
Launched in 2015, TeamApt was formed to solve inefficiencies in Nigeria’s growing digital financial services market, and has a variety of products.
The startup counts 100% of the country’s commercial banks amongst its customers and in 2019 secured a switching licence from the Central Bank of Nigeria (CBN) as well as a $5.5 million Series A funding round.
Since 2019, MoniePoint has enabled 162,000 small business owners to process over a billion transactions worth NGN23 trillion (over $55 billion). While solving the payment problem, it realised many of Nigeria’s 41 million small businesses struggle with managing operations, taxes, insurance, and staff welfare.
MoniePoint has now evolved into a business bank to fill the gap they identified.
In addition to its payments solution, the product will now add the following services to its offering for businesses:
- Access to quick loans
- Manage operations, payroll, and staff welfare
- Protect the business with affordable premiums
Talking about its evolution into a business bank, Tosin Eniolorunda, CEO, TeamApt, 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, it 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.”
– CEO, TeamApt
At least 43% of Nigerians lack access to regular financial services, a situation that is leading several digital solutions to create products that will fill that gap.
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