Fintech Startup TeamApt Now Operates Nigeria’s Largest Non-Bank Mobile Money Platform
By Tom Jackson
Launched in 2015, the Lagos-based TeamApt was formed to solve inefficiencies in Nigeria’s growing digital financial services market, and has a variety of products, including payments service AptPay, digital banking solution Moneytor, and Profectus Robotics, a back-office automation solution.
The startup, which counts 100 per cent of the country’s commercial banks amongst its customers and last year secured a switching licence from the Central Bank of Nigeria (CBN) as well as a US$5.5 million funding round, now has more than three million customers and 100,000 businesses depending on its solutions and infrastructure.
Moniepoint, TeamApt’s mobile money platform, has been a particular success, and has become the largest non-bank mobile money operator in Nigeria by value processed, despite being the latest entrant. Moniepoint processes 13 million transactions monthly with a value of NGN197 billion (US$516 million), while averaging 23 per cent month-on-month user growth.
Meanwhile, Monnify, its payment gateway also launched in 2019, is the first and largest account transfers payment gateway in Nigeria.
Founder and chief executive officer (CEO) Tosin Eniolorunda told Disrupt Africa he was pleased with the consistency of the progress TeamApt had made since launch.
“Starting and running a business can be a very arduous and time-consuming task but seeing results and enabling business growth can be very rewarding,” he said.
Such success has encouraged the team to push on with expansion plans.
“Our plan has always been to expand beyond Nigeria and take the solutions that have worked so well in Nigeria to other developing and emerging markets. We’ve pinpointed some markets,” Eniolorunda said.
With this in mind, further funding is also on the horizon.
“We are speaking to various people and exploring a few opportunities,” said Eniolorunda.
Photo courtesy of ICT4D.at.