Nigerian fintech start-up TeamApt is relaunching its Moniepoint product as a merchant bank in a bid to offer a wider range of services to its customers.
Launched in 2015, TeamApt was established to solve the inefficiencies of the growing digital financial services market in Nigeria and offers a variety of products. The startup counts 100% of the country’s commercial banks among its clients and in 2019 obtained switching license of the Central Bank of Nigeria (CBN) as well as a US$5.5M Series A Funding Round.
The startup raised a multi-million US$ Series B funding round last year, as it seeks to expand following the shift in focus from B2C to B2B, and has now transformed Moniepoint into a merchant bank.
Since 2019, Moniepoint has enabled 162,000 small business owners to process over 1 billion transactions worth NGN 23 trillion. While solving the payment problem, he realized that many of Nigeria’s 41 million small businesses were struggling to manage operations, taxes, insurance and staff welfare.
To solve this problem, Moniepoint has now become a merchant bank. In addition to its payment solution, this expansion enables Nigerians to grow their business with access to fast loans, manage operations, payroll and staff welfare, and protect the business with affordable premiums. .
“As Nigerians, we feel the challenges of the economy acutely, in real time. That is why we have worked hard to become a merchant bank that really works for the everyday Nigerian business owner. Moniepoint, in addition to being an all-in-one technology-based business solution, is also able to provide much-needed last mile service delivery.This is in line with our mission to power business dreams. Africa’s real economy and provide financial happiness to all,” said TeamApt Founder and CEO, Tosin Eniolorunda.