In solving everyday challenges, technology has been the immediate solution with an impact that has driven noticeable changes in society.
With years going by, technology innovations have been developed to increase the inclusiveness of Africans in the financial space through the development of digital banking, digital business solutions and running of payment infrastructure on the African continent.
A fintech company that easily runs through my mind in the delivery of these digital solutions is TeamApt.
Launched in 2015, TeamApt has focused on its mission to create financial happiness for Africans through technology, having onboarded thousands of Nigerian businesses.
Despite the global pandemic in 2020, TeamApt recorded significant success 2020 was a very successful year for TeamApt, with 150% overall QonQ growth, $3.9 billion in transaction value across its products, more than 90 million transactions processed, and 500% merchant growth.
With a team of more than 40+ developers, TeamApt is an engineer-led company that is solving inefficiencies in Nigeria’s growing digital financial services market, at scale, using automation and has deployed over 55 tailored solutions to banks.
Working with more than 26 African banks, and 100% of all commercial banks in Nigeria, TeamApt builds white-labeled products, to ensure digital financial transactions are easier, faster, cheaper and safe.
Recently, TeamApt pivoted its business model from serving banks to delivering products for consumers and businesses with expansion plans to West and North Africa.
I caught up with Tosin Eniolorunda, CEO and Co-founder, TeamApt, who took us through how the fintech company is set to deepen financial inclusion across Nigeria and beyond
An overview of Nigeria’s fintech ecosystem?
“In many ways, Nigeria has been at the forefront of the Fintech ecosystem in Africa in recent years.
With a market of over 200 million, 60 million of which are unbanked the country has the potential to be the Fintech hub for the continent.
The Nigerian Fintech space is developing rapidly. Traditional financial institutions are restructuring their financial offerings by adapting and tapping into the innovation Fintech start-up have initiated. From lending to insurance and payments.”
According to Tosin, FinTech services are redefining the way consumers and businesses carry out regular transactions.
In turn, increasing adoption of these trends is not only positioning Nigeria as a fintech hub for the continent but as an attractive market worldwide.
Fintech startups appeared to have raised more funding, how do you see the future of fintech startups in Nigeria?
In recent years fintech startups received 58% of total funding towards startups in Nigeria.
The global fintech software space is projected to become a $45bn market with 7.1% compounded annual growth rate.
Therefore the banking system must be at a point where customers are assured of seamless transactions, in a bid to help rather than hinder our African economies.
“African fintechs also need to take on global markets. I believe talents are evenly distributed but we need to have the courage to learn about opportunities in global markets so we can take advantage of them.”
In delivering financial service to banks what have been your milestones?
The CEO explained that prior to the company’s pivot in 2020, its bank-focused products had been deployed in all major commercial banks in Nigeria.
“Our solutions automated the back-office operations of these institutions and helped optimize the transaction channel access for their 30M customers.
However we pivoted in 2020, it was a big year for our growth. We recorded a $3.9Bn transaction value. 90M transaction volume, we now have 50,000 agents with 900% growth in agents in 2020 alone and a 500% merchant growth.
In addition, our Moniepoint agent milestones have grown exponentially from 0 to $1.5BN monthly in just over a year, enabling Moniepoint to take over the agency banking business.”
According to Tosin, Moniepoint has become the financial access lifeline for 3 million Nigerians.
Moreover, COVID-19 strained the banking system and highlighted the need for a new approach to banking.
“Moniepoint has been proactive and introduced its consumer-focused product, based on its experiences from the lockdown. By the end of 2020 we were the largest non-bank mobile money platform in Nigeria.
We also have a lot in store for TeamApt this year which we are looking forward to rolling out”. Tosin explained
An overview of how you will be delivering products for consumers?
Tosin explained that In the underserved market access, convenience & reliability are top priorities.
“So we are expanding our service offerings and empowering our agents to ensure that they become convenient alternatives to visiting distant bank branches for consumers.”
How are you deepening financial inclusion to the underserved?
“This is a cause intrinsic to all that we do as a company. Our mission remains to bring financial access to the underserved.
Thus far we have enabled a financial access lifeline for 4M People. We directly & indirectly created employment for 50,000 people. Moreover, our GDP contribution through empowering our staff, agents & merchants, is estimated at N80 Billion.”
Tell us about Moniepoint and Monify?
Tosin explained that as part of the company’s efforts to deepen financial inclusion across Nigeria, it will now focus on building products that make it easier for individuals and businesses to access financial services, as well as growing its agent network and other touchpoints for its existing products – Moniepoint and Monnify.
“TeamApt has an established and reliable network of more than 50,000 agents across Nigeria that provide financial services to unbanked and underbanked individuals in their communities.
With Moniepoint, TeamApt’s reliable network, service, and support systems have made it the preferred choice for agents in Nigeria.
With Moniepoint, TeamApt’s innovative digital branches combine proprietary technology and already existing offline community networks to provide financial services to a wide spectrum of people.”
Moniepoint, TeamApt’s mobile money platform, which was launched in 2019, also became the largest non-bank mobile money operator in Nigeria (by value processed), despite being the latest entrant.
Monnify is a payment gateway that allows businesses with the right tools & solutions to collect and manage their finances over a variety of digital channels (Web, Mobile, In-app).
It is the pioneer and largest “pay by account transfer” gateway.
Featured Image: Tosin Eniolorunda, CEO/Co-founder, TeamApt
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