TeamApt, one of Nigeria’s leading Fintechs, has relaunched its product, Moniepoint, as a full-service business bank. Speaking at the event in Lagos on Wednesday, TeamApt founder and CEO, Tosin Eniolorunda, 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-inone business solution 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.” He noted that while Moniepoint had, since 2019, enabled 162,000 small business owners to process over a billion transactions worth N23 trillion, the fintech company, in solving the payment problem, realized that many of Nigeria’s 41 million small businesses struggle with managing operations, taxes, insurance, and staff welfare.
He said that it was to address this and power the dreams of SMEs, that Moniepoint evolved into a business bank. Similarly, Abubakar Ibrahim, a businessman, who uses Moniepoint, said: “Moniepoint has become everything to me. It has brought me actual freedom. Since using the service, I have transformed the lives of many.” According to a statement by the company, “in addition to their already solid payments solution, this expansion of Moniepoint enables Nigerians to grow their business with access to quick loans, manage operations, payroll, and staff welfare, and protect the business with affordable premiums. Small businesses are referred to as the bedrock of the economy for a reason. SMEs employ 84 per cent of the country’s entire workforce and contribute 48 per cent to Nigeria’s GDP. Their success is critical to the economic progress of the nation.”