New Telegraph

TeamApt to accelerate African expansion

…transactions hit N1.4trn

 

One of Nigeria’s leading Fintech companies, TeamApt, has unveiled plans to step up its African expansion as part of efforts to boost financial inclusion on the continent.

 

The company, which provides financial services for the underserved mass market through Moniepoint – its financial access product, and Monnify – its payment gateway infrastructure, stated this at a media parley held in Lagos, last Thursday.

 

Speaking at the session, the Chief Executive Officer (CEO) and Founder of TeamApt, Mr. Tosin Eniolorunda, noted that the company, which was founded in 2015 and started out by building infrastructure for Tier 1 financial institutions, has, in less than two years, grown rapidly to operate the largest agency banking platform in the country with a network of over 100,000 agents.

 

He stated that that in March 2021, TeamApt hit a milestone of transactions worth over ₦1 trillion ($2.4 billion) for the first time, adding that in May, the value increased to ₦1.4 trillion ($3.5 billion) with 68 million transactions in volume.

 

He further disclosed that between April 2020 and April 2021,  the total value of transactions processed by the company had increased to $16 billion.

 

Speaking on TeamApt’s plans to transform financial services in Africa, Eniolorunda said: “To achieve our mission of providing financial happiness for all, we started out by building working infrastructure and distributing this in every of Nigeria’s 36 states.

 

So far, Moniepoint has served over 25 per cent of the 48 million banked Nigerians, previously underserved by the financial system.

 

This is a great feat but we still have a lot of work to do. Many Nigerians are still underserved, and with this pain not exclusive to Nigeria, but shared among Africans, we intend to scale into more regions of the continent.

 

“We remain focused on innovating, and we expect that in the future, through Moniepoint, we will reach more people across Africa and build their trust in the financial system and processes.

 

We look forward to empowering our agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals.’’

 

Continuing, he said: “We are going to be present in Nigeria but on a different level.

 

We are also going to establish a presence in more African countries. We are going to be having presence in Francophone West Africa, East Africa between Rwanda, Uganda and Tanzania; Central Africa, Congo DRC is also one of the places we are looking at; in Southern Africa the same thing too. By 2026, it is a mandate that we have from my team as well as our investors.”

 

Analysts note that since launching in 2019, Moniepoint by TeamApt has gained ground as Nigeria’s largest agency banking platform with about 100,000 agents across the nation.

 

A recent report issued by the Shared Agent Network Facilities (SANEF), an initiative of the Central Bank of Nigeria (CBN), which is the governing agent banking in the country, confirms that TeamApt accounts for 74 per cent of the agent banking industry based on the volume of transactions processed monthly.

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