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TeamApt Announces New Consumer Focus and Expansion Plans After Strong 2020 Performance

TeamApt, the Nigerian fintech company that provides digital financial services solutions and payment infrastructure, has announced that it will be shifting its focus from delivering financial services products to banks to delivering products for consumers and businesses, as it aims to build on a strong performance in 2020. The Lagos-based fintech company is also exploring opportunities to deliver financial services for underserved individuals and businesses in other countries in West and North Africa.

Founded in 2015, TeamApt has worked with a wide range of African banks and 100% of all commercial banks in Nigeria. 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.

Despite the global pandemic, 2020 was a 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. 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. TeamApt grew its agent network to 50,000 (900% growth), with agents in each of Nigeria’s 36 states, thereby drastically improving the ratio of financial access points in the country.

The bank to population ratio in Nigeria, Africa’s largest economy, remains low – 4.3 branches per 100,000 compared to the global average of 11.7 branches per 100,000. For many Nigerians, agency banking (POS Shops) represent a financial access lifeline and one of the most viable options for accessing the financial services they need without unduly risking their health or enduring the other inconveniences of the traditional banking system (such as longer queues, unreliable transaction channels and poor support). According to Shared Agent Network Expansion Facilities (SANEF), which was set up by the Central Bank of Nigeria to accelerate financial inclusion, agent transactions surged by 859% during the first lockdown in March/April 2020 and despite restrictions being relaxed, the volume and value of transactions have continued to rise.

Tosin Eniolorunda, CEO and Co-Founder of TeamApt, said, “We had a lot of success working with banks but we have identified some unique opportunities to empower underserved individuals and business with products designed to make it easier to access and manage their money more efficiently. There are many synergies and opportunities that have been underexplored in the journey of improving financial inclusion in Africa and other emerging markets, and we are excited by the prospects of what we can achieve. We are confident in our competence and the technical expertise to deliver products and services that will transform access to financial services across Africa”.


  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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