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Meet TeamApt with 74% share of Nigeria agent banking market

. Company reiterates commitment to transform financial services in Africa

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TeamApt leading fintech
L-r: Chief Operating Officer, TeamApt, Tobi Amira; Vice President, Sales, TeamApt, Ifeanyi Duru; CEO and Founder of TeamApt, Mr. Tosin Eniolorunda; Vice President, Moniepoint, Solomon Amadi and the Chief Growth Officer, Bili Sule, during a press conference held in Lagos to discuss the company's expansion plans

TeamApt has quietly created a significant place for itself in the Nigeria’s financial sector and penetrated the agent banking space in particular with impressive numbers even and beckons on Unicorn hit mark!

As one of Nigeria’s leading Fintech companies, TeamApt has also reiterated its commitment to transform financial services in Africa.

TechEconomy.ng in its January 13, 2021 edition reported the Nigerian fintech’s pivot from  the business model of serving banks to delivering products for consumers and businesses.

Report from SANEF, an initiative of the Central Bank of Nigeria (CBN) governing agent banking in Nigeria, confirms that TeamApt accounts for 74% of the agent banking industry based on the volume of transactions processed monthly.

The company, “currently leading the country’s agency banking industry,” provides financial services for the underserved mass market through Moniepoint – its financial access product, and Monnify – its payment gateway infrastructure.

The company made this known at a media parley held in Lagos on Thursday, June 17, 2021.

TeamApt in Numbers

Founded in 2015, TeamApt started out by building infrastructure for Tier 1 financial institutions, a testament to its technology prowess.

It has in less than 2 years grown rapidly to operate the largest agency banking platform with a network of over 100,000 agents.

Revealing more of its transaction figures and financial performance for the past months, TeamApt said that in March 2021, it hit a milestone of transactions worth over ₦1trillion ($2.4 bn) for the first time.

In May, the value increased to ₦1.4 trillion ($3.5 bn) with 68 million transactions in volume, and between April 2020 and April 2021, the total value of transactions processed has gone up to $16 billion.

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Speaking on the company’s plans to transform financial services in Africa, CEO and Founder of TeamApt, Mr. Tosin 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.

Fintech

L-R; Vice President, Sales, TeamApt, Ifeanyi Duru; Chief Growth Officer, Bili Sule; Vice President, Moniepoint, Solomon Amadi; Chief Operating Officer, TeamApt, Tobi Amira, during a press conference held in Lagos to discuss the company’s expansion plans.

“So far, Moniepoint has served over 25% 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”.

He said that the company looks forward to empowering the agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals.

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.

Fintech

L-R; Vice President, Sales, TeamApt, Ifeanyi Duru; Chief Growth Officer, Bili Sule; Vice President, Moniepoint, Solomon Amadi; Head, Marketing, Edidiong Uwemakpan; Chief Operating Officer, TeamApt, Tobi Amira, during a press conference held in Lagos to discuss the company’s expansion plans.

Report from SANEF, an initiative of the Central Bank of Nigeria (CBN) governing agent banking in Nigeria, confirms that TeamApt accounts for 74% of the agent banking industry based on the volume of transactions processed monthly.

TeamApt and SANEF

With recognising that there are 500 million Africans who are still financially underserved and 60 million of them are Nigerians, TeamApt said that expanding its services to other African countries is plan in the offing.

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