TeamApt's Moniepoint evolves into a business bank

Nigeria’s leading financial solutions provider, TeamApt is relaunching Moniepoint as a business bank. Through the new product, the startup wants to help businesses power their dreams and provide financial happiness to all.

Since its launch in 2019, Moniepoint has enabled 162,000 small business owners to process over a billion transactions worth ₦23 trillion. Also, in just over a year the company had a distribution network of 50, 000 merchants across the country, in Gwagwalada, Gboko, and beyond. Moniepoint first hit the ₦20 billion mark transactions in a  day on December 14, 2020 and is currently enabling transactions north of $6bn monthly.

Moniepoint provides banking solutions that enable businesses to collect payments, access loans, manage operations and ultimately grow their business. Their primary focus has been providing these solutions to the underserved SMEs who contribute about 48% to Nigeria’s entire GDP and employs about 84% of the workforce.

During the process of providing the solutions, they realised many of Nigeria’s 41 million SMEs struggle with managing operations, taxes, insurance, and staff welfare. To solve for that and power the dreams of SMEs, Moniepoint has evolved into a business bank.

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.

Speaking at an event, 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.”

He also added, “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.”

“Moniepoint in addition to being a tech-enabled all-in one 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.”

In a statement made available, Abubakar Ibrahim, a businessman, said: “Moniepoint has become everything to me. It has brought me actual freedom. Since using the service, I have transformed the lives of many.”

TeamApt’s business bank, Moniepoint is fully licensed by NDIC and is PCIDSS certified. TeamApt provides multi-channel payment, credit, insurance, and other financial solutions to businesses, including agents and banks.

The company is a leader in the ongoing digital transformation sweeping Africa by providing a full-stack solution that combines tech with a robust physical distribution network targeted at millions of African businesses and their customers.