MoniePoint, Nigeria’s Largest Non-Bank Mobile Money Platform, Evolves into a Business Bank to Fill SME Gaps

Since 2019, MoniePoint has enabled 162,000 small business owners to process over a billion transactions worth NGN23 trillion (over $55 billion). While solving the payment problem, it realised many of Nigeria’s 41 million small businesses struggle with managing operations, taxes, insurance, and staff welfare. 

Nigerian fintech startup, TeamApt, is relaunching its Moniepoint product as a business bank in a bid to offer a wider range of services to its customers.

Launched in 2015, TeamApt was formed to solve inefficiencies in Nigeria’s growing digital financial services market, and has a variety of products.

The startup counts 100% of the country’s commercial banks amongst its customers and in 2019 secured a switching licence from the Central Bank of Nigeria (CBN) as well as a $5.5 million Series A funding round. 

Since 2019, MoniePoint has enabled 162,000 small business owners to process over a billion transactions worth NGN23 trillion (over $55 billion). While solving the payment problem, it realised many of Nigeria’s 41 million small businesses struggle with managing operations, taxes, insurance, and staff welfare. 

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SEE ALSO: [WATCH] Introducing Team Apt, the Company Operating Nigeria’s Largest Non-Bank Mobile Money Platform

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MoniePoint has now evolved into a business bank to fill the gap they identified.

In addition to its payments solution, the product will now add the following services to its offering for businesses:

• Access to quick loans
• Manage operations, payroll, and staff welfare
• Protect the business with affordable premiums

Talking about its evolution into a business bank, Tosin Eniolorunda, CEO, TeamApt, 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-in-one business solution, it 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.”

– CEO, TeamApt

At least 43% of Nigerians lack access to regular financial services, a situation that is leading several digital solutions to create products that will fill that gap.

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RECOMMENDED READING: Nigerian Digital Bank, Umba, Raises $15 Million in Series A Funding

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