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Brands We Love: TeamApt

 

TeamApt is one of Nigeria’s better-known FinTech startups. Like many of its peers, the startup says that it’s on a mission to reach the financially underserved—a population numbering in the tens of millions in Nigeria alone.


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It does this through two products. One is Moniepoint, an agency banking solution that provides banking services from simple booths; the other is Monnify, a payments collection platform for businesses. Taken together, they account for a decent portion of Nigeria’s fast-growing FinTech terrain.

TeamApt hasn’t always walked this path. Earlier in its life, its clients were banks. It helped them optimize their core-banking operations and upgrade their customer service experience. Two years into its existence, it had 26 financial institutions on its client list.

In 2018, the company shifted its focus to the large army of individuals and small businesses that weren’t being served by the banks. In doing this, it leveraged the experience it had garnered in the previous years and began building products that could work in Nigeria’s unique environment.

Today, TeamApt plans to expand into other markets around Africa. After gaining financial support from investors in its Series B funding round (announced early in July 2021) it announced plans to begin offering digital banking services in addition to its agency banking operations.

Moniepoint remains a leading provider of agency banking services in Nigeria, holding about 74% of the market based on the volume of transactions processed monthly. It’s achieved this by guaranteeing its agents competitive pricing and delivering instant settlements through multiple transaction channels.


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Using its mobile app and POS terminals, agents can offer several financial services, ranging from cash withdrawal and deposits to funds transfer, airtime purchase, and bill payments.

Persons who intend to become Moniepoint agents may begin their journey by signing up on the Moniepoint website. They will be contacted by a cluster manager within 24 hours. They are also required to submit a verified identity card, utility bill, business license, valid BVN, and valid account number.

Monnify, TeamApt’s payment gateway, allows businesses to collect payments from customers on a one-time or recurring basis. It’s available for payments made by customers through USSD, mobile, and internet transfers, as well as with a bank card.

TeamApt has experienced tremendous growth since its pivot to agency banking and payment gateway services. By its own reckoning, it has over 30,000 agents spread all over the country and processes up to 23 million transactions per month.

The startup intends to replicate this performance across Africa. It could achieve this if it carries on with its current pace of growth.

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Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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