TeamApt has announced plans to change its focal point from the distribution of financial services products to the banking sector, to the delivery of products for customers and companies in the future with a goal of building upon positive results in 2020.
TeamApt was founded in 2015 and has collaborated with a wide range of African banks and 100% of all Nigerian commercial banks. It will now concentrate on building products that make it easier for individuals and businesses to access financial services as part of the company’s efforts to deepen financial inclusion across Nigeria, as well as expanding its agent network and other touchpoints for its established products, Moniepoint and Monnify.
2020 was a good year for TeamApt, amid the global pandemic, with 150 percent total QonQ growth, $3.9 billion in transaction value across its goods, more than 90 million processed transactions, and 500 percent merchant growth. Moniepoint, the mobile money network of TeamApt, which was introduced in 2019, has also become Nigeria’s largest non-bank mobile cash operator (by value processed), despite being the new entrant. TeamApt has grown its agent network to 50,000 (900% growth) with agents in each of Nigeria’s 36 states, dramatically improving the ratio of the country’s financial access points.
In other West and North African nations, the Nigeria-based fintech company is also pursuing ways to provide financial services for underserved individuals and companies.