PROFILE
TeamApt was founded in 2015 with the vision to digitize transaction processing through building financial platforms for businesses and the provision of payment and other management tools. It does this through Moniepoint and Monnify - an all-in-one business platform which provides various solutions for small and medium-sized businesses. Today, TeamApt is Nigeria's largest business payments platform, processing $100 billion in annual run-rate transaction value. The company is backed by QED, British International Investment, FMO, and other leading global venture capital funds.
Zenith Bank's partnership with TeamApt is driven by the need to address Nigeria's financial inclusion gaps. According to data from Enhancing Financial Innovation and Access (EFInA), Nigeria's financial inclusion rate stood at 64% in 2020. The Central Bank of Nigeria has identified agent banking as one of the key strategies that banks and other financial services players can leverage to boost financial inclusion. Among others, the company has developed digital financial solutions that can be used to upscale agent banking networks. With a staff strength of over 1,500, TeamApt notes that Moniepoint became Nigeria's largest non-bank mobile money operator by value processed last year. The platform's agent network also grew to over 100,000, with agents in every state in Nigeria.
Innovative Solutions, Impact on Businesses, Value Addition, and Corporate Governance
In 2018, Teamapt wanted to get in on the action of building direct-to-consumer and business-facing products, believing it would facilitate the financial inclusion process the company always envisioned. By the end of the year, TeamApt had onboarded 30,000 businesses and 3 million customers while processing $160 million in monthly transactions.
2019 saw TeamApt getting a switching license and raising $5.5 million in a Series A round led by Quantum Capital Partners. The investment was to improve its existing bank, consumer, and business-facing products and launch new ones. This capital raising has helped the company to immediately onboard 162,000 merchants processing over 120 million transactions per month.
As part of its efforts to deepen financial inclusion across Nigeria, TeamApt indicates it will be shifting its focus from delivering financial services products to banks to providing products for consumers and businesses. It will also try to grow its agent network and other touchpoints for Moniepoint and Monnify.
According to the company, Moniepoint has over 30,000 registered agents making 23 million transactions per month. Also, almost ?400 billion in value is transacted every month. Monnify, on the other hand, is a payment gateway for businesses to accept payments from customers, either on a recurring or one-time basis. Businesses can get paid on their web and mobile applications using convenient payment methods for customers, with the highest success rates obtainable in Nigeria.
Using Moniepoint and Monnify, businesses can increase their collections and get better margins due to competitive rates while enjoying more flexibility to scale and higher success rates by combining TeamApt's payment solutions. In addition, the platform boasts smoother operations through efforts to mitigate operational inefficiencies such as transaction delay, late settlements, reconciliation complications, unfavourable transaction processing fees and cash handling. The company secures transactions using military-grade encryption and best data security practices as mandated by the payment card industry data security standard (PCIDSS).
TeamApt has embraced professionalism, ethics and corporate governance. The core values that employees are required to abide by include passion, empathy, curiosity, grit, technical depth, and candour. The Executive Management team is made up of people with varied experience and expertise, and the company has a Risk and Compliance desk, which is empowered to ensure the adoption of good corporate governance.
We nominate TeamApt for the Award of Affiliate of the Year because of their contribution to financial inclusion and value addition to businesses through innovative solutions.
Get In Touch
PC 19, Adeola, Hopewell Street, Victoria Island, Lagos
