TeamApt, a Nigerian company relaunched its Moniepoint product as business bank

In order to provide a larger range of services to its customers, Nigerian fintech company TeamApt is relaunching its Moniepoint product as a business bank.

TeamApt was founded in 2015 to address inefficiencies in Nigeria’s developing digital financial services sector, and it offers a number of solutions. The firm has 100% of Nigeria’s commercial banks as customers and received a switching licence and a US $5.5 million Series A fundraising round from the Central Bank of Nigeria (CBN) in 2019.

Last year, the firm secured a multi-million-dollar Series B capital round to expand after shifting its focus from B2C to B2B, and it has now spun out Moniepoint as a business bank.

Moniepoint has helped 162,000 small company owners complete over a billion transactions totalling NGN23 trillion since its inception in 2019. While addressing the payment issue, it became clear that many of Nigeria’s 41 million small enterprises had challenges with operations, taxes, insurance, and employee welfare.

Moniepoint has grown into a commercial bank to address this issue. This expansion allows Nigerians to develop their businesses with access to rapid loans, manage operations, payroll, and employee welfare, and safeguard their businesses with inexpensive premiums, in addition to its payments solution.

“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 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,” said TeamApt founder and CEO, Tosin Eniolorunda.