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Fintech startup TeamApt now operates Nigeria’s largest non-bank mobile money platform

Nigerian fintech startup TeamApt, has become the largest non-bank mobile money service in the country, processing 13 million transactions monthly.

Lagos-based fintech, TeamApt was launched in 2015 to solve inefficiencies in Nigeria’s growing digital financial services market. Its variety of products include a payments service AptPay, a digital banking solution Moneytor, and a back-office automation solution, Profectus Robotics.

The startup, which has all Nigerian commercial banks as country’s its customers  now has over three million customers and 100,000 businesses depending on its solutions and infrastructure.

TeamApt Team. Image Source: Tech City

In fact, Moniepoint, TeamApt’s mobile money platform, has been particularly successful, and is currently the largest non-bank mobile money operator in Nigeria in terms of value processed, despite only being the latest entrant. According to reports, Moniepoint processes 13 million transactions monthly with a value of NGN197 billion (US$516 million), while averaging 23 per cent month-on-month user growth.

Meanwhile, Monnify, its payment gateway, which was launched in 2019, is now largest account transfers payment gateway in Nigeria.

Founder and chief executive officer (CEO) Tosin Eniolorunda said he was pleased with the consistency of the progress TeamApt had made since its launch, with the team encouraged to push for further expansion.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)