By Juliet Umeh
Financial Technology Company TeamApt, has re-launched its product, Moniepoint, to enable SMEs grow their business with access to quick loans, manage operations, payroll, and staff welfare, and protect the business with affordable premiums.
The company says the expansion became necessary for it to achieve its aim of empowering small and medium size enterprises, SMEs in Nigeria.
Founder and CEO of TeamApt, Mr. Tosin Eniolorunda, speaking during the launch in Lagos, said: “As Nigerians, we feel the challenge 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 economy, and provide financial happiness to all.
“Small businesses are the bedrock of the economy for a reason. SMEs employ 84 percent of the country’s entire workforce and contribute 48 percent to Nigeria’s gross domestic product, GDP. Their success is critical to the economic progress of the nation.”
Explaining how the parent company, TeamApt operates, Eniolorunda said: “TeamApt is a financial technology company that provides a financial platform for SMEs through its business bank, Moniepoint, and payment gateway, Monnify, currently enabling transactions worth $6bn monthly.
“Since 2019, Moniepoint has enabled 162,000 small business owners to process over a billion transactions worth 23 trillion naira.
“While solving payment problems, we realized many of Nigeria’s 41 million small businesses struggle with managing operations, taxes, insurance, and staff welfare. To solve that and empower the dreams of SMEs, Moniepoint has evolved into a business bank.
“In addition to our already solid payments solution, this expansion will enable Nigerians to grow their businesses with access to quick loans, manage operations, payroll, and staff welfare, and protect the business with affordable premiums.”