By Juliet Umeh

Financial Technology Company TeamApt, has re-launched its product, Moniepoint, to operate as a business bank.
The company says the expansion became necessary for it to achieve it’s aim of empowering small and medium size enterprises, SMEs in Nigeria.

Founder and CEO of TeamApt, Mr. Tosin Eniolorunda while speaking during the launch in Lagos, said the expansion of Moniepoint will enable Nigerians to grow their business with access to quick loans, manage operations, payroll among others with affordable premiums.

He said: “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.
“Small businesses are referred to as 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, it is enabling transactions worth of $6bn monthly.

“Since 2019, Moniepoint has enabled 162,000 small business owners to process over a billion transactions worth 23 trillion naira. While solving the payment problem, 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 business with access to quick loans, manage operations, payroll, and staff welfare, and protect the business with affordable premiums.

“TeamApt provides multi-channel payment, credit, insurance and other financial solutions to businesses, including agents and banks.

“The company acts on-ramp for the ongoing digital transformation by providing a full-stack solution that combines tech with a robust physical distribution network targeted at millions of African businesses and their customers,” Eniolorunda explained.

Meanwhile, a businessman using Moniepoint, Abubakar Ibrahim said: “Moniepoint has become everything to me. It has brought me actual freedom. Since using the service, I have transformed the lives of many.”