TeamApt, a Nigerian fintech startup, is eyeing unicorn status after it disclosed that it transacted N1.4 trillion ($3.5billion) value in 68 million transactions volume in May 2021 on its agency banking platform.
The data sourced from monthly report of Shared Agent Network Expansion Facilities (SANEF), an initiative of the Central Bank of Nigeria (CBN) to promote agency banking and mobile money in the country, shows that Teamapt controls 74 per cent of the total agency banking operations within the period.
The company which is currently leading Nigeria’s agency banking industry, provides financial services for the underserved mass market through Moniepoint – its financial access product, and Monnify – its payment gateway infrastructure.
At a media briefing on Thursday in Lagos, officials of Teamapt revealing more of its transaction figures and financial performance for the past months said in less than two years, the company has grown rapidly to operate the largest agency banking platform with a network of over 100,000 agents.
In March 2021, it hit a milestone of transactions worth over N1trillion ($2.4 bn) for the first time. In May, the value increased to N1.4 trillion ($3.5 bn) with 68 million transactions in volume, and between April 2020 and April 2021, the total value of transactions processed has gone up to $16 billion.
Speaking on the company’s plans to transform financial services in Africa, CEO and founder of TeamApt, Tosin Eniolorunda said “To achieve our mission of providing financial happiness for all, we started out by building working infrastructure and distributing this in every of Nigeria’s 36 states.
“So far, Moniepoint has served over 25 per cent of the 48 million banked Nigerians, previously underserved by the financial system. This is a great feat but we still have a lot of work to do. Many Nigerians are still underserved, and with this pain not exclusive to Nigeria but shared among Africans, we intend to scale into more regions of the continent.
“We remain focused on innovating, and we expect that in the future, through Moniepoint, we will reach more people across Africa and build their trust in the financial system and processes. We look forward to empowering our agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals,’’ Eniolorunda added.
Since launching in 2019, Moniepoint by TeamApt has gained ground as Nigeria’s largest agency banking platform with about 100,000 agents across the nation. Report from SANEF, an initiative of the Central Bank of Nigeria (CBN) governing agent banking in Nigeria, confirms that TeamApt accounts for 74 per cent of the agent banking industry based on the volume of transactions processed monthly.
The fintech company, which reiterated its commitment to transform financial services in Africa was founded in 2015 and TeamApt started out by building infrastructure for tier-one financial institutions.