TeamApt’s Moniepoint becomes business bank

TeamApt, a fintech firm, has relaunched its product, Moniepoint, as a business bank.

Established in 2019, the company said Moniepoint had enabled 162,000 small business owners to process over a billion transactions worth N23 trillion.

Tosin Eniolorunda, TeamApt founder and chief executive officer (CEO), said this on Wednesday during the launching in Lagos.

Eniolorunda said Moniepoint is now fully licenced by Nigeria Deposit Insurance Corporation (NDIC) and certified with Payment Card Industry Data Security Standard (PCI DSS).

“While solving the payment problem, they realised many of Nigeria’s 41 million small businesses struggle with managing operations, taxes, insurance, and staff welfare. To solve for that and power the dreams of SMEs, Moniepoint has evolved into a business bank,” he said.

“In addition to their already solid payments solution, this expansion of Moniepoint enables Nigerians to grow their business with access to quick loans, manage operations, payroll, and staff welfare, and protect the business with affordable premiums.

“Small businesses are referred to as the bedrock of the economy for a reason. SMEs employ 84% of the country’s entire workforce and contribute 48% to Nigeria’s GDP. Their success is critical to the economic progress of the nation.

“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.”

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

The company said Moniepoint is poised to empower Nigerians to manage, protect, and grow their businesses.