Nigerian fintech startup TeamApt has announced it will be shifting its focus from delivering financial services products to banks to delivering products for consumers and businesses, as it aims to build on a strong performance in 2020.
The Lagos-based fintech company is also exploring opportunities to deliver financial services for underserved individuals and businesses in other countries in West and North Africa.
Launched in 2015, TeamApt was formed to solve inefficiencies in Nigeria’s growing digital financial services market, and has a variety of products. The startup counts 100 per cent of the country’s commercial banks amongst its customers and in 2019 secured a switching licence from the Central Bank of Nigeria (CBN) as well as a US$5.5 million funding round.
In 2021, however, it will focus on building products that make it easier for individuals and businesses to access financial services, as well as growing its agent network and other touchpoints for its existing products – Moniepoint and Monnify.
“We had a lot of success working with banks but we have identified some unique opportunities to empower underserved individuals and businesses with products designed to make it easier to access and manage their money more efficiently,” said Tosin Eniolorunda, chief executive officer (CEO) and co-founder of TeamApt.
“There are many synergies and opportunities that have been underexplored in the journey of improving financial inclusion in Africa and other emerging markets, and we are excited by the prospects of what we can achieve. We are confident in our competence and the technical expertise to deliver products and services that will transform access to financial services across Africa.”