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- Moniepoint has seen significant success since the launch of its flagship productin 2019, with an annualized total payments volume of over $170 billion and a customer base of over 600,000 businesses.
- Moniepoint’s plans include expanding its suite of products on its digital banking platform, among them providing access to digital tools and making credit more accessible to businesses, and expanding into new markets.
TeamApt Incorporated, one of Africa’s leading business banking platforms, has rebranded to Moniepoint, the name of its flagship product. The rebranding of TeamApt to Moniepoint reflects the company’s mission to help businesses grow through access to digital payments, accessible credit and business management tools. By adopting thethe name Moniepoint; the company will align with a recognisable identity that their existing business owners already trust.
Tosin Eniolorunda, co-founder and CEO of Moniepoint Inc. said, “When we started in 2015, we were primarily providing back office payment infrastructure for banks and needed an apt team, hence the name TeamApt. Since then, we have evolved significantly, and our flagship business banking solution, Moniepoint, has become our core focus and where we see the future. Now, as we head into the next step in our journey, we’ve changed our name to reflect the company’s commitment to enabling a world where any business has access to the digital tools and capital needed to grow.”
Since its launch in 2019, Moniepoint has seen unprecedented success as a platform for small and medium businesses in Nigeria and currently processes over half of the POS transactions in the country. With a total processed payments volume of over $170 billion and a customer base of over 600,000 businesses, Moniepoint broke through its projections for 2022, more than doubling its revenuesand winning the National Inclusive Payment Initiative Award by the Central Bank of Nigeria (CBN).The platform also launched a credit offering in 2022, which has already disbursed over $1.4 billion in working capital loans.
According to Eniolorunda, Moniepoint’s scalable model and focus on local understanding have been key to its growth strategy, making it the perfect choice for TeamApt’s rebrand as it continues to fulfil its mission of helping businesses grow through access to simple digital payments and business banking and management tools.
Looking to the future, Moniepoint has ambitious plans to expand its reach and help businesses grow beyond their current capacities. Eniolorunda told Business Insider Africa that the company’s next step is to expand its suite of products on its digital banking platform, among them providing access to digital tools and also breaking into new markets to allow businesses access the tools they need to collect payments and manage their business digitally via Moniepoint’s offerings.
“Cash is still used primarily in over 90% of transactions across the continent, which means there’s still much room for businesses to grow and expand into the digital age. That’s why This rebrand supports our grand mission of powering the dreams of businesses in emerging markets with an all-in-one platform for financial services,” he said.
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