TeamApt changes its name to Moniepoint and rebrands
Nigerian finance business TeamApt has changed its name to Moniepoint, the name of its flagship product instead. The corporation claims that the move is evidence of Moniepoint’s success and an effort to increase client intimacy. The company stated that by using the name “Moniepoint,” which is already a well-known and reputable brand among its client base in Nigeria, “one less barrier between the company and the consumers it seeks to serve is removed.”
Additionally, Moniepoint will shift its headquarters to London. The firm claims that this move is motivated by its goal of being “a preferred employer not only within Africa but globally.” However, there are currently no intentions to serve the UK market.
To expand into another part of Africa (East Africa and North Africa), according to Moniepoint, it will be necessary to “find major marketplaces where millions of enterprises are neglected.”
According to data provided by Moniepoint, despite the slump in the world’s financial markets last year, the fintech industry remained unaffected. This is because the global economic slowdown forced many businesses to realign their staffing levels or product offerings, according to Moniepoint. Currently, the business has 967 employees. In 2022, the levels of customers were more than 600,000 enterprises and processed more than $170 billion in total payments annually (TPV). For reference, the naira in 2022 fluctuated from 450 to $1 at the Central Bank of Nigeria’s official exchange rates. In 2022, the company’s sales increased by 146%.
Due to these accomplishments, Moniepoint was named one of the top 250 fintech companies globally by CB Insights and received the National Inclusive Payment Initiative Award from the Central Bank of Nigeria. Only six African fintech companies were included on the list. Additionally, the business started loan offerings in 2022, and more than $1.4 billion in working capital loans have already been made available. According to the firm, as of December 2022, it had given credit to 20,000 businesses, financing them more than $1 billion with an average default rate of less than 0.1%.
Cardless transfers vastly outperform all other forms of electronic payment in Nigeria. To accommodate this, Moniepoint debuted a brand-new solution last year dubbed “POS Transfer.” With the help of this solution, merchants may quickly verify cardless transfers on their terminals and generate a receipt for the transaction. Moniepoint will increase the number of products it offers along with the rebranding. The company said that it planned to introduce new products in the upcoming months, including foreign payment collections, longer-term capital loans, also bookkeeping, and accounting.
The Central Bank of Nigeria enacted several regulations restricting cash withdrawals across the country last year as part of its demonetisation program. The recent CBN policies are essentially a regulatory-driven shift of the market toward cashless transactions—an inevitable end that we previously knew would occur naturally. Still, no one could predict the regulatory push to make it happen “overnight,” the company said when asked how these policies affected Moniepoint.
