TeamApt rebrands, now Moniepoint

Nigerian fintech company, TeamApt, has rebranded to Moniepoint, in honor of its flagship product. The company believes that the name change will bring it closer to its customers, as the Moniepoint brand is already well-known and trusted among its customer base in Nigeria. Additionally, Moniepoint will be relocating its headquarters to London, in order to position itself as “an employer of choice, not just in Africa, but globally”. Although the company will not be providing services in the UK market, there are expansion plans in place for East and North Africa, pending the identification of large markets where millions of businesses are underserved.

Despite the global economic downturn last year, Moniepoint was able to thrive, with a customer base of over 600,000 businesses and an annual total payments volume of over $170 billion. The company also grew its revenue by 146% in 2022, leading to it winning the National Inclusive Payment Initiative Award from the Central Bank of Nigeria and being recognized by CB Insights as one of the top 250 fintechs globally.

In addition to its rebranding, Moniepoint is also expanding its product offerings. In the coming months, the company plans to launch new products such as bookkeeping and accounting, longer-tenured working capital loans, and international payment collections. The company also introduced a new product called “POS Transfer” last year, which enables retailers to instantly validate cardless transfers on their terminals and produce a receipt for the transaction.

In response to recent policies implemented by the Central Bank of Nigeria that restrict cash withdrawals throughout the nation, Moniepoint stated that these policies are essentially a regulatory-driven shift of the market towards cashless transactions, which is an inevitable end that the company already knew would happen naturally. Moniepoint added that, as a licensed business bank in Nigeria, it is in a prime position to benefit from the cashless policy.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us