Nigerian fintech firm TeamApt has transformed its product, Moniepoint, into a fully-fledged business bank to support small and medium-sized enterprises (SMEs) in Nigeria. Initially focused on payments, Moniepoint has processed over a billion transactions worth ₦23 trillion for 162,000 small business owners since its 2019 launch. Now, the expanded Moniepoint will offer broader business banking services, including quick loans, operations management, payroll, staff welfare, and affordable insurance options for businesses.

TeamApt highlighted the critical role of Nigeria’s 41.5 million SMEs, which account for 84% of the workforce and contribute 48% to the GDP. The company’s CEO, Tosin Eniolorunda, emphasized that Moniepoint’s evolution addresses the needs of everyday business owners by providing an all-in-one, tech-enabled solution tailored to the Nigerian market. With licensing from the NDIC and PCIDSS certification, Moniepoint aims to empower Nigerian businesses to manage, protect, and expand their operations.