TeamApt CEO on decision to shift business model, outlines expansion plans

Nigerian fintech company, TeamApt, is making strategic moves amidst the challenges posed by the ongoing global pandemic. The company has decided to shift its business focus from serving banks to directly targeting consumers and businesses. The decision comes as TeamApt aims to better utilize its resources to drive financial impact for self-customers and businesses. In a recent interview with CNBC Africa, Tosin Eniolorunda, CEO and Co-founder of TeamApt, outlined the reasons behind this strategic shift and discussed the opportunities and expansion plans in the pipeline. Eniolorunda highlighted the key challenges faced by businesses and customers in accessing financial services, emphasizing the importance of agency banking. He explained that agency banking, which involves providing basic financial services through human agents, offers a more convenient and accessible option for many customers, particularly those at the bottom of the pyramid. With Nigeria having a significant unbanked population, TeamApt sees an opportunity to bridge the gap by offering essential services through human agents, such as cash withdrawals, bill payments, account opening, insurance, loan services, and savings options. The company has already experienced significant growth in its agency and merchant business, with total transactions amounting to $3.9 billion and a 5555% increase in merchant transactions. TeamApt's innovative approach, including enabling businesses to receive payments through direct account transfers, has resonated well in the market, leading to a surge in transaction volumes and agent numbers. Discussing the expansion plans, Eniolorunda pointed out that the company's success in Nigeria has laid a solid foundation for venturing into neighboring countries. TeamApt aims to extend its mission of 'facilitating financial happiness' to countries in North and West Africa that share similarities with Nigeria in terms of financial inclusion, population size, and economic dynamics. Eniolorunda highlighted the potential for driving financial inclusion and impact in these regions and emphasized the importance of leveraging the talent pool across different economies to build the necessary skill sets. TeamApt plans to kick off operations in North and West African countries in the first quarter of the year, with a target of gaining traction by the end of the second quarter. The company is in the process of hiring talent across various domains, including engineering, product development, business development, risk management, and other specialized skills. By expanding into new markets and recruiting diverse talent, TeamApt aims to solidify its position as an intercontinental organization that drives both commercial success and social impact. As TeamApt embarks on this new phase of growth and expansion, the company remains focused on its core mission of enhancing financial inclusion and driving positive change across multiple markets. With a strategic shift towards serving consumers and businesses directly, TeamApt is poised to make significant strides in the fintech industry both in Nigeria and beyond.