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TeamApt is Shifting Focus from Banks to Products for Consumers & Businesses in Nigeria

Lagos based fintech startup, TeamApt announces that it is now pivoting to focus on delivering products for consumers and businesses as against delivering financial service products to banks. TeamApt is a fintech company that provides digital financial services solutions and payment infrastructure.

This shift in business focus aims to build on a strong performance in 2020 and they are exploring opportunities to deliver financial services for underserved individuals and businesses in other countries in West and North African regions.

teamapt
TeamApt pivoting to delivering products to consumers and businesses in 2021

TeamApt was co-founded by Tosin Eniolorunda in 2015, and been has working with a wide range of African banks and 100% of all commercial banks in Nigeria. Deepening financial inclusion across Nigeria has always been critical to the team, so will now be focusing on building products that make it easier for individuals and businesses to access financial services. They look forward to growing their agent network and other touchpoints for existing products, namely Moniepoint and Monnify.

In spite of the enormous challenges the global pandemic exposed many startups businesses to, 2020 was a very successful year for TeamApt, because it had a 150% overall QonQ growth, US$3.9 billion in transaction value across its products, more than 90 million transactions processed, and 500% merchant growth.

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Especially for Moniepoint, which is TeamApt’s mobile money platform, (launched in 2019),it also became the largest non-bank mobile money operator in Nigeria (by value processed), though it being a new entrant to the market. The team at TeamApt say they grew their agent network to 50,000 (900% growth), with agents in each of Nigeria’s 36 states, thereby drastically improving the ratio of financial access points in the oil rich country.

teamapt
TeamApt’s Moniepoint POS device

The bank to population ratio in Nigeria, Africa’s largest economy, remains low – representing a 4.3 branches per 100,000 compared to the global average of 11.7 branches per 100,000. This situation for many in Nigeria, agency banking (POS Shops) represent a financial access lifeline and one of the most viable options for accessing the financial services they need without unduly risking their health or enduring the other inconveniences of the traditional banking system (such as longer queues, unreliable transaction channels and poor support).

Per the report from Shared Agent Network Expansion Facilities (SANEF), which was set up by the Central Bank of Nigeria to accelerate financial inclusion, agent transactions surged by 859 percent during the first lockdown in March and April 2020. Notwithstanding the restrictions being relaxed, volume and value of transactions continually rise.

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Sharing his thoughts on the pivoting of business model, the CEO and co-Founder, Tosin said,

“We had a lot of success working with banks but we have identified some unique opportunities to empower underserved individuals and business with products designed to make it easier to access and manage their money more efficiently.

Further commenting that, there were many synergies and opportunities that have been underexplored in the journey of improving financial inclusion in Africa and other emerging markets, and this gives them opportunity to be excited by the prospects of what could be achieved.

Concluding that, they at TeamApt were very confident in their competence and the technical expertise to deliver products and services that will be transforming access to financial services across the African continent.


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NEWS

The Global Tommy Hilfiger Fashion Frontier Challenge Calls for Applicants, Chance to Win €200K

Tommy Hilfiger announces launch its third annual global Tommy Hilfiger Fashion Frontier Challenge, supporting entrepreneurial startup and scale-up stage companies developing solutions and making the fashion landscape more inclusive.

Its mission according Tommy Hilfiger, is creating a fashion that Wastes Nothing and Welcomes All. The fashion frontier challenge will support entrepreneurs who are standing up for what they believe in and are committing to driving change in their communities.

The prizes for winners of the Tommy Hilfiger Fashion Frontier Challenge aim at financing and providing knowledge to grow their business ideas.

Tommy Hilfiger Fashion Frontier Challenge
image cource: Tommy Hilger facebook

Launched in 2018, the third edition of the this fashion challenge endeavours to support black, indigenous and people of color entrepreneurs, especially those working to advance their communities and nurture a more inclusive future of fashion.

After the outdooring of the initiative Mr Tommy Hilger said that,

“I have been inspired by this talented group of social entrepreneurs whose innovations are making the fashion landscape more inclusive and sustainable.”

All interested fashion entrepreneurs are welcome to submit their applications which focus on creating an inclusive fashion value-chain.

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Successful applicants are going to be narrowed down to six finalists and invited to virtually develop their project plans with the assistance of dedicated Tommy Hilfiger and external subject matter experts. There will be coaching from an experienced pitch coach, and the finalists will pitch their final concept to a prestigious jury panel and associate audience at the worldwide Tommy Hilfiger Fashion Frontier Challenge final event, slated for early 2022.

What does Tommy Hilfiger consider a startup and a scale-up?

The Startup: The business should be in its early stages, it’s yet to reach product-market fit, still experimenting with customer segmentation and working toward overall positive contribution margin but you are making some revenue.

The Scaleup: The company has a validated product with product-market fit with a clear and sustainable unit economics (outlook), and it is in a growth-mode. You must have made revenue for at least a year.

Tommy Hilfiger Fashion Frontier Challenge
Lewis Hamilton modeling a Tommy Hilfiger apparel. image cource: Tommy Hilger facebook

The process

  • After applying, successful applicants will be notified in June 2021 to progress to the second round of the Tommy Hilfiger Fashion Frontier Challenge.
  • Once selected, participants provide additional information regarding their business enterprise, including a one-minute pitch video.
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Note: Applications should be in English and business pitch also in English.

Progressing further will be six (6) finalists who are invited to further develop their business or project plans during a digital Design Sprint with the support of a team of dedicated internal Tommy Hilfiger associates and external specialists in October 2021.

Each finalist will pitch their concept at the global Tommy Hilfiger Fashion Frontier Challenge final event in early 2022, with a chance to win the prize package.

The Prize Package

  • Win up to €200,000 and a chance at an additional €15,000 prize for winning the “Audience Favorite Vote”
  • A year-long mentorship with Tommy Hilfiger’s internal experts globally and access to Tommy Hilfiger’s network brand association
  • A place on the INSEAD Social Entrepreneurship Program (ISEP)
  • Year-long INSEAD mentorship

The Tommy Hilfiger Fashion Frontier Challenge application closes at midnight of 8th March, 2021.

CLICK HERE TO APPLY

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