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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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9 Startups Accepted into the First Next Health Accelerator with $15K Seed Funding

Next Health Accelerator
image courtesy: Valorigo

Intrepid Entrepreneurs, a non-profit designed to catalyze the power and promise of young people and women to fundamentally advance their societies, recruited nine startups for the inaugural cohort of the Next Health Accelerator.

Female, African entrepreneurs with a minimum viable product (MVP) from 26 countries applied to the program. After a rigorous review process, nine startups from seven countries were selected to begin the program in March 2021. The investor readiness accelerator is six months long and includes $15,000 seed funding, international mentors and partners, business support services, and value chain access.

The Next Health Accelerator’s focus on sexual and reproductive health is founded on the premise that unmet needs for sexual education, menstrual hygiene management, family planning, medication abortion, and STI diagnosis and treatment will be most sustainably delivered by local African enterprises.

Sexual and Reproductive Health issues directly affect 300 million women and girls on the continent and the productivity of the entire continent. For the continent to prosper and support its burgeoning youth population, it must harness the demographic dividend with access to equitable healthcare and economic opportunities. Next Health Accelerator addresses both.

Next Health Accelerator

The 2021 cohort includes:

  • Rocket Health: Provides telemedicine and pharmacy services for SRH needs including convenient lab test retrieval and medication delivery in Uganda
  • Verifie: Delivers STI self-tests and treatment products via doorstep delivery in Ghana
  • Pharmaserve: Specializes in delivering high-quality pharmaceuticals in Nigeria through a fully integrated inventory monitoring system
  • Girls Pride: Provides menstrual hygiene management education and skills training to create reusable pads in The Gambia
  • Pad-Up Creations: Employs over 100 people in Nigeria to produce single-use, chemical-free pads sold in 16 countries
  • Valorigo: Manufacturers single-use sanitary eco-friendly pads made from locally grown bamboo in the Congo
  • The Grace Cup: Delivers SRH education and reusable menstrual cups in Kenya
  • Kosmotive: Provides SRH information and access to SRH self-care products in Rwanda
  • Massira: Delivers SRH information interactively as well as access to SRH services and products through an online community in Ghana 
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Lindsey Simmonds, the Co-founder of Intrepid Entrepreneurs in a press statement said,

“After 15 years in philanthropy, I believe now more than ever that it is women who will solve women’s health challenges and it is Africans who will solve Africa’s development challenges.”

She continued that, development policies made in Washington, D.C. or London need to make room for the power and promise of the youth and women on the African continent. And on this premises, their Next Health Accelerator catalyzes African startups to investor readiness to make scalable, sustainable impact imbued with the commitment and determination that only comes from homegrown ideas.

Visit the intrepidentrepreneurs.org to learn more about the Next Health Accelerator 2021.

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