November 26, 2020 All Things Fintech in Africa

TeamApt Secures Highest Level of License Awarded to any Fintech by Nigeria’s CBN

TeamApt Secures Highest Level of License Awarded to any Fintech by Nigeria’s CBN

Nigeria’s budding fintech startup, TeamApt have just announced that it has been awarded a switching license by the Central Bank of Nigeria, CBN.

The license is to help one of its startup products, and AptPay provides varying financial solutions to several different customer segments in Nigeria.

TeamApt which was launched in 2015 has been operating without the switching license. TeamApt is Lagos based have deployed well over 55 tailored solutions to 26 African banks which includes coverage of 100 percent across Nigerian commercial banks.

According to the TeamApt’s CEO Tosin Eniolorunda, “What this translates to is that with AptPay, TeamApt can actually move money across the banks without putting our money down. This license puts TeamApt on the same level as other Tier-1 fintech companies”.

“If through a payment gateway, a buyer pays any merchant for a product they want and the payment gateway provider needs to pay the merchant instantly, without the license, the provider will have to pay with its own money. But with the license, the provider is merely moving the bank funds around without tying down its money.”

Having read on the TeamApt Secures Highest Level of License, you can further read on the Approved Guidelines on Transaction Switching in Nigeria.

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