August 13, 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.

10 Fintech Startups You Should Know About in Nigeria

10 Tech Startups in Nigeria and What they do

Banner
Related Posts

PayStack Introduces USD Payouts into Zenith Banks  

December 11, 2019

December 11, 2019 1

Table Of ContentsTeamApt Secures Highest Level of License Awarded to any Fintech by Nigeria’s CBNIntroduction: What’s USDHow Paystack USD settlements...

Using Blockchain to Enable Faster Cross Border Remittance

May 10, 2019

May 10, 2019

Using Blockchain to Enable Faster Cross Border Remittance Blockchain derived its name from how it works and the way it...

MOMO, the mobile money service, launched by MTN

September 5, 2019

September 5, 2019 2

On September 29th, 2019, MTN launched its mobile money business MoMo, in Hilton Abuja, Nigeria. The mobile money will allow...

KudiGO, a Ghaianian startup, that builds solutions for the consumer retail industry, plans expand to Nigeria .

February 1, 2020

February 1, 2020

KudiGo started operations in November 2018, providing an integrated, mobile-based retail, payments, accounting and analytics engine for the consumer retail...

ORide; Nigeria’s Bike hailing Service launched by OPay

June 6, 2019

June 6, 2019 1

ORide, a bike-hailing app launched under the hub of OPay intends to make going around Lagos easier. On the average...

Remitly Partner with Xpress Money to Expand Cross-border Money Services

December 2, 2019

December 2, 2019

Remitly is an online remittance service which allows users to transfer money from United states to Nigeria , while Xpress...

Eyowo Launches a Retail Banking Tool

December 2, 2019

December 2, 2019

Eyowo, a digital bank, with the  aim  to encourage financial inclusion among every Nigerian by making banking as easy as...

SafriCom has partnered with Ria Money Transfer to Improve International Money Transfers through M-Pesa

January 31, 2020

January 31, 2020

Safaricom has partnered with Ria Money Transfer, to empower more than 26 million M-PESA customers to receive international money transfers...

6 Facts About Paystack Nigeria You Never Knew Before

April 19, 2019

April 19, 2019 2

6 Facts About Paystack  Nigeria You Never Knew Before As the new kid on the block when it comes to...

Paga Announces a Partnership with Visa

March 18, 2020

March 18, 2020

Paga has partnered with Visa to provide secure and convenient mobile payments solutions. The collaboration will enable Paga and Visa...

JumiaPay: a fintech platform for payments, loans & ticketing

September 5, 2019

September 5, 2019

  Jumia, an e-commerce platform for Africa backed by MTN and Rocket Internet has introduced new features on JumiaPay. The...

MTN in a Partnership with Ericsson has launched an Open API platform in Ghana

October 24, 2019

October 24, 2019

  Introduction MTN mobile money fondly known as MOMO has expanded to Ghana. The open API platform launched is to...

How To Make Interswitch Payments Using Your Mobile Phone

April 16, 2019

April 16, 2019

How To Make Interswitch Payments Using Your Mobile PhoneMaking payments using your mobile phone can be a real headache. Trust me, I know. From USSD codes to apps and even websites, everything misbehaves at one point or the other.

Nigeria’s Paga Acquires Apposit

February 1, 2020

February 1, 2020

Paga is a multi-channel platform for users to transfer money, pay-bills, and buy things digitally. The company has 14 million...

Carbon, formerly Paylater now charges One Percent Transaction fee.

August 25, 2019

August 25, 2019 1

  Introduction Carbon, the lending platform formerly known as paylater started an app which not only allows one to borrow...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.