Nigeria: Teamapt Secures CBN Switching Licence for Payment Infrastructure

A financial technology firm, TeamApt Limited, has secured switching licence from the Central Bank of Nigeria (CBN), for one of its products, Aptplay. This is to provide solutions for different customers in the country.

According to the firm with a customer base of 26 banks across Africa, including Zenith, ALAT by Wema, UBA, First Bank, GTBank, and Access Bank, it will now serve the finance industry effectively.

Chief Executive Officer (CEO), TeamApt, Tosin Eniolorunda, said the license is the highest awarded to any fintech by the CBN and it allows you debit banks' position with the central bank.

"What this translates to is that with AptPay, we can move money across the banks without putting our money down. This license puts TeamApt on the same level as other Tier-1 financial technology companies," he added.

Eniolorunda explained: "If through a payment gateway, a buyer pays a merchant for a product 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."

Team lead, AptPay, Dumebi Duru, described the switching license as the 'last piece to the matrix'. He said that AptPay is a robust payment infrastructure for payment processing, interbank transfers, and direct debits.

On other products of the firm, Product Head for Moneytor, Simpa Saiki, said Moneytor is an omni-channel digital banking solution for banks that want to provide end-to-end and personalised banking services.

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