Nigeria: Fintech Firm Records N1.4 Trillion Transactions in 1 Month

A financial technology company, TeamApt, processed 68 million financial transactions worth N1.4 trillion ($3.5 billion) in May 2021.

The company provides financial services for the underserved mass market through Moniepoint (its product, and Monnify (its payment gateway infrastructure).

The TeamApt CEO and Founder, Mr. Tosin Eniolorunda made this known at a virtual media conference yesterday.

He said between April 2020 and April 2021 the total value of transactions processed has gone up to $16bn.

Eniolorunda said in March 2021, TeamApt hit a milestone of transactions worth over N1tr ($2.4bn) for the first time.

"In May, the value of transactions increased toN1.4tr ($3.5bn) with 68m transactions in volume, and between April 2020 and April 2021, the total value of transactions processed has gone up to $16bn."

A SANEF report, an initiative of the Central Bank of Nigeria (CBN) governing agent banking in Nigeria, showed that TeamApt accounts for 74% of the agent banking industry, monthly.

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