Overview
TeamApt, now rebranded as Moniepoint, is a Nigerian fintech company founded in 2015 that provides comprehensive banking services, payments, and business management solutions through digital platforms. The platform serves as an all-in-one payments, banking, and operations platform for businesses and their customers across Africa.
With over 600,000 businesses on its platform and processing more than $170 billion in Total Payments Volume (TPV), Moniepoint has established itself as Africa’s fastest-growing fintech. The platform is designed for both individual consumers and businesses of all sizes, from small merchants to large enterprises seeking comprehensive financial solutions.
Pros & Cons
Security Features
CBN Licensed: Fully licensed by the Central Bank of Nigeria as a Microfinance Bank
Data Protection: Complies with the Nigeria Data Protection Act 2023
Encryption: End-to-end encryption for all transactions
Two-Factor Authentication: Multi-layered authentication systems
PCI DSS Compliance: Meets international payment card security standards
Regular Security Audits: Ongoing third-party security assessments
Fraud Prevention: Real-time transaction monitoring and fraud detection
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Account Maintenance | ₦0 | Free business and personal accounts |
| POS Transactions | 0.75% - 1.5% | Varies by transaction volume |
| Bank Transfers | ₦10 - ₦50 | Depending on the amount and destination |
| Bill Payments | ₦0 - ₦100 | Most bills are free, but some carry convenience fees |
| API Transactions | 0.5% - 1.5% | Volume-based pricing available |
| Loan Interest | 2% - 5% monthly | Depending on the loan type and tenure |
Final Verdict
Moniepoint stands as a comprehensive fintech solution that successfully bridges traditional banking gaps in Nigeria. With strong infrastructure processing 26 million payments daily and robust security measures, it offers reliable service for both individuals and businesses. While international expansion remains limited, its domestic market leadership and innovative approach make it a solid choice for African financial needs.