Connect with us

Technology

TeamApt Secures Switching License From CBN To Power Payment Infrastructure Solution, AptPay

Published

on

APRIL 5, 2019 — TeamApt hosted the press community at its headquarters to announce the switching license that has been awarded to the company by the CBN. The license powers AptPay, one of TeamApt’s products, to lead a financial revolution as it provides solutions for different customer segments in the Nigerian society.


TeamApt CEO, Tosin Eniolorunda, describing the impact of the license says “It is the highest license awarded to any fintech by the CBN because the license allows you to put all the banks together and be able to debit their banking position with the central bank. 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 financial technology companies.”

He went further by saying, “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”

Dumebi Duru, the team lead for AptPay, which is a robust payment infrastructure powering payment processing, interbank transfers, and direct debits describes the switching license as the ‘last piece to the matrix’.

The press members were also taken on a tour of the company, meeting with product team-heads to fully understand the scope of TeamApt’s service offerings in the finance industry.


Simpa Saiki, product-head for moneytor, explained how moneytor is an omnichannel digital banking solution for banks that want to provide end to end and personalized banking services to different banking personas. He also illustrated how TeamApt builds white-labelled end-to-end online banking products from the ground up, which are customized for the banks.

Moving on to the next team, Emeka Ibe who leads the profectus robotics process automation team explains how the solution helps banks cut down massively on manpower hours and operational costs by automating E-banking processes such as settlements, reconciliations and dispute resolutions.


Product head for Moneytor, Tunde Ogidan, spoke on how the product is focusing on solutions for the underbanked and unbanked. “As you know, with a population of 200 million Nigerians, there are only 17,000 ATMs available” he said as he highlighted the problem the product is solving. Moniepoint is engaging agents to offer secured soft banking services to reach the 180 million unbanked Nigerians. “We plan to hit 12,000 units nationwide by the end of 2019” Tunde said.

The press members also met with the Monnify team led by Tobi Amira. He explains that Monnify is going to digitize in-person payments which were hitherto impossible. ‘With monnify, you will be able to pay your tailor or your water supplier conveniently and capture the transaction digitally’.

When asked what plans TeamApt has for scaling across Africa, Tosin, the CEO explained the company was in advanced talks with 6 banks in Ghana with expansion plans underway in Tanzania. He also hinted at plans to expand outside Africa before the end of Q4 2020.

TeamApt Limited is a financial technology company in Lagos with a mission to create financial happiness through the development of Digital Banking, Digital Business solutions and running Payment Infrastructure for Africa, with a customer base of 26 banks across Africa, including Zenith, ALAT by Wema, UBA, First Bank, GTBank and Access Bank.

Also Read Interview With Doja Culinary Company CEO, Onaopemipo Dara

More Event Pictures:

 

Oge Okonkwo, Marketing Manager at TeamApt addressing the press

Oge Okonkwo, Marketing Manager at TeamApt taking the press through the company’s vision and mission.

 

TeamApt CEO, Tosin Eniolorunda with the press.

Visit: TeamApt

 

Continue Reading
Click to comment

Leave a Reply

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

Technology

Post Covid-19: The social impact of 4IR enabling technologies on the African continent

Published

on

By

Tshiwela Ncube is the Co-Founder and COO at VUUQA.com

During this global pandemic, I have been thinking of how the world will change post corona. Will this pandemic thrust Africa into the Fourth Industrial Revolution (4IR)?

In this article, Tshiwela discuss the social impact that 4IR enabling technologies will have on the African continent and how they will assist in addressing various problems facing the continent mainly in the following sectors:

  1. Health–This sector will be impacted the most; technologies like AI will enable diagnosis where there are shortages of doctors and enable the inventory management of medication in rural areas.
  2. Agriculture – Technologies such as the Internet of Things (IoT) have the power to enable African farmers to optimize productivity and reduce wastage through “precision farming” which relies on testing and data analysis to assist in the managing of field variations.
  3. Financial – 4IR will increasefinancial inclusion in Africa by enabling the unbanked to participate in the economy through retail electronic payments platforms and virtual savings and credit supply technological platforms. Technologies such as blockchain are providing the informal sector with opportunities to gain access to credit.

Also Read: Women in Tech: Interview With Ellen Fischat, Founder Story Room and Inspiring Fifty SA Ambassador

Most of these 4IR technologies have been implemented in Africa and many more are currently in testing phase. Africa continues to push innovation;however, a few challenges have the potential to impede the advancement of 4IR in Africa.

  1. Skills Deficit: To take full advantage of 4IR, Africa needs to invest heavily in cultivating the skills and capabilities of their labor force,lack thereof may result in job losses with technology replacing humans. When the labor is skilled it can work hand in hand with the technology.
  2. Infrastructure: Africa needs to improve its digital infrastructure in order to be able to access the advanced technology that enables 4IR. In countries like South Africa where data prices are expensive, the average man on the street can’t afford data therefore cannot connect to the internet affordably and easily.The result of poor digital infrastructure is that it reduces crucial connectivity which makes it difficult to effectively activate technologies like AI.
  3. Regulations: Africa needs to tighten and increase its cyber security to ensure the safety of people data and any possible fraud.Regulations should also be placed to enable African digital leaders to scale cross border, most especially with the new Continental Free Trade Agreement, this should be the time for Africa to align their processes and procedures in order to take full advantage of the rapid changes that 4IR is bringing.

4IR has the power to bring real fundamental social changes to Africa and to enable Africa to compete globally. It is up to African leaders to ensure that the environment is equip and conducive to forester such efforts. There was never a better time than now for Africa to move forward with the 4IR agenda and not only become a participant but a key player.

Article by: Tshiwela Ncube is an E-commerce thought leader, Co-Founder and COO at VUUQA.com

Visit: Vuuqa

Continue Reading

Technology

Facebook launches Tools to keep faith-based communities connected during COVID-19

Published

on

By

The tools are part of Facebook’s ongoing efforts in keeping communities safe, connected and informed during this pandemic

JOHANNESBURG, South Africa- Facebook has launched key resources to help faith groups stay connected and engaged during the current COVID-19 outbreak. The resources include the Faith on Facebook Resource Hub and the Faith on Facebook toolkit, both providing guidance and step-by-step tips that faith-based groups can use to keep their communities engaged while observing social distancing. The tools are part of Facebook’s ongoing efforts in keeping communities safe, connected and informed during this pandemic.

Download document: https://bit.ly/2VicyFs

Also Read: African academics launch initiative to collate COVID-19 data across Africa, call for volunteers

Some of the tools that faith-based groups can use to connect with their communities during the COVID-19 outbreak include:

  • Facebook Pages: Explore how to build an active and engaged audience of faith communities, advice on posting interesting content, as well as creating events and using Groups for discussions.
  • Facebook Groups: Groups allow people to come together around a common cause, discussing issues and ideas, posting photos and sharing related content.
  • Facebook Events: Host virtual events using Facebook Events to spread the word.
  • Utilising WhatsApp: Consider sending bite sized sermons or recordings through the voice note feature on WhatsApp to members, using either the dedicated broadcast list function or creating a New Group list.
  • Watch Party: Host a Watch Party for your Group, choosing videos that are relevant to your community and invite members to join and discuss.                                            
  • Facebook Live: Stream live stream events and performances on Facebook, utilizing interactive features such as reactions, shares and comments enabling you to further engage your audience.  

Commenting, Facebook Africa Regional Director Nunu Ntshingila said, “At a time like this, our mission has never been more relevant, to give people the power to build community and bring the world closer together. We know that faith leaders across Africa are grappling with the unexpected challenges in serving their members digitally, and we’re committed to providing them with the resources and tools to support them as much as possible”. She added, “Our ultimate goal is to equip faith-based communities with the tools to help them continue faith conversations throughout the pandemic.”

Credit: Facebook

Continue Reading

Technology

Zindi set to offer free hackathon and tailored online problem-solving sessions

Published

on

By

Cape Town based online data science competition platform Zindi will during the COVID-19 lockdown offer businesses free hackathon and tailored online problem-solving sessions.

Zindi recently launched a new hackathon space on its platform. The space will enable those companies with data science teams that are now working from home a private space to continue to upskill on problems that are important to their businesses while strengthening teamwork and cohesion in their free time, even while kilometres apart.

The offer comes in the wake of a 21-day lockdown imposed by the South African government with effect from 27 March.

Also Read: Women in Tech: Interview With Ellen Fischat, Founder Story Room and Inspiring Fifty SA Ambassador

“It really feels like we are stepping through that threshold that separates the world as we knew it from the uncharted territory that lies ahead. The situation is evolving rapidly and every day seems to bring new revelations about how COVID-19 might impact our lives, our economies, our companies, and our professional teams in the months and years ahead,” says Celina Lee, CEO Zindi.

“We realise that even during these challenging times, business doesn’t stop,” adds Lee.

“At Zindi, we also find ourselves having to adapt to the changing landscape. But we are driven by our mission to make AI accessible to everyone and every company. We see the current climate as an opportunity for our online community of over 12,000 data scientists to apply their skills to problems that matter most now, and to be an engine for productivity even during this unusual time,” says Lee.

“One thing this experience is teaching us is that physical location no longer matters. As an online platform, Zindi is uniquely positioned to harness the power of data scientists around the world to keep businesses and teams going during these challenging times. As a support to you, our valued partners, we’re pleased to offer you a free hackathon for your data science team or an online problem-solving session tailored for your business. Remember, we’re all in this together,” she adds.

ZINDI

Continue Reading

Subscribe via Email

Enter your email address to subscribe to this platform and receive notifications of new posts by email.

Ads

Most Viewed