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



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.

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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



Rwanda’s women in tech: Leading the digital revolution




When she was a little girl, Jeanne Yamfashije wanted to be a doctor. Her goal was to make her parents proud and serve her people.

The 29-year-old IT specialist did not become a doctor but she has certainly fulfilled her other wishes. For the past five years, Yamfashije has been working with a project that promotes science, technology, engineering and maths (STEM) among girls in Rwanda.

The group, called Girls in ICT Rwanda, offers mentorships, boot camps and a competition to encourage innovation among students. The organization reaches 500 girls each year.

“I am serving my people by making sure that women reach where they want to be, especially in the area of IT,” she said.

“My message to young women is: ‘Always believe in yourself, work hard and smart to achieve what you want, and seek help. Walk away from your comfort zone … Become women with vision and goals.’”

Yamfashije is a graduate of the Carnegie Mellon University in Rwanda, a local branch of the technology-focused American institution.The university, which is being co-funded by the African Development Bank and the Rwandan government, aims to create Africa’s next generation of technology leaders, and encourages them to apply their highly sought-after skills where they are most needed: at home. Since the university opened its doors in 2011, 90% of its students have remained in Africa.
Sylvia Makario found her way to Carnegie Mellon after hearing about the school while she was completing the prestigious Mandela Washington Fellowship in the United States in 2015.

“I got drawn to Carnegie Mellon University Africa, particularly due to the pan-African vibe to it, which enables you to interact with different perspectives from various corners across the region and learn to collaborate to deliver solutions to cross-cutting issues in the continent,” she said.

Makario, who is Kenyan, co-founded Kigali-based data company Hepta Analytics in 2017, together with other graduates from Carnegie Mellon and the Massachusetts Institute of Technology.

Hepta Analytics is a gender-balanced outfit, with 50% male and 50% female ownership. It wants to be part of the digital revolution in Africa, using data to help organizations reach their full potential.

One of Hepta’s greatest accomplishments was a product it designed for the Samburu Girls Foundation to assist women affected by genital mutilation. The RecReporter system connects callers to social workers via a toll free number and records messages as well as mapping the location of the caller for easier tracking within a certain radius.

Such undertakings have found fertile ground in Rwanda, which has established a ministry of ICT and innovation in order to position itself as a knowledge hub in this part of the world. The East African nation has also become a global leader in promoting gender equality, which is enshrined in legislation.

In November 2019, Rwanda will host the Global Gender Summit, a biennial event organized by multilateral development banks, including the African Development Bank.

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Makario is looking forward to the opportunities on offer in Rwanda and elsewhere on the continent, such as the African Continental Free Trade Area, which envisions a borderless continent that would increase trade among its 55 states.

“My ultimate goal is to see businesses in the African continent use various tools to make quality decisions, based on data and not guesswork. We are working day and night to help more organizations reach that objective,” Makario said.

African Development Bank

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Facebook, Africa Check expands its local language coverage as part of its Third-Party Fact-Checking Programme




Facebook’s fact-checking programme relies on feedback from the Facebook community, as one of many signals Facebook uses to raise potentially false stories to fact-checkers for review

JOHANNESBURG, South Africa, August 14, 2019 – Facebook, today with Africa Check announced that it has added new local language support for several African languages as part of its Third-Party Fact-Checking programme – which helps to assess the accuracy of news on Facebook and aims to reduce the spread of misinformation.

Launched in 2018 across five countries in Sub-Saharan Africa, including South Africa, Kenya, Nigeria, Senegal and Cameroon, Facebook has partnered with Africa Check, Africa’s first independent fact-checking organisation, to expand its local language coverage across:

  • Nigeria, in Yoruba and Igbo, adding to Hausa which was already supported
  • Swahili in Kenya
  • Wolof in Senegal
  • AfrikaansZuluSetswanaSothoNorthern Sotho and Southern Ndebele in South Africa

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Kojo Boakye, Facebook Head of Public Policy, Africa, said: “We continue to make significant investments in our efforts to fight the spread of false news on our platform, whilst building supportive, safe, informed and inclusive communities. Our third-party fact-checking programme is just one of many ways we are doing this, and with the expansion of local language coverage, this will help in further improving the quality of information people see on Facebook. We know there is still more to do, and we’re committed to this.”

Commenting, Noko Makgato, executive director of Africa Check, said “We’re thrilled to be expanding the arsenal of the languages we cover in our work on Facebook’s third-party fact-checking programme. In countries as linguistically diverse as Nigeria, South Africa, Kenya and Senegal, fact-checking in local languages is vital. Not only does it let us fact-check more content on Facebook, it also means we’ll be reaching more people across Africa with verified, credible information.”

About Third-Party Fact-Checking
Facebook’s fact-checking programme relies on feedback from the Facebook community, as one of many signals Facebook uses to raise potentially false stories to fact-checkers for review. Local articles will be fact-checked alongside the verification of photos and videos. If one of Facebook’s fact-checking partners identifies a story as false, Facebook will show it lower in News Feed, significantly reducing its distribution.

Credit APO Group/ Facebook.

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Oui Capital partners with IBM




Oui Capital has partnered with IBM on the Startup with IBM program, to tap into the power of IBM Cloud to pace growth and build stronger portfolio businesses.

Through this partnership, Oui Capital will provide $120,000 in cloud credits and secure access to IBM tools to integrate solutions with leading-edge technologies and help deliver more value to portfolio companies. The Cloud credits allow access to over 130 industry leading services like AI, Watson, IoT, blockchain, advanced data analytics, developer tools, educational resources and technical support to aid building leading-edge solutions.

“Our goal for this partnership is to clear the technological hurdle for more diverse entrepreneurs. We strongly believe that innovation has no country of origin, which is why we are happy to support Oui Capital’s mission to empower companies in the African Continent” said Felix Ekwueme, Offering Leader at IBM, responsible for this partnership.

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“IBM has operated in Africa since 1920 and has had a direct presence since 1939 in 24 Countries. We remain committed to being a part of Africa’s technological fabric, business and community”.

This partnership also allows affiliated startups to showcase their solutions on IBM Marketplace and to lBM’s customer network globally.

Oui Capital is an impact focused early stage VC fund investing in promising technology startups in Sub-saharan Africa. Apply here


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