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CBN Grants ‘TeamApt’, a Nigerian Fintech startup Switching Licence

Tech Gist Africa by Tech Gist Africa
04/11/2019
in Africa, Africa News, News
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CBN Grants ‘TeamApt’, a Nigerian Fintech startup Switching Licence
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Nigerian fintech startup ‘TeamApt’, who recently secured a $5.5 million funding has also secured a switching license from the Central Bank of Nigeria. The startup will leverage on the license to switch money between banks by debiting them upon customer request. This license will power ‘AptPay’, one of TeamApts products. This announcement was made on the company’s social media page.

Switch-licensed companies can offer their clients electronic funds transfer, transaction switching and processing services. For instance, if a customer buys product online, the payment gateway provider pays the merchant instantly. However, without the switch license— the payment provider will cater for the payment with their own money. This could be challenging if the provider’s fund is below the purchase amount. However with a switching license– it will be easy to directly debit the customer’s bank and transfer the money to the merchant’s account instantly. No deposits required for the transaction.

CEO, Tosin Eniolorunda said “It is the highest license awarded to any fintech by the CBN because it 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 money down.”

Tweets by weareTeamApt

This license is essential for TeamApt’s new product, AptPay. AptPay is a payment infrastructure that processes payment, powers interbank transfers, and direct debits. This license will place TeamApt on the same level as other Tier-1 financial technology companies and other private switching companies like Interswitch, eTranzact, 3Line and Unfied Payments (UPSL).

 

More on TechGist Africa:

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  • Yodiwo, Cold Tech to Transform Smart Retail Sector in Africa
  • Startupbootcamp, Pride Fintech to boost 40 Egyptian Fintechs
  • Huawei Launches e-Commerce Store & P30 Series in South Africa
  • Nigerian Fintech TeamApt to Expand to Latin America
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Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across Africa and sharing simple social media and digital marketing tips for startups, entrepreneurs and business owners.

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