How TeamApt got inside Nigeria’s payment rails

Nigeria's payment ecosystem has just become more complex, thanks to TeamApt's strategic move. The company, founded in 2015, has successfully navigated the regulatory landscape and transformed itself into a key player in the country's digital payment infrastructure. TeamApt's journey began as a software provider for financial institutions, but under the leadership of Tosin Eniolorunda and Dennis Ajalie, it has evolved into a critical component of Nigeria's payment rails.

The fintech sector in Nigeria has experienced rapid growth, with startups raising a record $103.4 million in 2018 and $520 million in 2024. The Central Bank of Nigeria has emerged as the de facto regulator, overseeing the ecosystem and implementing stricter licensing requirements. TeamApt's transformation into an infrastructure business has enabled it to sit directly inside the flow of money, making it a crucial player in the digital payment landscape.

TeamApt's early goal was to bridge the gap between front-end applications and complex back-end systems used by banks. The company's products aimed to simplify the process of transaction processing, making it easier for customers to interact with banks and other financial institutions. With its new infrastructure business model, TeamApt is now at the centre of Nigeria's digital payment ecosystem, connecting banks, fintechs, and merchants.

The company's success is a testament to its ability to adapt to changing regulations and market demands. As Nigeria's fintech sector continues to grow, TeamApt's strategic move is likely to have a significant impact on the country's digital payment landscape.