CREATING A SILVER LINING FOR SMALL AND MEDIUM-SIZED BUSINESSES

All businesses are founded by people with ambition, courage and grit to take risks, and every single one of them starts with a big dream. But going from that big dream to launching the business is hard – it takes a lot of courage and conviction as there are multiple barriers one has to go over before they launch. 

For dreamers who overcome these initial barriers and launch, they are still faced by another set of problems which can hinder their growth and, if unsolved, can prevent them from realising their potential. And these problems are the same regardless of whether the business is in Lagos or London, Nairobi or New York.

Launching in Nigeria, where there are over 41 million Small and Medium-Sized Businesses (SMBs) businesses meant that we have seen the full spectrum of these hurdles which mostly boil down to the fact that existing financial systems are not set up to help them succeed. Financial systems are often designed around supporting businesses that have scaled to a certain level leaving smaller and medium sized businesses underserved – whether it’s access to banking services, digital payments, availability of credit or business management tools – all these seemingly basic systems are not accessible to the majority of small business owners. 

We are building TeamApt around fixing such problems that hinder SMBs’ growth by providing them the necessary solutions that  they need to succeed, through our Moniepoint platform.

Why businesses?

Because it is a worthwhile endeavour. The SMB market is enormous, in Nigeria, across Africa and globally. They contribute up to 70% of the GDP of economies. If countries are going to grow, particularly emerging markets, then they will be driven by SMBs. 

Financial systems globally have ignored or underserved this significant driver of the global economy businesses globally. TeamApt is committed to part of the solution to changing that!

From day one, I wanted to build an organisation committed to delivering exceptional service to its customers. In our early days, we developed enterprise technology systems for financial institutions which were so reliable that till this day, a large number of banks still rely on the software that we built for them. This is the same commitment we are using to build the Moniepoint, a financial platform to serve as a new age financial system for small businesses. 

On the Moniepoint platform, businesses are offered solutions that help them to accept digital payments, access credit faster and cheaper, make their payroll at a click of a button, seamlessly manage expenses on a business expense card, run their bookkeeping and accounting; all in one platform. 

Our focus is on helping businesses to scale. We want to ensure every business, backed up by grit and determination, can go from a dream to one that is scaling up and realising its potentials. 

Every day we see the impact that our products have on SMBs and we know that we are doing the right thing. Seeing businesses progress, employ more people, launch new products or open new sites, because we have helped them overcome issues they faced, is a reward in itself.

We want to help businesses everywhere succeed. Obviously, we are not alone in this approach but one thing that differentiates us is how we think about our customers. We are obsessed with them. What are their problems? What are their needs? How are these changing as they grow? What will they need in the future? We stay ahead of these questions in order to serve them.

We have doubled our customer base every year because when customers start using our products, the experience and service compel them to stay with us and tell others about us. Anyone can win customers with a good product, however, great service is what makes them stay. 

We continue to be consistent in our commitment to deliver exceptional service to our customers even as we serve businesses and the results speak for themselves. Moniepoint has so far on-boarded more than 400,000 businesses who use it to process over $8 billion monthly making it arguably one of the strongest financial platforms for small businesses in Africa! And this is just the beginning!

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Tosin Eniolorunda
By Tosin Eniolorunda

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