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TeamApt Obtains Switching Licence from CBN

By Dipo Olowookere

A Nigerian financial technology platform, TeamApt, has secured a switching licence from the Central Bank of Nigeria (CBN). The new licence is expected to support the financial inclusion drive of the apex bank.

Chief Executive Officer of TeamApt Mr Tosin Eniolorunda, described the switching permit as the highest to licence any fintech company can get from the central bank.

According to him, this will help the company provide better services on the AptPay platfirm, one of company’s products.

“It (switching licence) is the highest licence 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,” Mr Eniolorunda said.

He noted that, “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.”

“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 licence, the provider will have to pay with its own money.

“But with the licence, the provider is merely moving the bank funds around without tying down its money,” the tech entrepreneur stated.

Also commenting on the switching licence, the team lead for AptPay, Mr Dumebi Duru, disclosed that, “AptPay, a robust payment infrastructure powering payment processing, interbank transfers, and direct debits means that the switching license is the last piece to the matrix.”

TeamApt makes easier, faster and cheaper the way banks, people and businesses in Africa perform and process financial transactions through deployment and running of digital solutions and payments infrastructure.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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