By Benson Daniel
Mastercard and TeamApt, the financial infrastructure company owned by Moniepoint, have expanded their collaboration to increase digital payment acceptance among businesses and financial institutions in Nigeria, targeting more than 40 million micro, small and medium-sized enterprises, MSMEs.
Under the agreement, TeamApt will operate directly on Mastercard’s global payments network as a non-bank acquirer. The arrangement will enable the company to onboard licensed entities and provide payment acceptance, transaction processing and acquiring services across in-store, online and mobile channels.
The partnership combines TeamApt’s local switching infrastructure with Mastercard’s global network to support secure, high-volume transactions and expand the number of businesses able to accept Mastercard payments.
Mastercard’s Country Manager for West Africa, Folasade Femi-Lawal, said expanding digital payment acceptance would help small businesses compete, grow and reach more customers.
She said the collaboration would provide MSMEs and informal businesses with infrastructure to process transactions across multiple channels while opening opportunities for growth, access to credit and cross-border trade.
TeamApt Chief Executive Officer, Dennis Ajalie, said the partnership would extend the company’s payment infrastructure and allow businesses to accept payments more seamlessly.
He added that the collaboration would give consumers greater flexibility to transact securely both locally and internationally.
The partnership is expected to deepen digital payment adoption among Nigeria’s large informal business sector and give more merchants access to payment solutions that can support their expansion.
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