‘Many Nigerians excluded from formal financial services’

By Frank Ikpefan, Abuja

The Managing Director and CEO, Endeavor Nigeria, Tosin Faniro-Dada, has said many Nigerians are still being excluded from formal financial services.

The managing director said fintech companies are poised to serve this excluded population.

Faniro-Dada said this in a statement signed by Head, Marketing and Communications, Endeavor Nigeria, Joy Mabia, after TeamApt joined the organisation.

TeamApt is founded by Tosin Eniolorunda and Felix Ike, and is part of a group of new mobile money operators that have driven the growth of agency banking in Nigeria by ~20X in the past two years.

According to the statement, TeamApt is ready to “reinvent banking and financial services to serve currently underserved populations across Africa.”

Faniro-Dada said: “There are still too many Nigerians excluded from formal financial services but we are at an interesting inflection point where fintech companies are poised to serve this population.

“Tosin and Felix have deep domain expertise, having met and cut their teeth as software developers at Interswitch. They are big thinkers. In a little under two,years, they have scaled Moniepoint to over 100K agents processing $3.5B monthly.”

Speaking on the experience and joining the Endeavor network, Tosin Eniolorunda, CEO of TeamApt said: “I believe it’s an exciting time to join the Endeavor network of high impact entrepreneurs, and I’m delighted for the opportunity. Felix and I look forward to accessing the abundance of knowledge and expertise within this network as we continue on our mission to close Africa’s financial inclusion gap.”