TeamApt, a leading financial technology firm, has announced its collaboration with Open Banking Nigeria, a not-for-profit founded by banking and financial technology industry veterans to introduce open non-partisan Application Programming Interfaces (APIs) into its system, for enhanced service offerings, sustainable model for underserved markets, revenue growth, and customer satisfaction.
This announcement was made by TeamApt in a bid to consolidate its promise to deliver feature-rich Omni-channel digital banking experience with a smooth customer experience for its clients who serve retail, corporate, small business and youth customer segments of the market.
In a statement, TeamApt CEO, Tosin Eniolorunda, said that “As we adopt the Open Banking Nigeria standards, we would be upgrading our Moneytor digital banking and payment infrastructure solutions for more secure, reliable and scalable payments that power digital banking and businesses with world-class support.
“At TeamApt, we are convinced that Open Banking will significantly turn around the rapidly growing digital payments system in Nigeria and accelerate the digital transformation of players in the banking and financial technology sectors.”
Speaking on the partnership, Adedeji Olowe, spokesperson of Open Banking Nigeria, added that, “Through the adoption of Open Banking Nigeria API standards, TeamApt solutions will turbocharge banks with innovations and also provide customers with greater financial transparency options for account holders ranging from open data to private data.”
He informed that security is one of the greatest concerns of financial institutions. As such, “security has been comprehensively designed right into the API standards of Open Banking Nigeria. Its adoption by TeamApt will make the firm one of the few reference points in Nigeria’s banking and financial technology industries today.”
As a financial services term, “Open Banking” is a financial technology that refers to the use of Open APIs that enable third-party developers to build applications and services around the financial institution.