Seamlessly enabling cross border transactions using Mojaloop
Launched in 2015, the Lagos-based TeamApt was formed to solve inefficiencies in Nigeria’s growing digital financial services market. TeamApt’s mobile money platform, Moniepoint, has been a particular success, and has become the largest non-bank mobile money operator in Nigeria by value processed, despite being the latest entrant. Moniepoint processes 13 million transactions monthly with a value of NGN197 billion (US$516 million), while averaging 23 per cent month-on-month user growth.
What they want
TeamApt wants to bring financial happiness to millions of financially underserved people.
What they built
TeamAPt prototyped an international funds transfer product.
How Mojaloop helps
In an effort to explore their potential for expanding their Moniepoint product to other countries, they see an opportunity to use Mojaloop as a switch that seamlessly enables cross border transactions.
Process Flow Diagram
The Opportunities and Challenges
Market expansion: Even with its current limitations, they believe the potential cross-border functionality of Mojaloop will be key to their expansion across multiple markets.
Potential partnerships: From the team: ”We are excited about the opportunity to partner with other players in the mobile money space like MTN and Airtel on a Mojaloop hub that includes them. This is something we’ll be thinking very seriously about.”
Async vs. sync API requests: They were concerned about the overhead necessary to deal with async requests currently utilized in the Mojaloop API represents a hurdle for developers wishing to dive into the Mojaloop system. This is not insurmountable, but does require some level of sophistication and a commitment of time to setup the additional processing power and bandwidth required to handle async requests.