She is a dynamic manager with disruptive ideas whose professional engagements have provided innovative solutions to complex business challenges. Sayu Abend, the Chief Executive Officer, SpacePointe has over 20 years of experience in application development, with a specialized focus on fintech. Throughout her career, she has designed and operated award-winning platforms that are distributed globally, ensuring they scale efficiently.
Fueled by her passion for inclusive development, her efforts have primarily been aimed at supporting small and medium-sized businesses. For instance, she developed an audio-navigated payments solution in Africa that supports both physical and digital payments, including wallets and settlement systems. One notable project was the EIRS Card Issuing Scheme, which demonstrated my ability to handle localized payment solutions.
At SpacePointe, she has been instrumental in developing and scaling the EkiKart point-of-sale (POS) system, which has made significant strides in providing financial technology solutions to underserved markets in Africa.
This system has been integrated into various sectors, including retail and transit, and supports both physical and digital payments. She has also worked on the Revenue Pointe product lab, which focuses on innovative fintech solutions, and have been involved in extensive merchant onboarding processes and the development of training programs for SpacePointe employees.
Her extensive B2B experience includes working with a diverse range of clients, through white-label partnerships, she has deployed solutions to clients ranging from small businesses to large corporations.
Sayu Abend has successfully serviced markets across North America, South America, Africa, Asia, and Australia, and she has played significant roles in various sectors, including retail, tolling and transit, healthcare, wireless, gift and loyalty programs, lottery and gaming, and government (public sector). Additionally, she has extensive experience in mergers and acquisitions, handling everything from due diligence to integration, including configuration elements and data mapping.
Recognized byThe Guardian as one of the Most Impactful and Innovative Professionals Creating Value in the Nigerian Fintech Industry, she speaks on SpacePointe’s solutions, growth strategy and development drive.
SpacePointe’s financial inclusion drive and growth strategy
At the heart of driving financial inclusion for us has been a focus on inclusion-inspired innovation. Without that, it is not possible to achieve true financial inclusion. When I started this business over 10 years ago, the notion of “cashless by 2020” seemed impractical. The available solutions were complex and expensive, which did not suit a sub-Saharan market dominated by 90% informal businesses at that time.
It was crucial to create solutions that made sense to their world before we could even consider a cashless economy by 2020. The infrastructure simply wasn’t ready. Our first major success in this space was when we were invited to participate in the Edo State revenue automation project. We realized that it was essential to develop platforms that were usable by tax collectors before considering the payment mediums for taxpayers.
In the spirit of inclusion, we adopted a hybrid approach to automation, which led to a remarkable increase of over 500% in internally generated revenue within three months. This approach has been
the cornerstone of our strategy, which is heavily inspired by inclusive development.
Our efforts have focused on developing solutions that cater to both physical and digital payments, creating systems that accommodate small and medium-sized businesses, and ensuring accessibility for all. This includes audio-navigated payment solutions tailored for the African market, integrating settlement systems, and enabling localized payment methods.
At SpacePointe, we have continuously worked on creating scalable, user-friendly platforms like EkiKart, which support a wide range of payment options and are designed to meet the unique needs of the markets we serve. Our strategy has always been to innovate with inclusion in mind, ensuring that our solutions are accessible, affordable, and effective for the communities we aim to empower.
SpacePointe’s collaboration towards effective service delivery
We have implemented several measures to ensure affordability and drive adoption of our solutions.We have engaged in strategic partnerships that help reduce costs for our clients. These partnerships include collaborations with device manufacturers, switching partners, and banks. By leveraging these relationships, we can provide cost-effective solutions that are more manageable for small businesses. For example, our partnerships with device manufacturers allow us to offer POS systems at lower prices, making the initial investment less burdensome. Similarly, working with switching partners helps us reduce transaction fees, providing ongoing savings for merchants. Banking partnerships enable us to offer financing options, breaking down the costs into more digestible payments that align better with the cash flow of small businesses.
Moreover, our focus on inclusive development ensures that our products and services are tailored to the unique needs of the markets we serve. This includes creating scalable, user-friendly platforms like EkiKart, which support a wide range of payment options and are designed to meet the specific requirements of small and medium-sized enterprises. These measures not only help our clients thrive despite economic uncertainties but also ensure that our balance sheet remains robust by maintaining a steady and satisfied customer base. Our goal is to continue innovating and providing accessible, affordable solutions that support the growth and success of small businesses in challenging economic environments.
SpacePointe solutions’ impact
So far, our most significant impact has been in the public sector, particularly with revenue automation. To be honest, while we have made strides with small business owners, our most transformative work has been with government agencies. We have developed sophisticated platforms for governments to use as automation tools for tax collections.
One of our proudest achievements is our work in Edo State. Our automation solution there has revolutionized how tax collections are handled, leading to a significant increase in internally generated revenue. This success has not only benefited Edo State but has also attracted interest from other states looking to implement similar solutions. The dramatic increase in efficiency and revenue collection in Edo State has set a benchmark, leading to other governments approaching us for similar implementations.
Our approach has been to create systems that are both advanced and user-friendly, ensuring that even at the government level, our tools can be easily integrated and utilized. The positive outcomes from these implementations underscore our commitment to driving financial inclusion and efficiency through technology.
Additionally, our work in the public sector extends beyond revenue collection. We have been involved in various projects that streamline government operations and enhance transparency and accountability. These projects are part of our broader strategy to use technology to improve governance and public service delivery.
As we continue to push these innovations across Nigeria, we are proud to be at the forefront of this transformation. Our impact in the public sector is something we are particularly proud of, and we are committed to expanding our reach to benefit more states and sectors across the country. By focusing on inclusive development and leveraging our expertise in fintech, we have positioned SpacePointe as a key player in changing the narrative in Nigeria’s public sector.
Nigeria’s position in the African tech ecosystem
Nigeria has undoubtedly become a significant player in the African tech ecosystem, particularly in the fintech sector. However, there is still substantial work to be done to solidify and sustain this position. While we have seen a tremendous amount of activity and growth, the number of fintech companies that have shut down in the past decade indicates that we face ongoing challenges.
Infrastructure development and policy stabilization are critical areas that need attention. It is not uncommon for businesses to be disrupted or even shut down due to sudden policy changes. For Nigeria to maintain and expand its role as Africa’s largest tech hub, we must create a stable and supportive environment for fintech companies to thrive. This means investing in robust infrastructure and ensuring that regulatory policies are consistent and conducive to business growth.
Venture capital firms play a crucial role in this ecosystem by providing the necessary funding to drive innovation and scale. However, their investments must be complemented by strong foundational elements that enhance the survival and success rates of fintech startups.
SpacePointe in the next 5 years
What people call POS in Nigeria today is just basic payment terminals for businesses to receive payments for goods and services. The recent digitization has made the market perfectly ready for phase two. Payment terminals are a thing of today in Nigeria. The real concept of a point of sale includes features that enable business owners to truly manage their businesses and give them the greatest chance of survival.
In the next five years, we see SpacePointe becoming the number one true point-of-sale solution in Nigeria and other markets in sub-Saharan Africa. We aim to redefine what a POS system can do for business owners, going beyond just payment collections. Our EkiKart point-of-sale system will enable business owners to manage their entire operations more efficiently and effectively.
Currently, our solutions are already being used by businesses across 16 countries globally, but Nigeria was our pilot market. At that time, the market was not as ready as we would have liked. However, the situation has changed, and we are now poised to push forward with our original agenda. This involves equipping business owners with tools that not only handle transactions but also provide inventory management, customer relationship management, and business analytics.
The future of POS systems in emerging markets is much more integrated and sophisticated than what is currently available. SpacePointe is at the forefront of this evolution. Our goal is to bring the same level of functionality and efficiency seen in developed markets to Nigeria and other parts of Africa. We believe that by empowering business owners with comprehensive POS solutions, we can help them not only survive but thrive in an increasingly competitive market.
In summary, our vision for the next five years is to lead the market in providing advanced, all-encompassing POS systems that support business growth and sustainability. By doing so, SpacePointe will not only enhance the business landscape in Nigeria but also set a standard for POS solutions across the entire region.
