‘Driving financial inclusion key to fostering economic growth’ – Hauwa Okorie

Hauwa Okorie is a seasoned product manager and researcher with over a decade of experience driving innovation across Africa’s tech and financial sectors. As a Product Manager at Shara Inc., she is leading the development of digital financial products for underserved small and medium-sized enterprises (SMEs) in Nigeria and Kenya. With a rich background in behavioural science and user research, Hauwa has honed her ability to leverage data-driven insights to inform product strategy and design. She has worked with leading organizations like Busara Center, GSMA, and Women’s World Banking, where she built and scaled innovative financial products that have positively impacted thousands of users. In this interview with GOODNESS AMADI, she shares her passion for using data driven insights as a springboard for success, and how she is driving innovation in the Fintech sector.

Talk to us about your educational background.
I hold a Bachelor’s degree in International Affairs from The George Washington University, which deepened my understanding of global development issues. Building on this foundation, I pursued a Master’s in Public Health with a specialisation in Biostatistics, where I developed strong research, data analysis, and problem-solving skills. This academic journey equipped me with the tools to approach complex challenges, laying the groundwork for my transition into research and ultimately product management in the tech and financial sectors.

Through your work, how have you helped to innovate Africa’s tech and financial sectors?
Through my work across various organisations, I have played an active role in shaping Africa’s tech and financial sectors, with a particular focus on developing inclusive financial products for small and medium-sized enterprises (SMEs) in Nigeria, Kenya, and Tanzania. At Shara Inc., where I currently serve as a Product Manager, I lead the development of a range of products that integrate financial services into underserved communities. By leveraging my deep understanding of Kenyan and Nigerian market dynamics, I’ve worked to create solutions that specifically address the unique challenges faced by SMEs, such as limited access to credit and cash flow management. I have also worked with other organisations like Women’s World Banking and Busara Center, where I applied behavioral science to optimise financial products and enhance access to services. I helped design products that directly address the needs of women and small business owners, ultimately driving greater financial inclusion. Through these experiences, I have consistently worked to foster economic growth by developing scalable and sustainable financial solutions for Africa’s underserved markets.

What are some of the biggest challenges that SMEs face operating in the Nigerian climate?
SMEs in Nigeria face significant challenges, with research indicating that over 50 percent fail within their first year, and more than 95 per cent fail within five years (NBS, SMEDAN 2023). Operating in a volatile economic environment, these businesses must constantly adapt to shifting market conditions. This is true for businesses of all sizes, from startups to established enterprises with multiple branches. A major barrier for SMEs is limited access to credit. Without sufficient financial resources, many SMEs struggle to scale, which stifles their potential for growth and sustainability. This, coupled with an unstable regulatory environment and infrastructure challenges, creates a difficult landscape for business success. Many entrepreneurs are doing everything they can to keep their businesses afloat, but cash flow gaps often stand in the way of growth. At Shara, we’ve seen firsthand the impact of tailored financial products on business success. One of our most successful offerings is revolving financing, which allows businesses to access flexible credit based on their specific cycles. Revolving financing refers to a type of credit that allows a business to borrow money, repay it, and then borrow again up to a predetermined limit without needing to apply for a new loan each time. This approach allows businesses to exercise greater agency over their cash flow, facilitating growth and ensuring operational consistency. Instead of focusing solely on rescuing failing businesses, we should aim to create an enabling environment that supports growth. By improving access to finance, fostering a more stable regulatory framework, and investing in infrastructure, we can ensure that SMEs have the resources they need to thrive in Nigeria’s challenging business climate.

What are some of the major obstacles you have faced throughout your career, and how have you found ways to overcome them?
Operating in the African region, one of the major challenges we face is a lack of data. This can make it difficult to make data-driven decisions every single time and even hinder product development. I’ve learned to navigate this by staying adaptable and drawing from my experiences, even when the data isn’t perfect. Over time, you develop a sense of what might work, what I refer to as “taste.” That doesn’t mean abandoning data entirely—data is still crucial—but sometimes you have to trust your judgment and take calculated risks. If a product or approach doesn’t perform as expected, I see it as an opportunity to iterate and optimise based on new findings. This combination of data-driven decision-making and agility has allowed me to move forward confidently, even in uncertain environments.

How important is leveraging data-driven insights to optimizing business performances?
Data-driven insights are fundamental to achieving sustained business performance. Throughout my years of working on products, I’ve leveraged primary research to uncover customer pain points, to build a deep empathy for users, and to inform product development. At Shara, for instance, our use of data has been instrumental in identifying market opportunities, refining customer journeys, and driving product adoption. Data doesn’t just support decisions; it also fosters a culture of continuous learning and refinement, which is key to driving sustainable performance improvements and long-term business success.

How is Fintech impacting the banking and investments sector in Nigeria?
Fintech is rapidly transforming Nigeria’s banking and investment sectors, fostering competition and driving innovation. These companies have played a pivotal role in spurring financial reforms and expanding access to banking services. If you had told someone 20 years ago that they could open a bank account on their phone in under five minutes, it would have seemed impossible. Today, this is a reality thanks to fintech. Fintech companies are not only pushing for innovation but are also committed to reaching underserved markets. MSMEs in Nigeria alone require up to $32.2 billion to close the financing gap, presenting a significant market opportunity. Rather than adopting a one-size-fits-all approach, fintechs have refined their focus on target markets, tailoring products to meet specific needs. For example, by gaining a deeper understanding of the nuances of running a business in Nigeria, fintechs have empowered businesses to access financial products that are more relevant and affordable. Looking ahead, I believe the next wave of innovation will be centered around customer experience. As African fintech providers continue to scale, the ability to deliver personalised and exceptional experiences will become a key differentiator. AI will play a key role in delivering services, offering precision and automation in customer interactions.

Highlight some of your key achievements working with the Busara Center, GSMA and Women’s World Banking.
At Busara, I led the Finsights Innovation Lab in Tanzania, where I conducted in-depth research into economic behaviors in Zanzibar. This data-driven approach provided valuable insights that shaped relevant use cases and drove growth, resulting in a significant increase in mobile money adoption. I collaborated with GSMA to develop a data-sharing platform aimed at improving financial access for female entrepreneurs in Nigeria. The platform introduced a “customer score” derived from mobile and financial data. This score provided a more inclusive, nuanced way to assess creditworthiness. This innovation helped women-owned businesses secure financing that was previously out of reach. At Women’s World Banking, I worked with a Nigerian bank and telco to drive adoption of Nigeria’s first mobile-based bank. Through behavioural research, we repositioned the product to focus on savings, which significantly increased product adoption, especially among women. These efforts resulted in a substantial increase in the active use of financial products, helping bridge the gender gap in financial services and contributing to broader financial inclusion in Nigeria.

Do you have a word of advice for people trying to follow a similar career path, or looking for a breakthrough in your space?
My advice would be to lean into your strengths. If you’re a subject matter expert in a field like banking, health, agriculture, or real estate, you’re already ahead. You have valuable insights into the challenges and opportunities in that space. For me, my passion for economic growth and sustainability led me to focus on developing products for businesses, especially SMEs. Equally important is enjoying what you do and understanding how you work best. Do you thrive when tackling complex problems with limited information? Do you excel in leading teams, or do you work best independently? These are key factors that influence your career trajectory. Personally, I value having uninterrupted time to focus deeply, analyse challenges, and synthesise potential solutions. Once I’ve mapped out ideas, I collaborate with others to refine and bring those concepts to life. Lastly, stay curious, embrace challenges, and never stop learning. The tech and financial sectors in Africa are evolving rapidly, and there is an immense opportunity to create real impact. Understanding the local context, listening to your users, and continuously learning will set you up for success in this dynamic space.