Ifeoma Taylor is VP, Finance 54gene and Pioneering CFO of Numero. In this interview, she spoke about her role, challenges in Fintec, driving Fintech innovation in Nigeria and others.
Can you tell us a bit about your background and how you started your career in finance?
I grew up in Jos, a remote town in Northern Nigeria. Despite facing numerous challenges, including limited access to basic amenities, I was determined to pursue a career in finance. My journey began with a commitment to academic excellence, earning two First Class Honours bachelor’s degrees, a Master’s degree with distinction, and a Doctorate in Finance. These achievements set the stage for a career in commercial finance spanning over 15 years, with experience in startups, mid-sized enterprises, and multinational organisations.
What inspired your move to the fintech sector and your current role at Numero?
After leading successful initiatives in the health tech sector, such as raising $25 million in Series B funding for 54gene, I was inspired to broaden my impact in the digital tech space. I joined Transroute Technology Limited (trading as Numero) as the Chief Financial Officer in April 2023. The dynamic nature of fintech, combined with the opportunity to drive financial inclusion and support SMEs in Africa, was a significant motivator for me.
What have been your main responsibilities and achievements as CFO of Numero?
I have been tasked with managing the company’s finances and driving growth. One of my key achievements has been building the business case to raise a pre-seed round of £1.6 million at a valuation of £11.5 million. This investment will be used to modernize Numero’s digital tech ecosystem, including projects related to artificial intelligence, financial inclusion, and credit for SMEs in Africa. Our recent nomination for the BusinessDay BAFI Awards’ “Fast Rising Business Banking Startup Award 2023” is a testament to the impact we have made in a short time.
What does being recognized by the ACCA Women’s Network Nigeria mean to you?
The recognition has been incredibly rewarding. I was selected as a mentor within this esteemed network, which is a testament to my professional achievements and commitment to excellence in finance and technology. Additionally, being nominated for the Mentor of the Year award and receiving special recognition for my finance leadership has been a great honour. This recognition validates my efforts and inspires me to continue mentoring and supporting the next generation of finance professionals.
What strategies have you implemented at Numero to drive growth and innovation?
At Numero, we have focused on optimizing IT costs and improving profit margins. I have also driven initiatives to modernize our digital tech ecosystem, such as public cloud migration, data centre consolidation, AI & machine learning projects, and financial inclusion efforts. These strategies have not only improved our operational efficiency but also positioned us as a high-growth potential company in the fintech space.
What challenges have you faced in your role, and how have you overcome them?
One of the main challenges has been navigating the highly competitive fintech landscape in Nigeria. To overcome this, we have focused on innovation and strategic partnerships. By leveraging advanced technologies and collaborating with industry leaders, we have been able to differentiate ourselves and create unique value propositions for our customers.
What advice would you give to aspiring finance professionals, particularly women aspiring to enter the fintech industry?
My advice would be to stay committed to continuous learning and professional development. The fintech industry is rapidly evolving, and staying abreast of the latest trends and technologies is crucial. Additionally, seek out mentors and role models who can provide guidance and support. Finally, don’t be afraid to take risks and pursue opportunities that challenge you. The fintech space offers immense potential for those who are willing to innovate and drive change.
What are your plans and goals for Numero?
My plans for Numero involve further expanding our digital tech capabilities and driving financial inclusion across Africa. We aim to continue our growth trajectory by leveraging new technologies and exploring additional funding opportunities. Ultimately, our goal is to become a leading business banking fintech startup, known for our innovative solutions and commitment to empowering SMEs.
How do you see the fintech landscape in Nigeria evolving in the next few years?
The fintech landscape in Nigeria is poised for significant growth. With increasing digital adoption and a growing emphasis on financial inclusion, we can expect to see more innovative solutions and startups emerging.
Additionally, regulatory support and investment in the sector will play a crucial role in shaping its future. I am excited to be part of this dynamic industry and look forward to contributing to its evolution.
Finally, what does being a leader in the fintech space mean to you?
Ifeoma Taylor: Being a leader in the fintech space means driving innovation, inspiring others, and making a tangible impact on the industry and society. It involves not only achieving business success but also fostering a culture of collaboration, mentorship, and continuous improvement. I am committed to leading by example and contributing to the growth and development of the fintech sector in Nigeria and beyond.
