As of 2022, the continent was home to about 21 digital banks, serving over tens of millions of customers, with 80% of these concentrated in Nigeria and South Africa. This rapid expansion of digital banking is driven by the urgent need for accessible, efficient, and customer-centric solutions that traditional banks have struggled to deliver.

Lenco has emerged as a distinctive player. Founded in 2021, Lenco is a multi-currency neobank designed exclusively for African businesses. Unlike many neobanks that focus on individual consumers, Lenco addresses the unique challenges faced by startups and small to medium-sized enterprises (SMEs), offering features such as multi-user business accounts, corporate cards, and seamless cross-border payments.

By bridging gaps in traditional banking and understanding the complexities of running a business in Africa, Lenco is more than just a bank—it’s a catalyst for growth and innovation.

We sat down with Impact Airelobhegbe, Lenco’s Chief Operating Officer and Co-founder, to learn more about their mission, the challenges they’ve overcome, and how Lenco is redefining banking for African businesses.

What inspired you and your co-founders to launch Lenco?

The idea for Lenco was born out of our personal experiences as entrepreneurs. We realized that traditional banks in Africa were not equipped to serve the dynamic needs of small and medium-sized businesses. Opening a business account was cumbersome, managing expenses was inefficient, and accessing growth capital was nearly impossible.

We envisioned a digital banking platform that would simplify these processes, providing businesses with the tools they need to thrive. Our goal was to create a neobank that understands and caters to the unique challenges of African businesses, enabling them to operate seamlessly both locally and internationally.

Building a neobank in Africa must have come with unique challenges. What were some of the biggest hurdles you faced?

Absolutely. One of the primary challenges was navigating the diverse regulatory environments across different African countries. Each country has its own set of banking regulations, and ensuring compliance while maintaining a unified platform required meticulous planning and execution.

Another significant hurdle was building trust among our target audience. Many businesses had been underserved or even neglected by traditional banks, leading to scepticism towards new financial institutions. We had to demonstrate our commitment to security, reliability, and customer support to earn their trust.

How did your team approach these challenges together?

Our strength lies in our diverse and dedicated team. Each co-founder brings a unique skill set to the table. Andrew, our CEO, has a strong background in finance and strategy. Godstime, our Lead Engineer, ensures our technology is robust and scalable. Praise, our CTO, focuses on innovation and user experience. I oversee operations to ensure everything runs smoothly.

We foster a collaborative environment where ideas are freely exchanged, and decisions are made collectively. This synergy has been instrumental in overcoming obstacles and driving Lenco’s growth.

What do you see on the horizon for Lenco?

We’re excited about the future. Our immediate focus is on expanding our services across more African countries, tailoring our offerings to meet the specific needs of businesses in each market.

We’re also investing in new features that will further simplify financial management for our clients, including advanced analytics, seamless integration with accounting software, and more flexible credit options. Our ultimate vision is to be the go-to financial partner for African businesses, supporting them at every stage of their growth journey.

For other founders who want to build something transformative, what advice would you offer?

Start by deeply understanding the problem you’re trying to solve. Engage with your target audience, listen to their pain points, and involve them in the development process.

Build a team that shares your vision and complements your skills. Be prepared to face challenges, but view them as opportunities to learn and improve. Most importantly, stay true to your mission and let it guide every decision you make.

Any final thoughts on what sets Lenco apart?

Lenco stands out because we’re not just offering banking services; we’re providing a comprehensive financial ecosystem tailored for African businesses. Our deep understanding of the local context, combined with our commitment to innovation and customer-centricity, enables us to deliver solutions that truly make a difference.

We’re proud to be part of Africa’s fintech revolution, and we’re excited about the role we’ll play in shaping the future of business banking on the continent.

Lenco’s journey reflects the broader transformation happening in Africa’s financial sector. As neobanks continue to rise, offering tailored solutions to previously underserved markets, businesses across the continent are gaining access to tools that empower them to grow and compete on a global scale.

With leaders like Impact Airelobhegbe at the helm, Lenco is not just building a bank; it’s building a movement towards inclusive, efficient, and innovative financial services for African businesses.