Omowunmi Osholeye, a seasoned financial advisory consultant with over two decades of experience across leading banks, has harped that embedded finance is set to transform and drive growth in Africa’s FMCG sector.
She made this assertion in a media statement recently, highlighting the need for FMCG stakeholders to adopt embedded finance solutions for faster restocking, steady sales, and stronger growth.
Osholeye explained that in Africa’s fast-moving consumer goods (FMCG) sector, many small shop owners still rely on cash or informal loans, a system that slows down supply chains and leaves manufacturers and distributors waiting for payments.
“Embedded finance allows shopkeepers to buy goods on credit, pay with digital wallets, or use Buy Now, Pay Later (BNPL) when placing an order,” she said. “Every transaction leaves a digital record that helps determine loan eligibility, improves cash flow, and strengthens loyalty across the chain.”
She noted in her statement that companies like TradeDepot and JumiaPay are already demonstrating the impact of embedded finance by offering built-in credit and payment solutions that give small retailers access to formal finance.
Other fintechs, such as Flutterwave, Omnibiz in partnership with OnePipe, and Moniepoint, are equally making strides by powering digital payments, providing credit lines, and supporting retailers with essential business tools.
Osholeye further observed that banks, once considered the primary custodians of customer relationships, now face growing competition from fintechs and technology firms entering the financial services space.
“Even compliance tasks like customer verification (KYC) are becoming easier with artificial intelligence,” she explained. “Regulators are adapting, which gives banks an opportunity to partner with fintechs instead of competing with them. But the cost of doing nothing is high. Bank executives must act now by investing in digital tools and data systems to stay relevant, reduce costs, and improve customer service.”
She also pointed to data from PwC, which projects that the global embedded finance market will grow from US$54.3 billion in 2022 to US$248.4 billion by 2032.
According to her statement, building trust remains central to this transformation. Digital receipts, fair pricing, and embedded insurance not only build confidence among retailers and distributors but also create clearer records for banks and stability for the entire supply chain.
“When financial services are part of the transaction, everyone in the supply chain benefits. Retailers restock faster, distributors get paid on time, and manufacturers see steady demand,” she noted.
Osholeye is a seasoned financial advisory consultant whose career spans Citibank Nigeria, FCMB, Fidelity Bank, Union Bank, and Flo Capital, where she has designed cash management tools, managed large loan portfolios, and supported businesses in accessing working capital to drive growth.
