Fintechs tasked on adaptive growth strategies for expansion
Financial technology (fintech) firms have been asked to explore adaptive growth strategies for more development. This was the main discussion when Kora, a pan-African business payments infrastructure, hosted its inaugural Sundown Session, in Lagos.
The first panel, titled: ‘Adaptive B2B Strategies for African Fintechs’ explored unique strategies for success in Africa’s competitive B2B fintech landscape.
CEO and Founder of PayOnus, Oyinye Olisah, said there are five key drivers of growth for the African fintech sector, which are digital payments, open banking, cross-border payments, regulation, and financial inclusion.
Olisah said these elements are interwoven, stressing that for example, over the last five years, evolving regulatory frameworks have empowered entrepreneurs to create solutions driving digital adoption across Africa. Olisah highlighted the impact of financial inclusion, saying: “The more people are financially included, the more they gravitate toward digital payments.
In 2020, Nigeria’s financial inclusion rate was 32 per cent, but it dropped to 26 per cent by 2023 as digital banking and POS proliferation took hold, significantly enhancing access.”
Speaking also, Music Executive and Nigerian Rapper, Jude MI Abaga, said: “The world’s demand for content is immense; the market is around $2 trillion. Digital access now empowers creators to manage and grow their businesses independently. I envision a future where Africa, with its youthful population and rich stories, dominates the creative sector over the next 20 years. There is enormous potential for growth and investment, driven by technology and innovation.”
Abaga also emphasised the importance of industry role models, adding: “The previous generation built the banks; ours built the fintechs. We need leaders who can inspire us to ensure that value stays with and benefits Africans.”
The second panel, titled: ‘Unicorns and Blitzscaling in Africa: Product, Processes, and People’, delved into the scaling strategies essential for transforming African fintechs into global players.
The host and Arise News Anchor, Oseni Rufai, said: “When I started an e-commerce platform in 2016, the fintech landscape was challenging due to limited support from regulators. Today, there’s been immense progress, with the rise of established fintechs, microfinance banks and unicorns. We need to disrupt the payment system to reduce over-dependence on the dollar, as relying too heavily on foreign currencies is a modern form of colonialism.”
On his part, Co-founder and CEO of Piggyvest, Somto Ifezue, said: “I have learned the importance of discerning government positions when making business decisions. The next generation of companies will embed financial services into various products across industries — from fashion to agriculture—enabling seamless integration with everyday life.”
Related
Latest
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.