Ifeoluwa is currently at Vigipay, where he is leading the team to build cross-border payment infrastructure and introducing QR codes, USSD, and mobile numbers to aid bank transfers.
In this interview with Business Insider, Ifeoluwa Oyeniyi talks about his remarkable journey in the fintech industry, the opportunities emerging in Africa’s growing fin ecosystem, and the challenges that might affect its growth.
1. How did you get into the fintech industry, and what drives your passion for i
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I got my first opportunity with Credit PRO, a fintech solution for loan management was during my time there that I developed an interest in the fintech space. I believe t way we move money can be seamless, and I wanted to be part of the revolution making that possible. It’s been a fun ride working with fintech startups ever sinc
2. In recent years, Africa’s fintech ecosystem has been growing rapidly. What you think drives this growth?
There are several factors driving the ecosystem’s rapid growth, one of which is the need for financial inclusio
A large portion of Africa’s population remains unbanked, but mobile penetration is high, creating an opportunity for fintech companies to offer digital banking and payme services. Startups are filling the gap by offering services like mobile payments, lendin and savings, similar to what we are currently doing at Vigipay. Additionally, the increased rate of intra-African trading and business has prompted fintech companies expand their horizons by creating seamless cross-border payment methods, reducing the cost of international transactions.
3. What opportunities do you see in Africa’s fintech ecosystem, especially f startups and entrepreneurs?
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There are many opportunities in Africa’s fintech ecosystem. One of these is the ben startups can derive from our large population. With approximately 45% of adults in Africa underbanked, this issue presents a huge opportunity for young people to innovate and build solutions.
With proper research and analysis, we can develop solutions that empower entrepreneurs, SMEs, and even governments to make seamless transactions and accept payments from anywhere in the world.
4. How do you think Africa’s fintech ecosystem can address the issue financial inclusio
Fintech companies can address financial inclusion by offering low-cost, easy-to-acce solutions targeting underserved populations. For instance, mobile money services and micro-lending platforms can help people access banking services without needing to visit physical bank branches.
Additionally, educating people about the benefits of digital solutions is equal important in overcoming hesitations and promoting wider adoption.
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5. What are some of the biggest challenges that fintech companies face Africa?
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