Flutterwave’s CEO, Olugbenga “GB” Agboola, has said that for Fintechs to be relevant and sustainable, they must create values beyond payment services.
Agboola, who was speaking to a group of MBA students at the Harvard Business School, said “To maintain momentum and continue making meaningful contributions to the growth of national economies, Fintech companies must understand that processing payment is just the starting point. We must create add-on values for individuals and businesses to maximize the potentials of digital technology beyond sending and receiving money”.
The Flutterwave boss identified a lack of trust from potential customers, partners, and government officials, fragmented payments across the continent, and non-availability of local talent, especially for technical roles, as part of the main challenges faced at the initial stage of establishing Africa’s most valuable startup.
He added, “My love for using my knowledge and network to solve problems for people, including those they are unaware of, helped us to persist and provide the payment infrastructure that supports businesses in Africa and global businesses like Uber seeking to expand into Africa.”
Speaking of his lessons and experiences as an entrepreneur in Africa, Olugbenga “GB” Agboola noted that “strategic collaborations and partnerships between all relevant domestic and foreign stakeholders are critical to helping emerging economies of Africa, Asia, and Latin America effectively leverage digital transformation for inclusive and sustainable development.”
This is because solving the payment problems is not and will never be through one man’s dream or a company’s efforts. That shows that, indeed, the popular African proverb: “it takes a village to raise a child,” is so true with payment solutions in emerging economies.
The lecture was moderated by Hakeem Belo-Osagie, an entrepreneur, a Senior Lecturer of Business Administration at Harvard Business School, and a member of the Harvard University Global Advisory Board.
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