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2025-01-10
In a year marked by economic challenges, Nigeria’s fintech sector has continued to thrive, driven by innovation, resilience, and visionary leadership. Legit.ng, Nigeria’s leading digital publisher, has recognized the exceptional contributions of business personalities who have not only excelled in their respective fields but have also shaped the future of fintech in Nigeria. Through its Legit Business Names of 2022 initiative, the platform highlights the achievements of these trailblazers, offering insights into their journeys and projections for the future of fintech in 2023.
From promoting financial inclusion to revolutionizing payment systems, these individuals have redefined the fintech landscape, inspiring a new generation of entrepreneurs. Here’s a closer look at some of the outstanding personalities celebrated by Legit.ng:
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Solape Akinpelu – HerVest
Solape Akinpelu, Co-founder and CEO of HerVest, is a champion of financial inclusion for women. HerVest, launched in 2020, employs a Gender Lens Investment (GLI) strategy to empower women through flexible savings and investment options. Akinpelu, who has worked with top financial brands like Meristem Nigeria, is also the Nigerian chapter director of Women in Tech, an organization dedicated to closing the gender gap in technology.
2023 Projection: Akinpelu predicts accelerated fintech growth in Nigeria, driven by innovations in payment systems, blockchain technology, and government interventions like the Nigeria Start-up Act 2022. She also foresees increased fintech consolidation and automation.
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Oluwatomi Solanke – Trove Finance
Oluwatomi Solanke, Co-founder and CEO of Trove Finance, is democratizing wealth by enabling Nigerians to invest in global companies like Apple and Amazon with minimal capital. A serial entrepreneur and alumnus of the Tony Elumelu Foundation Entrepreneurship Programme, Solanke has led Trove Finance to become one of Nigeria’s fastest-growing fintech platforms.
2023 Projection: Solanke anticipates fintechs diversifying their offerings, with “Embedded Everything” becoming a trend. He also expects more banks to embrace open banking, despite some resistance from traditional institutions.
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Chioma Ugo – Prospa
Chioma Ugo, Co-founder and Head of Growth at Prospa, is transforming how small and medium-sized businesses manage their finances. Prospa, founded in 2019, provides tools for bookkeeping, loans, and spending management, making it easier for businesses to operate efficiently.
2023 Projection: Ugo foresees the rise of niche fintech products tailored to specific needs and the emergence of more Fintech Infrastructure-as-a-Service (IaaS) companies.
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Olugbenga Agboola – Flutterwave
Olugbenga Agboola, CEO and Co-founder of Flutterwave, has built one of Africa’s most successful fintech companies. Flutterwave, which achieved unicorn status in 2021, provides payment infrastructure for global merchants and payment service providers across Africa.
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Tosin Eniolorunda – TeamApt
Tosin Eniolorunda, Founder and CEO of TeamApt, is redefining digital banking and payment solutions in Nigeria. With over 400,000 businesses onboarded, TeamApt processes more than $8 billion monthly, making it a key player in the fintech space.
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Babs Ogundeyi – Kuda Bank
Babs Ogundeyi, CEO and Co-founder of Kuda Bank, is pioneering digital-only banking in Nigeria. Kuda Bank, licensed by the Central Bank of Nigeria, aims to make banking more accessible and affordable for Nigerians.
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Tayo Oviosu – Paga
Tayo Oviosu, Founder and CEO of Paga, is digitizing cash transactions in emerging economies. Paga, founded in 2009, has become a leading mobile payments platform, enabling universal access to financial services.
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Mitchell Elegbe – Interswitch
Mitchell Elegbe, Founder and CEO of Interswitch, has built a payment processing giant that has transformed Africa’s financial landscape. Under his leadership, Interswitch has expanded into new markets and delivered consistent growth.
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Niyi Toluwalope – eTranzact
Niyi Toluwalope, CEO of eTranzact, has driven the company’s evolution into a global e-payments solution provider, with operations in multiple African countries and the UK.
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Ezra Olubi – Paystack
Ezra Olubi, Co-founder and CTO of Paystack, has revolutionized online payments in Africa. Paystack, acquired by Stripe in 2020, remains one of the continent’s most popular payment platforms.
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What Undercode Say:
The fintech sector in Nigeria is a testament to the power of innovation and resilience. Despite economic challenges, these leaders have not only sustained their businesses but have also paved the way for a more inclusive and technologically advanced financial ecosystem. Their projections for 2023 highlight key trends that will shape the future of fintech:
1. Innovation in Payment Systems: The adoption of QR codes, blockchain technology, and open banking will continue to drive growth, making transactions faster, safer, and more accessible.
2. Niche Fintech Products: As the market matures, there will be a shift towards creating specialized solutions for underserved segments, such as women, small businesses, and rural communities.
3. Government Support: Policies like the Nigeria Start-up Act 2022 will play a crucial role in fostering innovation and providing a regulatory framework that supports fintech growth.
4. Consolidation and Collaboration: Fintechs are likely to merge or partner with other startups to expand their offerings and reach, rather than folding under pressure.
5. Embedded Finance: The integration of financial services into non-financial platforms will become more prevalent, offering consumers seamless experiences across various industries.
6. Data-Driven Solutions: The use of data analytics to build inclusive and personalized products will be a key driver of growth, enabling fintechs to better understand and serve their customers.
These trends underscore the dynamic nature of Nigeria’s fintech sector and its potential to drive economic growth and financial inclusion. As these leaders continue to innovate and inspire, the future of fintech in Nigeria looks brighter than ever.
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Legit.ng’s recognition of these outstanding personalities serves as a reminder of the transformative power of entrepreneurship. Their stories are not just a celebration of individual success but a call to action for aspiring entrepreneurs to dream big and contribute to Nigeria’s economic development.
References:
Reported By: Legit.ng
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