Nigeria’s fintech landscape has been a hub of innovation for the past two decades.
In 2000, automated teller machines were a rarity, and people endured long queues to withdraw money. Electronic payments were virtually non-existent. However, companies like Interswitch paved the way for improved access to cash and digital payments.
Recent players like Paystack and Flutterwave further simplified financial transactions for businesses, marking a shift from traditional institutions to innovative fintech startups.
WEMA Bank entered the scene with ALAT in 2015, and traditional banks, such as Access Corporation and Guaranty Trust Holding Company, have embraced fintech through holding company structures.
In an interview with Kemi Okusanya, CEO of Hydrogen, a fintech under Access Corporation, she shared insights into Hydrogen’s vision, the benefits of being part of Access Corporation, and the unique elements in fintech partnerships.
Okusanya, with a diverse background in oil and gas, banking, remittance, and payment services, brings a unique perspective to Hydrogen. She envisions improving payment infrastructure reliability in Nigeria by reducing touchpoints and leveraging data for advisory services.
Despite being part of Access Corporation, Okusanya emphasizes Hydrogen’s independent operation within the group. She sees the benefit of collaboration within the ecosystem while maintaining an objective view of potential business opportunities.
Hydrogen aims to distinguish itself by focusing on profitability and building a foundation for longevity. Okusanya highlights the importance of a cohesive team, clear communication, and employee comprehension to achieve business goals.
In discussing the challenges of fraud in the fintech space, Okusanya identifies mutual trust and fear of competition as the missing elements in collaborative efforts. She emphasizes the need for transparent partnerships, where both parties outline their areas of operation and potential overlaps from the start.
While acquisitions have been common in the Access Corporation, Hydrogen’s immediate focus is on expanding its footprint across Africa, aiming to play a significant role in one out of every three transactions on the continent.
News Source: Techpoint africa
