After noticing the remarkable achievements of Ifeanyi Olabode, manager of Business Development and Sales at Flutterwave, particularly his role in driving 70% market penetration increases in Northern Africa and generating $4.5 million in new business within five months, we sat down with the 2023 Tech Sales Person of the Year to understand the strategic thinking behind Africa’s fintech expansion. Excerpt
Ifeanyi, your track record shows some impressive numbers, $4.5 million in new business within five months at Flutterwave, over 10,600 merchants onboarded in a single quarter at Maplerad. What drives these results?
Ifeanyi Olabode: It starts with understanding that African markets aren’t homogeneous. Each country has unique regulatory frameworks, cultural nuances, and business practices. At Flutterwave, when we achieved that 70% increase in Northern Africa market penetration, it wasn’t through a one-size-fits-all approach. We developed localized strategies for each market while leveraging our broader infrastructure capabilities.
You’ve managed expansion across 7 African countries simultaneously at Flutterwave, and previously led market expansion across 10 countries at Maplerad. That’s unprecedented scale. How do you manage such complex, multi-market operations?
Ifeanyi Olabode: Data is crucial. At Maplerad, we leveraged diverse channels and achieved a 35% increase in qualified leads, but the key was our systematic approach to market research. When I was at Pay Financial, we identified entirely new market segments through in-depth research, which led to a 50% increase in our Sub-Saharan Africa market share and $6 million in revenue growth. This research-first approach is what enables rapid scaling.
Your merchant retention rate of 90% at Maplerad is exceptional. What’s your secret to keeping merchants engaged in such competitive markets?
Ifeanyi Olabode: Personalized engagement and regular feedback mechanisms are non-negotiable. We also focused on developing solutions that actually solved merchants’ problems. At Maplerad, we launched a mobile payment solution that resulted in a 15% revenue increase for merchants using the platform. When you’re genuinely adding value, retention follows naturally.
You transitioned from traditional banking at Access Bank to fintech leadership. How did that banking experience shape your fintech approach?
Ifeanyi Olabode: Those four years at Access Bank were foundational. I learned to navigate complex financial regulations, understand customer behavior patterns, and most importantly, I gained deep insights into the gaps between traditional banking services and what businesses actually need. When I increased our business portfolio by 107% in six months at Access Bank, it was because I understood both the banking infrastructure and the market needs. This perspective has been invaluable in fintech, where we’re essentially bridging that gap.
Your academic background is quite strong, MBA from University of Lagos where you were the best graduating student in Sales Strategy, plus your research work on global financial crises and foreign direct investment. How does this academic foundation influence your practical work?
Ifeanyi Olabode: The analytical rigor is everything. My research on “The Impact of Foreign Direct Investment on the Nigerian Economy” using co-integration approaches taught me to look at long-term economic patterns, not just short-term sales cycles.
When we achieved that 12% market share increase at Maplerad within six months, which equated to $1.5 million revenue increase, it was because we understood the underlying economic drivers of merchant adoption across different African markets.
You were named Tech Sales Person of the Year 2023 at the No-Code Summit. What does this recognition mean in the context of African fintech?
Ifeanyi Olabode: It’s a validation that African fintech professionals are now setting global standards.
But more importantly, it reflects the maturation of our industry. Now, we’re no longer just adapting Western or Asian models; instead, we’re creating innovative approaches that work for African markets and are being recognized internationally.
You’re multilingual; English, Yoruba, Igbo, and Italian. How important is this in African business development?
Ifeanyi Olabode: Very crucial. Language is not just communication; language is trust and cultural understanding. When you can communicate with stakeholders in their language, it changes the entire dynamics of partnership negotiation. At Pay Financial, this capability contributed significantly to our 30% rise in partner-derived referrals and the eventual $2 million revenue surge from banking partnerships.
Looking at your current role at Flutterwave, you’ve gained 30+ clients across 7 countries, leading a 20% client base growth. What’s your client acquisition approach in such diverse markets?
Ifeanyi Olabode: It’s about leveraging technology but not at the expense of the human touch. We increased prospecting contacts from 50% to 95% by utilizing SalesForce.com, yet success is in understanding the personal challenges of every client. Our targeted sales campaigns achieved a 25% revenue growth in the targeted segments in Kenya, Egypt, South Africa, and Nigeria because we positioned ourselves differently in each market according to its specific needs.
You also co-founded Precious Capsules Foundation. How do you believe your entrepreneurial mindset influences your corporate operations?
Ifeanyi Olabode: Entrepreneurship taught me to see opportunities where other people see challenges. At Flutterwave, when we achieved that 50% growth in self-generated leads and referrals, it was because I approached lead generation like an entrepreneur; I sought new sources and innovative partnership opportunities rather than relying solely on existing conventional channels.
Where do you see African fintech heading, and also what role do professionals like yourself play in that future?
Ifeanyi Olabode: We’re building the financial infrastructure that will define Africa’s digital economy for the next decade. The $6 million revenue growth we generated at Pay Financial or the $4.5 million at Flutterwave, these aren’t just sales numbers. They represent thousands of businesses getting access to payment solutions that were previously unavailable. We’re essentially laying the foundation for Africa’s economic transformation.
The key is combining global fintech innovation with deep local market knowledge. That’s what enabled us to achieve those market penetration rates and revenue numbers that seemed impossible just a few years ago. African fintech is no longer emerging, it’s arrived, and it’s setting new standards for the global industry.
Ifeanyi Olabode continues to drive growth across African markets at Flutterwave, where his strategic business development mindset has set new benchmarks for fintech growth on the continent.
